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Strengthening Your Financial Controls with
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Concurrent auditing refers to the practice of conducting audits in real-time or concurrently with the ongoing operations of a business or organization. Instead of waiting until the end of a financial period to audit, concurrent auditing involves continuous or periodic checks and reviews of financial transactions, processes, and controls.
At Future Tax, we offer professional concurrent audit services designed to provide real-time insights into your financial transactions and operations. Our experienced team of auditors helps you enhance internal controls, detect irregularities, and ensure compliance with regulatory requirements.
Here’s why investing in professional concurrent audit services is essential:
Real-Time Monitoring: Monitor financial transactions and operations in real-time to detect discrepancies and irregularities promptly.
Risk Mitigation: Identify and mitigate risks associated with financial transactions, fraud, and non-compliance with internal policies and regulations.
Operational Efficiency: Enhance operational efficiency by identifying process bottlenecks, inefficiencies, and areas for improvement.
Compliance Assurance: Ensure compliance with regulatory requirements, industry standards, and internal policies through regular and systematic audits.
Timely Reporting: Provide timely and actionable insights to management, enabling informed decision-making and proactive risk management.
Required
Documents
for Concurrent Auditing
Client's Financial Statements:
Essential for understanding the client's financial position, performance, and changes over time.
Internal Control Policies and Procedures:
Critical for assessing the effectiveness of internal controls over financial reporting and operations.
Audit Plan and Scope:
Defines the objectives, scope, and methodology of the concurrent audit.
Audit Working Papers:
Documentation of audit evidence, findings, tests performed, and conclusions drawn during the audit process.
Steps for
Concurrent Auditing
01.
Planning:
Concurrent auditing begins with setting clear audit objectives and scope, and developing a detailed plan outlining audit methodology and timelines.
02.
Risk Assessment:
It involves identifying and prioritizing risks associated with the client's operations and financial reporting to focus audit efforts effectively.
03.
Execution:
This step includes collecting data, performing audit procedures such as tests of controls and substantive tests, and utilizing real-time monitoring for timely detection of anomalies.
04.
Reporting:
Concurrent auditing requires documenting findings, observations, and recommendations in comprehensive audit reports that communicate results to stakeholders
05.
Follow-Up and Monitoring:
It involves communicating audit results, monitoring the implementation of recommendations, and providing ongoing support for continuous improvement in internal controls and operational efficiencies.
How it
Works
Audit Planning:
Develop a customized audit plan based on the organization’s operations, risks, and compliance requirements.
Fieldwork
Conduct on-site or remote audit procedures, including transaction testing, documentation review, and interviews with key personnel.
Real-Time Monitoring:
Utilize advanced audit tools and technology to monitor financial transactions and operations in real-time.
Analysis and Reporting
Analyze audit findings and prepare comprehensive audit reports highlighting key observations, findings, and recommendations.
Full Control
Enjoy complete control over your business decisions.
Tax Benefits
Benefit from personal tax rates as income is considered the owner's income.
Easy to Start
Minimal regulatory requirements make it easy to start.
Low Compliance
Fewer compliance requirements compared to other business structures.
Benefits Of
Concurrent Auditing
• Timely Detection of Errors and Fraud:
By monitoring transactions in real-time, concurrent auditing helps identify discrepancies, errors, or fraudulent activities promptly, allowing for immediate corrective action.
• Enhanced Transparency and Compliance:
It improves transparency in financial reporting and operations by ensuring that internal controls are effective and compliant with regulations, thereby reducing the risk of non-compliance penalties.
• Operational Efficiency Improvements
Through regular audits, organizations can streamline processes, identify inefficiencies, and implement improvements in operational procedures and controls.
• Proactive Risk Management:
By continuously assessing risks and monitoring transactions, concurrent auditing enables organizations to proactively manage risks, mitigate potential issues, and strengthen internal controls.
Additional Services
List of Our Services
PAN and TAN Application:
- Obtain your Permanent Account Number (PAN) and Tax Deduction and Collection Account Number (TAN).
Accounting and Bookkeeping:
- Keep your financial records in order with our expert services.
Compliance Services:
- Ensure your business complies with all legal requirements.
Trademark Registration:
- Protect your brand with trademark registration.
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