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Client Name Date Completed:

Audit Questionnaire: Budgeting and planning Completed By:

Business Function: Accounting and Finance Reviewed By:

Objective:

Serial # Control Activities Yes No* Comments /DescriptionEmployee Responsible for Task

1.1

Management has developed and implemented a documented

budgeting process for use throughout the organization and

allocates responsibilities for action and follow-up of variances,

etc.

1.2The process of determining accurate and realistic budgets the

sufficient input of line management is taken.

1.3Commercially sensitive or confidential accounting data is

protected from unauthorized exposure.

1.4

The budgeting model and processes adequately and accurately

reflect the structure and operations of the organization & meets

the financial & business objectives.

2.1Are budgeted figures agreed by the relevant members of

management and evidenced.

2.2The accuracy and completeness of data input from other source

systems is confirmed.

1) To ensure that agreed financial and business objectives are achieved, there is an accurate and reliable budgeting system in existence.

2) Realistic and accurate budgeting framework and plan which accurately reflects the structure and operations of the organization is provided.

4) Deviations, variations and failures to achieve targets are promptly identified for management action.

3) Accurate and adequate information is provided for monitoring the budgets.

Complete this checklist and apply audit procedures prescribed in relevant audit program for the question client answered "YES", evaluate the internal

controls and report the observations along with recommendations (if any.), for the Questions answered "NO" report as ineffective based on relevance of the

internal control activity and regulations (e.g. SOX), etc.


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Serial # Control Activities Yes No* Comments /Description Employee Responsible for Task

2.3

There is a mechanisms in existence to ensure that the budget

model/system remains up-to-date with structural and operationalchanges.

2.4The assumptions are reviewed by management and factors

underlying the budgeting system are relevant and accurate.

2.5

Is there a process through which management reviews the data

contained in the budgeting system accurately and completely

reflects all the processes and events taking place in the business.

2.6Management ensures that the budgeting system underpins the

key objectives for the business.

2.7Management reviews the system appropriately reflects the

agreed financial scenario.

2.8Management reviews the budget system data is an accurate

reflection of the source systems.

2.9The budget and actual data reflected by the budget system is

confirmed as accurate and complete.

3.1Is it the policy of the company to produce and circulate the budget

information on a timely basis.

3.2To monitor the progress against financial targets, the budgetversus actual data is circulated on a timely and prompt basis.

3.3

Management reviews and approves all subsequent amendments

to the budgeted data to ensure that the adjustments are justified,

authorized and accurately applied.

4.10Management has allocated the specific responsibilities for the

monitoring and follow-up of budget versus actual data.

4.2Significant budget versus actual variations are identified and

promptly acted upon.

4.3Action is taken in reaction to variations, shortfalls, etc. are verified

as complete and effective.

4.4Are there mechanisms in existence to prevent the application of

unauthorized or invalid adjustments to the budget model data.


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Serial # Control Activities Yes No* Comments /Description Employee Responsible for Task

4.5

Subsequent amendments to the budget figures and targets are

confirmed as being suitably authorized and correctly applied.

4.6Management clearly defined the level of variances that require

follow-up action and the nature of the action required.

4.7Purchase commitments are confirmed as being within budget

prior to being processed.

4.8All potential budget revisions are identified and approved prior to

update of the budgeting system.

To the best of my knowledge, the answers

and comments noted above are accurate and

reflect the current internal controls within

this de artment:

Name and Title of Person Completing Form (please print)

Signature of Person Completing Form

10/3/2014

Date Form Completed

Signature of Department Director

Date of Department Director's Signature

Name and Title of Department Director (please print)

201405budgetingplanningiaqmfg

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