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.
Review the initial budget allocation for the audit and identify the specific amounts designated for each area of the audit process.
Compare the actual expenditures against the planned budget to identify any variances and understand the reasons behind them.
Analyze how resources have been utilized throughout the audit process to ensure they align with the budget and identify any areas for improvement.
Examine any requests for adjustments to the budget and ensure there are valid justifications and necessary approvals.
Consolidate findings and prepare a budget report summarizing the financial aspects of the audit for review by stakeholders.
Present the budget report to relevant stakeholders and gather feedback to address any concerns or suggestions for future audits.