If money is a part of your business then auditing is commandment #2; however if money is your business then auditing is your messiah.
Why we do it?
Financial institutions, like banks and NBFCs, need to have a robust inspection department, that is to say a solid audit function. As dictated by the internal processes of banks, branches must be inspected for all transactions and other essential compliances to spot gaps in the banking operations. Unfortunately, 80% of the time gets spent identifying exceptions (erroneous/suspicious transaction/lapse in process.)
In situations like this, they find it beneficial to harness the expertise of external auditors who can use specific audit tools to directly give them data, so that they can save that time to instead review the risks or take action on the errors. It allows the bank to enlist less manpower while assuring efficiency and saving time.
How we do it
SmartAudit does such concurrent audits. Banks appoint concurrent auditors for each of their branches. Our system allows for a centralised approach to concurrent audits, i.e. we get data from the branches and hand it over to their auditing staff. This way they spend time following up on exceptions rather than spending time determining the exceptions.
What value we offer
SmartAudit assists institutions in their auditing, thereby ensuring qualitative processes for transactions in tandem with the bankers’ quantitative approach. The IT know-how of our auditors makes their experience legit in the field and furnishes clients with a bird’s eye view of the proper workings of the operations.
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