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The activities of mutual fund houses, financial institutions, and especially banks and their risk profiles are growing complex day by day. This is because of the increasing sophistication of various financial technology and the globalization and deregulation of financial services. As the banking services are developing with passing time, the risk factor is increasing as well. However, when it comes to the efficiency of companies and especially banks, it is calculated on their skills of management of risks. Therefore to manage risk and to gain control over operations, one must perform all the steps one might need to prevent the risk of fraud and error. The process of controlling is supplemented with an effective concurrent audit service like the one we offer at SMC. The concurrent audit of banks ensure that relevant regulatory requirements are met, and financial transactions are accurately processed.


A concurrent audit or bank audit can be defined as a timely and systematic examination of the entity’s financial transactions to ensure accuracy, authenticity, and compliance with relevant regulatory requirements. Since the volume of transactions is very high, it is done on a regular basis. As concurrent auditing is contemporaneous with the transactions occurring, the process becomes a bit complex. At SMC, we ensure effectiveness in our auditing process for which we reduce the time interval between auditing and its examination for speed of actions and efficient risk management.

Concurrent audit scope

Review of internal controls to check if they are adequate, considering the nature and size of the business and pinpointing areas requiring more stringent controls.

Verification of KYC, AML, TDS documents as per RBI and Ministry of Finance guidelines,

Substantive checking of high-risk areas like credit, regulatory compliance, revenue, non-performing assets, and forex.

Bringing into the light any violation of rules, regulations, and procedures or any hidden fraud happening in the company.

Identifying inefficiencies at operational levels and detecting sources of leakage of income, if any.