What is bank concurrent audit?

Concurrent audit means a parallel examination of the financial transactions, i.e. examination at the time of the happening of the transaction. It is part of an early warning system of a bank for ensuring timely detection of lapses or irregularities.

Who is eligible for concurrent audit?

banks with deposits over Rs. 50 crore were required to introduce the system of concurrent audit.

How do banks get concurrent audit?

1. Enrolment under PMJJBY and PMSBY through SMS/Web.
2. PMJJBY/PMSBY enquiry.
3. PMJJBY and PMSBY.

Is concurrent audit compulsory?

Can CA do bank audit?

The firm or at least one of the CAs should have preferably conducted branch audit of a nationalized bank or of a private sector bank with deposits not less than Rs. 500 crore for at least 3 years.

What is the difference between CISA and DISA?

DISA is diploma course on systems security and audit issued by ICAI under the license obtained from ISACA whereas CISA is a certificate course on systems security and audit issued by ISACA based in US.

Who appoints concurrent auditor?

The Concurrent Audit is a systematic examination of all financial transactions at a branch on continuous basis to ensure accuracy and due compliance with the internal systems, procedures and guidelines of the bank Reserve Bank of India and Banks have put a great responsibility on Chartered Accountants by appointing …

How many audits can CMA do?

CMAs are allowed to do financial Audit, Internal Audit, GST Audit, Excise Audit, VAT audit, stock audit, etc.

Can CA become CAG auditor?

16 August 2011 go for SSC(staff selection commission) exam called combined graduate level exam(CGL) but it has nothing to do with a CA as any commerce graduate can become a CAG auditor after successfully cleraing the above exam of CGL tier -1 and tier-2 and then gd and interview but with that you also dont get handsome …

How to become a concurrent auditor in Indian Bank?

Indian bank is in the process of making a “Fresh Panel”for concurrent auditors. Applications are invited from eligible Audit Firms for empanelment as Concurrent Auditors as per the eligibility criteria given below: a) Audit firm must have RBI UCN (should appear in the list provided by ICAI).

What is the criteria for concurrent audit of bank branches?

The firm having exposure in conducting concurrent audit of the Bank branches for a few public sector/major private sector banks. – The concurrent audit in credit concentrated branches having advances of Rs. 250 crores and above, the audit firm shall be in category I with minimum of 5 years’ experience.

How to apply for concurrent audit&stock audit?

♦ Chartered Accountants who wants to apply for both Concurrent Audit & Stock Audit have to submit two Separate Applications. ♦ Link to apply online for Empanelemnt with Indian Bank as concurrent/Stock Auditors < >