Concurrent Audit

Marks India helps in doing a concurrent audit in a systematic and timely manner to ensure compliance and accuracy.

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Concurrent Audit


Concurrent audit is a systematic and timely examination of Financial Products transactions on a regular basis to ensure accuracy, authenticity, compliance with procedures and guidelines. The emphasis underconcurrent audit is not on test checking but on substantial checking of transactions.

Scope of Audit Services

Internal Controls

Internal controls are designed to provide reasonable assurance regarding the achievement of objectives in the following categories:

  • Reliability and integrity of Financial Products and operational information.
  • Effectiveness and efficiency of operations and programs.
  • Safeguarding of assets.
  • Compliance with laws, regulations, policies, procedures, and contracts.

Internal Audit assists the Company in maintaining effective controls by evaluating their effectiveness and efficiency and by promoting continuous improvement as part our internal auditing and consulting activity.

Finance and Accounts Controls

  • Test Of Controls – Internal Controls
  • Cash & Bank Payments & Receipts
  • Bank Reconciliation Statements
  • Travel & Advances Verification
  • Transporters Bills Verification
  • Suppliers Payment Verification
  • Deposits & Interest Accounting
  • Loan Accounting & Repayments
  • Custody of Physical Cash Surprise Verification
  • Sales Invoice Accounting & Income recognitions
  • Documentations / Filings

How its works

1. Stage 1

  • You fill the inquiry form: 
  • The client relations team calls or emails you: 

2. Stage 2

  • Understanding of requirements.
  • Ballpark estimate (if possible).
  • Proposal (if required).
  • Approval to go ahead: 

3. Stage 3

  • Confirm pricing:
  • Contracting & SLA sign-off: 

4. Stage 4

  • Resource deployment & training: 
  • Project kick-off meeting: 

5. Stage 5

  • Project execution & management: 
  • On-going reporting & feedback: 

6. Stage 6

  • Work delivery to the client: 
  • Client feedback and review: 

Compliances of Statutes

  • TDS Compliances
  • Services Tax Compliances
  • PF & ESI Compliances
  • Professional Tax Compliances
  • Income Tax Compliances
  • Others Statutory Compliances

Fixed Asset Controls

  • Fixed Asset Accounting
  • Fixed Asset register Maintenance – with Location
  • Asset Deletion accounting & Recognition
  • Insurance details for Fixed Asset

Analysis of Various General ledger transactions and balances

General Leger Analysis

  • Setup a Internal Controls Systems for smoothening the functions
  • MIS Reports for Managements
  • Collections and Follow-ups in Excel data Sheet
  • Budgetary Controls
  • Documents Maintenance Controls and Supports

Marks India Team and Process

  • Surprise Verification
  • Associated Firms In Tamilnadu
  • Strength Is Our Branches

Various Interal Controls

Preventive Controls

Segregation of Duties: Duties are segregated among different people to reduce the risk of error or inappropriate action. Normally, responsibilities for authorizing transactions (approval), recording transactions (accounting) and handling the related asset (custody) are divided.

Approvals, Authorizations, and Verifications: Management authorizes employees to perform certain activities and to execute certain transactions within limited parameters. In addition, management specifies those activities or transactions that need supervisory approval before they are performed or executed by employees. A supervisor's approval (manual or electronic) implies that he or she has verified and validated that the activity or transaction conforms to established policies and procedures.

Security of Assets (Preventive and Detective): Access to equipment, inventories, securities, cash and other assets is restricted; assets are periodically counted and compared to amounts shown on control records.

Detective Controls

Detective Controls are designed to find errors or irregularities after they have occurred. Examples of detective controls are:

  • Reviews of Performance: Management compares information about current performance to budgets, forecasts, prior periods, or other benchmarks to measure the extent to which goals and objectives are being achieved and to identify unexpected results or unusual conditions that require follow-up.
  • Reconciliations: An employee relates different sets of data to one another, identifies and investigates differences, and takes corrective action, when necessary.
  • Physical Inventories
  • Audits

Marks India Supports

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