Need for Concurrent Audit and Information System Audit(ISA):
RBI directed all the banks to introduce system of concurrent audit for the first time in 1993 based on the recommendations of Ghosh committee on frauds and malpractices in Banks.With a view to bringing about an ongoing improvement in the standard of internal House Keeping and identifying areas of weakness and deficiency and with a view to energizing the process of rectification, this system of audit has been introduced at selected branches. The object is to carry out certain audit tasks on an on going basis.Concurrent audit is essentially a management process integral to the establishment of sound internal accounting functions and effective controls and setting the tone for a vigilant internal audit.
How our Services will assist:
- With Specialized staff we carry out the Concurrent audit keeping in mind the Objective of Management as well as the relevant RBI or NABARD guidelines, Notifications, Circulars etc., issued from time to time. Also we play Major role in identifying the Potential Non-Performing Assets (NPA) which helps management to take necessary action before the Assets become bad.
- We are empanelled as Bank Auditors Panel of ICAI with MEF No.11803.