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Can you help me rewrite this in a more simple way: The requirement for reporting and auditing a budget for accuracy includes Adherence to Accounting
Can you help me rewrite this in a more simple way: The requirement for reporting and auditing a budget for accuracy includes Adherence to Accounting Standards: The budget must align with either the Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS), depending on the jurisdiction. Transparency: Clearly state and explain all assumptions, estimates, and methodologies used in the budget. Comprehensiveness: Ensure the budget covers all expected revenues, expenses, assets, liabilities, and cash flows. Precision: Verify that all figures in the budget are accurate and can be substantiated. Timeliness: Report and audit the budget promptly to maintain its relevance for decision-making1
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