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PKT & Associates formerly known as Tibrewala Bajaj & Associates, is a professional firm of Chartered Accountants founded in year 1987. Our Head Office is located at convenient and most prestigious location and equipped with all modern infrastructure using latest technologies.

Our client relationships are more than just business partnerships. We endeavor to understand the person as well their business and build a longstanding relationship based on trust, reliability and transparency.

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Concurrent Audit

·         Meaning

        Concurrent audit is a systematic and timely examination of financial transaction on a regular basis to ensure accuracy, authenticity, compliance with procedures and guidelines.

·         Concurrent audit is an examination, which is contemporaneous with the occurrence of transactions or is carried out as near thereto as possible. It attempts to shorten the interval between a transaction and its examiantion by an independent person not in its documentation. In concurrent audit, there is an emphasis in favour of substantive checking in key areas rather than test checking.

·         This concurrent audit is essentially a managment process integral to the establishment of internal accounting functions and effective controls and setting the tone for a vigilance internal audit to preclude the incidence of serious errors and fraudulent manipulations. The main focus while conducting concurrent audit it to ensure that transactions are not dealt with in routine but in adherence with the systems and procedures laid down. The study of various fraudulent transactions with the systems and procedures, by the bank employees, which resulted in misuse of one's position. Hence, the focus of concurrent audit is on adherence to laid down systems, procedures and safegaurds.

·         A concurrent auditor may not sit in judgement of the decisions taken by a branch manager or an authorised official. The concern was that this is beyond the scope of concurrent auditor. However, the auditor will necessarily have to see whether the transaction or decisions are within the policy parameters laid down by the Head Office, they do not violate the instructions or policy prescriptions of the RBI, and that they are with in the delegated authority and in compliance with the terms and conditions for exercise of the delegated authority.In every large branch, which has different divisions dealing with specific activities, concurrent audit is a means to help the in-charge of the branch to ensure on an ongoing basis that the different divisions function within laid-down parameters and procedures.


·         PKT & Associates help you in the following areas

·          Ascertaining whether sanction for advances and expenditures is taken from competent authority. Examining books of accounts records and registers to ensure that they are maintained in accordance with the prescribed systems. Ensuring compliance of laid down systems, procedures and policies.

·         Adequate measures are being taken in advance to prevent future frauds, etc., to avoid difficulties, which may arise. To check cash, securities,.etc., to ensure that they are in due order and in agreement with books. Detection and arresting of any leakage of income, if any. Evaluating the quality of customer services provided and giving useful suggestions.

·         Assessing overall performance of the branch while assessing productivity and profitability and to offer useful comments on the basis of audit conducted. Restriction of matter discussed on the spot with the help of concerned official. Reporting any inefficiency in any operational level. Reporting any irregularity in working which may result in financial or other loss to branch.

·         Reporting to appropriate levels of managment for appropriate actions for remedial measures. Scrutinizing the completeness of documents submitted for availing advances and other facilities and physical checking of stocks and other assets at relevants places. To follow up with authorities to ensure timely rectification of irregularities reported which were not rectified on the spot. Verify prompt timely and regular submission of the periodical and statutory returns.

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