Question
What is one tactic or method that could be put in place at an organization to help reduce the risks of inaccurate or unethical budgeting
What is one tactic or method that could be put in place at an organization to help reduce the risks of inaccurate or unethical budgeting and analysis practices?
Separate the budget preparation process from other financial planning and analysis roles to segregate certain budgeting duties.
Putting into place a job rotational and crosstraining program within an organization will help create opportunities for review and cross checks, and will cut down on opportunities for employee malfeasance.
Instituting a mandatory review policy, including a trigger check if there are certain line items consistently over or underestimated, for the organization.
Institute a data analytics program and algorithm to help automate and streamline the review process of budgets, including variance analysis meetings.
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