Audit Budget Review Checklist ( AUDIT )

This checklist is designed to ensure a thorough review of the budget allocated for the audit process, focusing on resource allocation, cost control, and planned expenditures to maintain the audit's effectiveness and efficiency.

• Identify Audit Budget Allocations

  Review the initial budget allocation for the audit and identify the specific amounts designated for each area of the audit process.

• Evaluate Actual vs. Planned Expenditures

  Compare the actual expenditures against the planned budget to identify any variances and understand the reasons behind them.

• Assess Resource Utilization

  Analyze how resources have been utilized throughout the audit process to ensure they align with the budget and identify any areas for improvement.

• Review Justifications for Budget Adjustments

  Examine any requests for adjustments to the budget and ensure there are valid justifications and necessary approvals.

• Finalize Budget Report

  Consolidate findings and prepare a budget report summarizing the financial aspects of the audit for review by stakeholders.

• Obtain Stakeholder Feedback

  Present the budget report to relevant stakeholders and gather feedback to address any concerns or suggestions for future audits.