Know Concurrent Audit
To understand concurrent audit, one must know what continuous audit is. When the accounts are audited all round the year by the audit staff under the supervision of an auditor, it is called a continuous audit. Continuous audit needs huge involvement and the auditor has to report to the management at regular intervals without failure. A continuous audit is desired, if the financial transactions to be audited are in abundance and/or if the internal control system seems weak in certain areas. Coming back to concurrent accounting, banks conduct continuous audits which are otherwise known as concurrent audits in big branches. It would be easier to interpret concurrent audit if we look at the meaning of “concurrent” i.e. occurring at the same time. Assessing the financial statements parallelly with the transaction or at the same time when they are taking place.
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System Audit: Benefits
A system auditor ensures that the auditee’s information system is effectively placed and functioning properly in line with the objectives of the management. In a nutshell, a system audit tells the auditees how they can improve the productivity, efficiency, and efficacy of the system. Conducting a system audit is beneficial because it –
- Betters transparency and provides the organization with an overview of the current information system
- Lowers down the chances of fraud and errors
- Enhances reliability by covering a range of threats and mitigating them
- Helps secure data by way of identifying risks so that the audited organization redesigns or strengthens the poor design
- Perks up efficiency in business operations
- Detects the loopholes in the system
- Brings to light the risky areas in the system security, so management can act proactively and plan before any incident
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