Concurrent audits are usually round the year audits and are conducted online to routinely monitor transactions. Concurrent Audits in most cases consists of complete and extensive check of transactions and facilitates the mitigation of continuing mistakes, errors and/or frauds as they could be spotted while doing the transaction audit online.
Concurrent audits may vary based on the business type.
For example: Banks, Institutions, Stock Brokers, Money Exchanges etc may require audits that are performed in general, however large and multi-locational clients may require audits that are performed as a year end exercise. Similarly, most publicly branded and listed companies fall within this category of audit as a regulatory measure.