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CONCURRENT AUDIT

What is a Concurrent Audit?

A Concurrent audit is also known as 'Round the Year Audit' is an ongoing appraisal of the financial health of an entity through timely examination of financial transactions on a regular basis to ensure accuracy, authenticity and compliance with procedure and guidelines.

The defining factor of a concurrent audit is that is employs substanial verfication of transactions rather than test verification. This obtains the highest level of assurance that can be provided for financial statements. KAN Global provides concurrent audit services coupled with year-end audits on a retainer basis, please feel free to reach out and learn more.

What are the benefits of Concurrent Audit?

Shorter lead time for Year End Audits

The books are verified throughout the year, therefore accounts can be finalized immediately after the end of the financial year and statements of accounts can be presented to the shareholders, immediately thereafter.

Early identification of errors

A concurrent audit involves a routine verification of the books, this leads to early detection of errors and mistakes can be rectified there and then.

Agile decision making

The auditor can give useful suggestions to the management about the financial aspect, which can be implemented right in the current period. Concurrent Audit offers the luxury to make quick iterative changes and adapt to the business ecosystem quickly, abiity to see if changes are working out or not.

Improved Compliance

Through our audits, we shall not only ensure that the financial statement are free of material error but also ensure that those statements comply with the presentation prescribed by the UAE laws.

How it works.

At KAN Global, our professionals will work with you to plan and design financial statement audit engagements. This process is designed to minimise disruptions to your personnel and operations, while still adhering to professional standards. Here is a brief overview of our process.

1

Understanding the client profile

Before we commence the assignment, we thoroughly understand the key requirements of the client for a particular audit assignment. This helps us to lay down the key objectives of an audit assignment and serves as a framework for the particular audit assignment.

2

Identification of risks & weak controls

We pinpoint the areas where the internal check and control systems are weak and come up with valuable inputs as to how to address the weaknesses and improve controls.

3

Continuous monitoring of internal controls

Make sure internal controls are in robust shape and verify information in books of accounts.

Performing tests of controls to verify whether controls are working as designed.

4

Coming up with recommendations

From the information we collected during our assessment, we then focus on rectifying any problem areas

5

Drafting detailed final report

Providing observations and recommendations to improve processes and controls and providing insight on how to effectively implement these recommendations

6

Ensuring you are on the right track

Lastly, we do not leave you hanging! We will perform a follow-up review to verify the changes made have been implemented successfully.