Essay On Concurrent Audit
FINDINGS AND DISCUSSION
Bank Concurrent Audit is a kind of internal audit where auditor responsibility is to review and correct bank internal control system.
In concurrent audit, the auditor stays in branch for whole month like other branch employee and does auditing. Bank allots a separate PC to them to do their work. Since he is recruited by HO, he work with Branch Manager and he doesn’t report to the Branch Manager
To any auditor, most important challenge is that he stays in branches and do audit of branch books, identify mistakes of branch employee and even if they are not liable, ask them to rectify. The auditor maintains good relation with bank employees.
Some important information about Concurrent Bank Audit which I get to know about, during my internship was as follows:
1.
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• Analyse that whether borrower has potential and is eligible to repay the loan.
• Combine and report any difference noted during verification.
The following points should be taken care of:
• Check that whether the amount of loan is falling under the allotted power or not. If the limit is more than the allotted power, then only the higher authority can give approval for the loan
• Examine carefully whether branch has got all the documents as required by the bank.
• Investigation of borrower’s potential should be done with responsibility
2.
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