This term is use in Rail budget.
The first review is conducted in the month of August, hence is known as August review. In this review, the actual expenditure of the first three months and approximate expenditures for four months is compared with the budget grant for the current year and actual expenditures for the previous financial year. The expenditure is also compared with the budget proportion and the actual expenditures of the corresponding period of the previous financial year.
The variation in above figures are analyzed and net additional requirements(if any) are asked for during this review.