Difference between concurrent and continuous Audit

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Savita

Savita (Querist)
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28 June 2010 What is the difference between Concurrent audit and Continuous audit and who performs it?

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CA SURENDRA KUMAR RAKHECHA

CA SURENDRA KUMAR RAKHECHA (Expert)
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02 August 2010 Concurrent audit is performed at predecided intervals by the management according to their requirement. For example; at the end of every month; the auditors' team would come and they will conduct audit.

Continuous audit is performed regularly i.e. almost every day it is conducted. This is required where transactions are voluminous and there is threat of losing controls.

Both the audits are conducted by practising chartered accountants.

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