budget committee

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The committee responsible for the operation of the budgetary control process within an organization. The membership and responsibilities of the committee vary between organizations, but a typical committee might comprise a chief executive as chairman, the functional managers as members, and a financial manager as committee secretary or budget director. The committee is responsible for ensuring the formulation of the budgets according to the directives and policies communicated by the board of directors, scrutinizing the various budgets for coordination and acceptability, and ultimately submitting the budgets (or budget revisions) to the board of directors for approval.

Subjects: Accounting.

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