Concurrent Audit: Real-Time Risk Mitigation
A Concurrent Audit is a "live" audit that runs parallel to the transaction flow of a bank or NBFC. At Diwakar and Associates, we provide a constant oversight mechanism that ensures your daily operations are 100% compliant with RBI guidelines and internal bank policies.
Why, When & Where is it done?
- Why : To detect irregularities, early warning signals of fraud, and procedural lapses in real-time. It shortens the time gap between a transaction and its examination, making rectification instant.
- When: Performed on a daily or weekly basis throughout the financial year.
- Where: Stationed directly within the bank branch, regional office, or specialized hubs (Retail Assets, SME, or Trade Finance).
- What is it Done: A systematic review of new accounts opened, loans disbursed, cash management, and high-value remittances.
Applicability Limits (The Numbers)
Large Branches
Branches with total deposits and advances exceeding ₹100 Crore.
Specialized Units
All units dealing in Foreign Exchange (Forex), Treasury, or Investment Banking.
Sensitive Portfolios
Branches where the NPA (Non-Performing Asset) level exceeds the bank’s acceptable threshold or where previous audits showed "Low" ratings.
How we provide this service at Diwakar and Associates
We safeguard your institution’s integrity through a rigorous four-pillar oversight process:
1
Daily Transaction Review
We scrutinize high-value cash withdrawals, demand drafts, and RTGS transfers to ensure "KYC" and "Anti-Money Laundering" (AML) compliance.
2
Credit & Disbursement Check
We verify every new loan file disbursed during the month. We check if all "Pre-Disbursement" conditions were met and if the security documents are legally sound.
3
Housekeeping & Operations
We audit internal accounts, suspense entries, and clearing differences. We ensure that the branch’s "Housekeeping" (balancing of books) is up to date and that there are no long-pending un-reconciled entries.
4
Instant Rectification & Reporting
Unlike other audits, we don't just report a mistake—we ensure it is corrected on the spot. We provide monthly "Flash Reports" to the Zonal/Head Office, highlighting any serious persistent irregularities.
The Impact
Critical for large-volume branches, specialized departments (like Forex or Treasury), and high-risk NBFC units.
Our Commitment to You
Accuracy is the cornerstone of our practice. At Diwakar and Associates, we commit to being your "Early-Warning Shield." We promise to identify and resolve operational risks before they escalate, ensuring your branch maintains the highest standards of integrity and excellence. Our goal is to give your management peace of mind through constant, professional vigilance.
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