ENTERPRISE INFRA & IT GOVERNANCE

Concurrent Audits

  • Continuous oversight of IT and security controls between annual audits
  • Periodic, risk-ranked reports for management and audit committees
  • Observations tracked to closure across audit cycles

Who Needs a Concurrent Audit?

For regulated financial institutions that need ongoing, independent oversight of IT and information security controls between annual audits.

Commercial & Small Finance Banks

Commercial & Small Finance Banks

Cooperative Banks

Cooperative Banks

NBFCs & Housing Finance Companies

NBFCs & Housing Finance Companies

Payment System Operators

Payment System Operators

Insurance Companies

Insurance Companies

Institutions with Audit Committee Mandates

Institutions with Audit Committee Mandates

Our Concurrent Audit Approach

Business Understanding

Business Understanding

Understand your IT landscape, critical applications, regulatory obligations and existing audit coverage.

Audit Plan & Frequency

Audit Plan & Frequency

Agree the audit universe, risk-based coverage, sampling and monthly or quarterly reporting cycle.

IT Governance Review

IT Governance Review

Review IT policies, approvals, exception handling and adherence to internal and regulatory requirements.

Access & Operations Review

Access & Operations Review

Test user access, privileged activity, change management, backups and batch operations.

Application Controls Testing

Application Controls Testing

Check input, processing and output controls in core banking and other critical applications.

Security Controls Review

Security Controls Review

Review patching, logging, monitoring, incident handling and third-party access each cycle.

Findings & Follow-Up

Findings & Follow-Up

Verify closure evidence for earlier observations and escalate overdue or repeat issues.

Periodic Reporting

Periodic Reporting

Deliver cycle reports, trend analysis and summaries for management and the audit committee.

Deliverables You Can Expect

Periodic reports, observation trackers and summaries aligned to your agreed concurrent audit plan.

Concurrent Audit Plan & Coverage Map

Concurrent Audit Plan & Coverage Map

Periodic Concurrent Audit Reports

Periodic Concurrent Audit Reports

Observation & Closure Tracker

Observation & Closure Tracker

IT & Application Controls Findings

IT & Application Controls Findings

Trend & Repeat Issue Analysis

Trend & Repeat Issue Analysis

Audit Committee Summary

Audit Committee Summary

Benefits of Concurrent Audits

Earlier Issue Detection

Control gaps surface within the audit cycle, not months later at year end.

Continuous Assurance

An ongoing, independent view of IT and security controls between annual audits.

Faster Closure

Tracked observations and follow-up keep remediation moving across cycles.

Audit Committee Visibility

Regular, concise reporting on control health and repeat issues.

Regulatory Readiness

Documented evidence that supports inspections and statutory audit reviews.

Fewer Year-End Surprises

Fewer open findings when annual and regulatory audits begin.

Why Choose QRC for Concurrent Audits?

Regulated-sector audit experience, risk-based coverage and findings tracked to closure.

CERT-In Empanelled Auditor

Listed by CERT-In as an empanelled information security auditing organization.

BFSI Audit Experience

Audit services covering RBI-focused IS audits, cybersecurity audits and payment security assessments.

Risk-Based Coverage

Audit effort focused on the applications, processes and controls that carry the most risk.

Closure-Focused Reporting

Observations tracked cycle to cycle until closure evidence is verified.

Supporting Services

Services that extend concurrent audit coverage into annual audits, deeper testing and ongoing oversight.

Information Systems Audit

Annual IS audit across IT governance, operations and applications.

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Cybersecurity Audit

Independent review of cybersecurity governance, risk and technical controls.

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Vulnerability Assessment

Identifies known vulnerabilities before they become active threats.

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Penetration Testing

Validates exploitability of weaknesses in applications and networks.

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24x7 SOC Monitoring

Continuous detection of threats across monitored systems.

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Virtual CISO (vCISO)

Strategic leadership to act on audit findings at a program level.

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Case Studies

Real-World Concurrent Audit Outcomes

How financial institutions have used QRC Concurrent Audits to maintain continuous control assurance.

PCI Case Studies

Concurrent Audit Resource Center

Guides and resources to plan, run and report on concurrent IT audits.

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Frequently Asked Questions

A concurrent audit is an ongoing, periodic audit carried out while operations run, rather than once a year. QRC's concurrent audits focus on IT and information security controls in regulated financial institutions.

An annual IS audit gives a point-in-time view across the full IT environment. A concurrent audit reviews agreed areas monthly or quarterly, so gaps are found and tracked sooner. Many institutions run both.

No. This service covers IT and information security controls, including application controls. Concurrent audit of financial transactions and accounts is outside its scope.

Reporting frequency is agreed in the audit plan, commonly monthly or quarterly. Each cycle report covers new observations and the status of earlier findings.

Cycle reports with risk-rated observations for IT, security and risk owners, plus a concise summary for senior management and the audit committee.

Ready to Strengthen Continuous IT Assurance?

Define your audit universe, reporting cycle and priorities with QRC's audit team.