What is concurrent audit of banks?
Concurrent audit is a systematic and timely examination of financial transactions on a regular basis to ensure accuracy, authenticity, compliance with procedures and guidelines. The emphasis under concurrent audit is not on test checking but on substantial checking of transactions.
Who qualifies for concurrent audit?
Eligibility : A candidate will have to attend at least 80% of classes failing which, he/ she will not be entitled to appear in the evaluation.
What is the bank audit fees?
20,000/- (Rs. twenty thousand only, collectively for all statutory central auditors) per certificate. For this purpose banks may pay a maximum of Rs….Notifications.
| Category of bank branch(on the basis of quantum of advances) | Rates of audit fees (Rs. |
|---|---|
| Upto Rs.75 lakh | 10,000/- |
| Above Rs.75 lakh and upto Rs.150 lakh | 12,000/- |
How do you do a concurrent audit?
-Bank of India invites application from eligible Chartered Accountant firms, desirous to undertake Concurrent Audit assignment for empanelment. -The Application should be submitted on-line in the prescribed format given in Bank’s website www.bankofindia.co.in. -Incomplete application will not be entertained.
Is concurrent audit only for banks?
Accordingly, all scheduled and other primary (urban) co-op. banks with deposits over Rs. 50 crore were required to introduce the system of concurrent audit….Sr. No.
| Sr. No | ||
|---|---|---|
| 3.3 | Cheque Purchase Transactions | |
| 4 | Concurrent Audit Systems | |
| 5 | Audit for Electronic Data Processing (EDP) System |
What is the difference between concurrent audit and internal audit?
Internal Auditors do not express an opinion on the entity’s financial statements. Concurrent audit is a systematic and timely examination of financial transaction on a regular basis to ensure accuracy, authenticity, compliance with procedures and guidelines.
What is Fees for concurrent audit?
Basic criteria for assigning for Concurrent Auditsof the bank are normally as under:
| Advance position of the branch as on 31st March | Fees per month (Rs) |
|---|---|
| Above Rs.50 and upto Rs. 125 crores | 17500 |
| Above Rs.125 and upto Rs. 250 crores | 20000 |
| Above Rs.250 and upto Rs.500 crores | 25000 |
| Above Rs.500 and upto Rs.1000 crores | 30000 |
What is a bank audit?
A bank audit is a routine procedure designed to review the services of financial institutions to ensure they are in compliance with laws and industry standards. An accounting specialist known as a bank auditor carries out the review. Bank or credit union audits can be internal audits or external audits.
Are audit fees public?
Every U.S. public company is required to disclose the fees paid to their independent auditor for the audit of their financial statements, as well as audit related, tax, and “other” fees.
Why concurrent audit is important for banks?
The purpose of Concurrent audit, is to ensure that the banking transactions are audited within the shortest possible time so that remedial action could be initiated in time to set right irregularities and to ensure adherence of the branch to the prescribed systems and procedures on an ongoing basis.
Is concurrent audit and continuous audit same?
Concurrent audit is performed at predecided intervals by the management according to their requirement. For example; at the end of every month; the auditors’ team would come and they will conduct audit. Continuous audit is performed regularly i.e. almost every day it is conducted.
What is the difference between concurrent audit and statutory audit?
Concurrent Audit is an audit which is conducted on concurrent basis, means no specific time period of Audit is defined particularly. In more simpler terms, usually an statutory or internal audit is conducted for a specified period say 1 year or 3 months. But, in concurrent audit no such Audit period is defined.