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difference between concurrent audit and continuous audit

richa (article) (49 Points)

21 March 2018

plz explain me difference between concurrent audit and continuous audit.

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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.

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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.

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Divakar (Student CA Final ) (11857 Points)
Replied 21 March 2018

Yes in practically both r same.... In theoretical little bit difference

richa (article) (49 Points)
Replied 21 March 2018

thx sir

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Divakar (Student CA Final ) (11857 Points)
Replied 22 March 2018

No one is sir here... We r also students 😀😀

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Rahul Prasad (CA Student) (1683 Points)
Replied 22 March 2018

exactly....

subhagan sreerangam (7040 Points)
Replied 05 August 2019

good and correct information

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.