Budgets
A budget is an estimation of revenue and expenses over a specified future period of time and is usually compiled and re-evaluated on a periodic basis.
Financial reports are a management way of obtaining a concise overview of the previous month's/quater's financial status to have up-to-date reporting of the cash management, profit, and loss statements while evaluating future plans and decisions moving forward.
Audits
The purpose of an audit is to form a view on whether the information presented in the financial report, taken as a whole, reflects the financial position of the organisation at a given date
Timberline District Consulting, LLC 2020