Summary |
Concurrent Audit is an examination, which is contemporaneous with the occurrence of transactions or carried out as near as there to as possible. It attempts to shorten the interval between a transaction and its examination by an independent person not involved in its documentation. There is emphasis on substantive checking in Key areas rather than on test checking.
The audit is essentially a management process integral to the establishment of sound 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 Audit is expected to cover all the transactions, without any exception, recorded during the period covered in the Audit Report.
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