M.V.P.S. Prasad Rao and co

Strengthening Confidence in Real-Time

We provide real-time monitoring and assessment of financial transactions, internal controls, and organizational operating procedures through our concurrent audit services. Our concurrent audits assist uncover risks, spot abnormalities, and improve governance and compliance processes. They are designed to deliver fast insights and recommendations.

Concurrent auditing involves monitoring and evaluating an organization’s internal controls, operational procedures, and financial transactions in real time. In contrast to traditional audits, which are usually carried out on a regular basis (e.g., annually or quarterly), concurrent audits are carried out constantly or on a periodic basis all year long.

Frequently Asked Questions

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How are findings from concurrent audit used?

Concurrent audit results are utilized to instantly notify management and important stakeholders about risks, irregularities, and compliance problems. They support management in ensuring regulatory compliance, streamlining procedures, strengthening controls, and taking prompt corrective action.

How often is an audit conducted concurrently?

Organizational needs, risk considerations, and legal obligations all influence how frequently concurrent audits occur. Depending on the requirements of the company, it could be done every year or just sometimes.

Why is concurrent audit important?

Instead of waiting for recurring audits, concurrent audit enables firms to recognize and handle possible risks, anomalies, and compliance issues as they arise. This improves the organization’s accountability, transparency, and governance.

How is concurrent audit different from traditional audits?

In contrast to traditional audits, which are undertaken regularly (e.g., annually or quarterly), concurrent audits are completed in real-time or on a regular basis throughout the year. Instead of waiting for recurring audits to find problems, it focuses on giving quick insights into risks and difficulties.