About this template
A budget is both a blessing and a curse. An audit should not be confined to the restraints of a budget, however through proper planning and budgeting, we can ensure that we use our audit resources effectively and efficiently to address the audit scope, whilst offering value to both the business and the audit committee.
This template allows the auditor to compile a detailed budget, allocating resources and effort to specific tasks throughout the audit. The template also allows the auditor to update the budget to factor in any unexpected surprises.
Why use this template
The template is clear and well aligned to the audit workpapers and scoping document. The template also allows for transparency and accountability, showing how much time and effort was included on each workpaper. The transparency of the template will also assist future auditors when planning for the same or similar review.
The template, whilst currently quite detailed, can be easily modified to not be so ‘micro-managing’.
When to use this template
This template should be populated alongside the Team Planning workpaper and the Scope / Terms of Reference document to ensure we have sufficient resources to undertake the planned scope.
Things to be careful about
This template can be quite detailed. It is important, that whilst we keep ourselves aware of the budget, that the budget does not impact the quality of the audit work to be performed.
