Budgeting is a systematic process for:
- Expressing future plans in formal quantitative terms
- Allocating resources to achieve strategic goals
- Monitoring progress toward goals
- Controlling spending
- Predicting cash flow and profits
- Serving as a vehicle for communicating plans in an orderly manner throughout the organization
Note: This blog post has been updated with a link to a Q&A PDF with 17 additional audience questions from the webinar and Ann's responses. Download the pdf at the link at the bottom of the post.
The purposes of the audit plan are, first, to contribute to the effectiveness of the audit and, second, to contribute to the audit efficiency. KnowledgeLeader has two sample audit planning memos that could help you with the planning process. They have also been popular with our subscribers and appeared in our weekly top 5 during the past 30 days. Enjoy!
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The internal audit function’s position within a company is unique. It provides its principal stakeholders (audit committee members and management) valuable and objective assurance on governance, risk management and control processes, as well as consulting services to improve operations. With this critical responsibility to fulfill, implicit in executing those duties is internal audit’s continuous improvement to its own practices.
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