Meaning and functions of concurrent adutior

Question

Accepted Answer

Concurrent auditor is an auditor who performs audit procedures concurrently with the occurrence of transactions.

Concurrent auditor ensures that transactions are recorded accurately and in compliance with policies and procedures.
They review transactions as they occur to prevent errors and fraud.
They provide real-time feedback to management to improve controls and processes.
Examples of concurrent audit include monitoring of cash transactions, inventory management, and payroll processing.
Concurrent audit helps in reducing the risk of financial misstatements and improves the overall efficiency of the organization.

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