What is the budget review process?

What is the budget review process?

The budget review process involves evaluating and approving budget proposals to ensure financial accountability.

What are the key steps in this process?

Key steps include preparation, submission, review, approval, and monitoring of the budget.

Who is typically involved in the budget review?

Typically, it involves finance teams, department heads, and sometimes external auditors.

How often should the budget be reviewed?

Budgets should be reviewed at least annually, but quarterly reviews are recommended for better control.

What happens if a budget is not approved?

If a budget is not approved, departments may need to revise their proposals or operate under previous budgets.