Bank Concurrent Audit Services
Bank Concurrent Audit Services
What is Concurrent Audit?
Ensuring Real-Time Compliance and Operational Efficiency
At Prags Group, our Bank Concurrent Audit services are designed to ensure timely detection of irregularities, adherence to RBI norms, and continuous monitoring of high-risk areas in banking operations. With deep expertise in auditing financial institutions, we help banks maintain integrity, reduce operational risks, and meet regulatory expectations.
Concurrent Audit is an independent, real-time examination of bank transactions and processes to verify adherence to prescribed systems, procedures, and regulatory guidelines. It acts as an early warning system for banks to identify and rectify errors and irregularities promptly.
Why Banks Need Concurrent Audit
- Continuous verification of daily transactions
- Early detection of fraud or irregularities
- Compliance with RBI and internal policy guidelines
- Strengthening internal control and operational discipline
- Ensuring accurate and timely reporting to stakeholders
Scope of Our Concurrent Audit Services
01
Loan Disbursement & Monitoring
- Sanction & documentation check
- End-use verification
- Monitoring of overdue accounts
02
Cash & Treasury Transactions
- Cash verification
- Foreign exchange dealings
- Inter-branch and inter-bank transactions
03
Deposit & Interest Calculation
- Verification of term deposits
- Interest application checks
- Reconciliation of accounts
04
Compliance & Risk Review
- Adherence to KYC/AML norms
- Monitoring of large transactions (STRs/CTRs)
- Policy compliance with RBI directives
05
Bills & Advances
- Document review
- LC/BG issuance and control
- Overdraft and cash credit limits tracking
Banks & Institutions We Serve
- Public Sector Banks (PSBs)
- Regional Rural Banks (RRBs)
- Co-operative Banks
- NBFCs & Microfinance Institutions
- Urban Co-operative Banks
- Private Sector Banks
Industries We Serve
1. Initial Planning
- Define scope as per bank guideline
- Risk assessment and area identification
2. Daily/Weekly Checks
- Real-time examination of transactions
- On-site or remote access to bank data
3. Reporting
- Periodic reports with observations and compliance status
- Red flag reporting of irregularities
4. Follow-Up & Closure
- Assistance in rectification
- Support in RBI audits and inspections
Why Prags Group?
- Team of qualified CAs and ex-bank auditors
- Familiarity with CBS platforms (Finacle, Flexcube, etc.)
- Compliance-oriented and risk-sensitive approach
- Detailed and timely reporting with audit checklists
- Focus on fraud detection and process improvement
PRAGS GROUP
Why Prags Group?
- Experienced Team of CAs, internal auditors, and risk consultants
- Customized Solutions tailored to your industry and business size
- Confidentiality & Integrity at every stage of the audit
- Post-Audit Support to strengthen internal systems
- Technology-Oriented audit tools for better accuracy
Ensure Transparency and Compliance in Your Banking Operations
Partner with Prags Group for thorough and effective Concurrent Audit services.
Contact us to discuss your bank’s audit needs today.
Address
D-91, Sector 27, Noida (UP)
Info@pragsgroup.com
Phone
+91 8447786363