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COSO-Internal Control Framework-Control Activities Budgeting and Planning - May 2017

Name

COSO-Internal Control Framework-Control Activities Budgeting and Planning - May 2017

Description

COSO - Integrated Internal Control Framework
COSO CONTROL COMPONENT: CONTROL ACTIVITIES
COSO CONTROL OBJECTIVE: OPERATIONS - Budgeting and Planning.
COSO ORGANIZATION LEVEL OF RESPONSIBILITY: BUSINESS UNITS AND ACTIVITY LEVEL

Following are the best practices or general control activities which may be implemented as is or these can be used to develop/ prepare organization specific control activities, policies and procedures. Procedural manuals may also be available at AuditNet.com and you may access/ download the templates subject to your membership subscription.

Control Objectives:
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.
3) Accurate and adequate information is provided for monitoring the budgets.
4) Deviations, variations and failures to achieve targets are promptly identified for management action.

Standard (Non-IT) Audit Program

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