current yr budgets and management accounts

You should know from MA/F2 that budgets are prepared in advance - management accounts, like financial accounts, are prepared "after the fact" (historic). So the budget for 20X1 prepared in 20X0 will reflect expectations/management's plans for the year ahead (20X1). The management a/cs prepared at each month/quarter end are then a reflection of actual performance (that management would compare to budgets - and standards if using variance analysis). Both provide the auditor with information for understanding the entity that could have implications for risk - e.g. if budgeted revenue for the year is $1.2m (i.e. averaging $0.1m per month) but the management a/cs for the first 6 months of the year show revenue of only $0.5m perhaps there is an increased risk of revenue overstatement.