Concurrent audit service in UAE

Also known as ’round the year audit’, a concurrent audit is a structured and timely inspection of financial records at pre-decided intervals decided by the management as per their requirement to ensure accuracy, authenticity, compliance with procedures and guidelines.

it is a continuous evaluation of the business transactions to figure out whether the internal control mechanisms are effectively functioning and at the same time to detect areas of improvement to improve efficiency. The stress under concurrent audit remains on meaningful examination of transactions not test checking of the same. The concept of concurrent audit has been introduced to lower down the time gap between the occurrence of transactions.

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

Concurrent Audit Services in UAE

Periodic assessment of the financial matters of a business establishment in the UAE by conducting various audits is vitally important. But what’s important is difficult to deal with at times and needs expert brains. To make sure your important tasks are performed by experts in the field only, it is advisable to outsource the functions that matter the most to your business. Adam Global is the address of your system audit specialist. Hire the best concurrent auditors in UAE to keep your business hale and hearty by clicking here


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