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Internal Audit could assess the preparation of annual budget by auditing the finance department.
The audit concluded that, overall, the Finance department has good management practices for the annual preparation of the Budget.
In particular, this includes
(1) Clear roles and responsibilities, as well as effective communication to coordinate among internal stakeholders,
(2) Internal controls to support the completion of key deliverables,
(3) Regular assessment of performance to identify opportunities for improvement;
and (4) Controls in place to safeguard physical information related to the Budget.
