The concurrent audit system of banks has become crucial for banks. The main objective of the system is to ensure compliance with the audit systems in banks as per the guidelines of the Reserve Bank of India and importantly, to ensure timely detection of lapses/ irregularities. An audit takes place when transactions occur, which means it… Read More »Why concurrent audit is important for banks?
As audits become increasingly intricate in the digital age, auditors are turning to data analytics to gain a competitive edge. In this era of information abundance, where businesses generate copious amounts of data, auditors equipped with sophisticated analytical tools can unearth valuable insights and mitigate risks effectively. This article delves into the pivotal role of… Read More »Elevating Audit Excellence: Harnessing the Potential of Data Analytics
Inventory accounting is a branch of accounting that focuses on determining the worth of inventory assets and accurately recording any changes. Companies usually have inventory at different stages of production: raw materials, goods in progress, and finished goods ready for sale. Inventory accounting aims to assign values to these items in each stage and document… Read More »Understanding Inventory: Concept and Accounting Fundamentals
KYC, or Know Your Customer, is the process of identifying customers’ identities. Video KYC streamlines this procedure by enabling individuals in India to fulfill their KYC obligations through a convenient video call, removing the need for in-person visits. During the video call, a bank representative will assist you in verifying your address proof, as well… Read More »Video KYC
In recent years, the business landscape has witnessed a significant shift in focus from purely financial performance to a more holistic approach that considers environmental, social, and governance (ESG) factors. ESG has emerged as a critical framework for evaluating a company’s sustainability and ethical practices. In this article, we will delve into what ESG is,… Read More »What is ESG and Why is it Important?
Banking facilitates economic growth and stability in today’s fast-paced and dynamic financial landscape. With the ever-increasing complexities of banking operations, ensuring transparency, accuracy, and accountability becomes paramount. One essential tool banks employ to achieve this is – Concurrent audit to ensure real-time, simultaneous examination of financial transactions and processes within a bank, performed continuously. This… Read More »Why concurrent audit is important for banks?
In business and finance, due diligence and audit are two critical processes organizations undertake to ensure transparency, compliance, and risk management. Though they may seem similar initially, they serve distinct purposes and operate in different contexts. This article sheds light on the differences between due diligence and audit, offering an in-depth comparison to clarify their… Read More »Due Diligence vs. Audit: Understanding the Distinctions