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Time Budget Blowouts and How to Prevent Them
Manage episode 507117822 series 3663112
Budget overruns plague audit engagements, often stemming from poor planning, unclear scope definition, and inadequate client management. Sam breaks down the financial and reputational damage of underbidding jobs and explains how firms can protect their margins through strategic scoping, proactive client communication, and realistic time allocation. The discussion covers everything from setting appropriate hourly rates to managing client expectations and avoiding the quality compromises that come with unrealistic budgets.
- (00:00) - Welcome to Audit Smarter
- (00:15) - Understanding Budget Blowouts
- (01:27) - Impact of Poor Planning
- (05:12) - Client Preparedness and Its Effects
- (07:40) - Financial and Reputational Costs
- (19:31) - Effective Team Management
- (24:35) - Handling Client Expectations & Effective Communication Strategies
- (30:33) - Organizing Client Documentation
- (36:50) - Role of Auditors in Budget Management
- (38:41) - Tips for New Auditors
- (42:08) - Final Thoughts on Budgeting
Learn more at https://mansouradvisory.com/
Connect with Sam
https://www.linkedin.com/in/sam-mansour-cpa-2a755b271
Connect with Abdullah
https://www.linkedin.com/in/abdullah-mansour-454959108
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This podcast is a production of the Earmark Media
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