Budget committee is the committee formed within the organization which serves as coordinating authority of the budgeting process. It is concerned with resolving difficulties or disputes which may arise among functional heads and to take decision so as to alter production, price and so on.
The following are functions of audit committee:
- To receive and review individual budget estimates,
- To suggest revision on the budget submitted
- To decide on general policies affecting more than on primary department.
- To revise and approve the budgets.
- To receive and consider budget reports showing actual results compared with the budget.
- To recommend action where necessary.