Below are the results of the COVID-19 Budget survey conducted in July and August. Thanks to all the members who completed the survey. The majority of the survey respondents map to the Internal Audit function (88%), 12% were from the Finance/Controllership function and the remaining 2% coming from the IT function.
For 45% of our respondents, COVID-19 had no impact on their team budgets; 44% of our respondents have experienced a budget contraction due to the pandemic. 11% of respondents stated that their team budgets have expanded. Luckily for teams that have experienced budget contraction, the key driver for this was reduction/elimination of expenses not related to employee salaries. A third of the budget contraction was caused by furloughs/layoffs. Please review the survey data and share your reactions, questions via the comments section. Give us a like vote if this data is beneficial.
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