Many companies face budgetary challenges on a continual basis. Two critical aspects that businesses lack when budgeting are effective control practices and monitoring. Budgeting is essential to businesses, but it is not that simple to implement: What are some challenges and weaknesses that a firm may find in the budgeting process? What are some examples of effective monitoring and control practices, and how do they help address budgetary challenges? Discuss the role of the budgeting committee and its responsibilities