difference between concurrent audit and continuous audit
richa (article) (49 Points)
21 March 2018
plz explain me difference between concurrent audit and continuous audit.
8 Replies
Divakar
(Student CA Final )
(11857 Points)
Replied 21 March 2018
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.
Rahul Prasad
(CA Student)
(1683 Points)
Replied 21 March 2018
I think both are same concurrent audit term we use for bank audit other than that continuous audit are used.
Divakar
(Student CA Final )
(11857 Points)
Replied 21 March 2018
Yes in practically both r same.... In theoretical little bit difference
Divakar
(Student CA Final )
(11857 Points)
Replied 22 March 2018
No one is sir here... We r also students 😀😀
debora M
(BUSINESS DEVELOPMENT MANAGER)
(1697 Points)
Replied 16 August 2019
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.
Recent Topics
- RCM Taxable Value Wrongly Shown in March 25 GSTR -
- Tax Treatment of Consideration Received Under Irre
- ITC on Car loan processing charges
- Documentation to Substantiate Foreign Travel as Bu
- Deficiency Letter
- DRC 01 along with SCN not received
- GSTR 7 amendment
- Change Reason For Challan in already paid chalan
- The Future of Tax Filing: How Automation and AI Ar
- Andromeda Aagents income
Related Threads
CAclubindia
