THE ROLE OF FINANCIAL ANALYSIS IN MANAGEMENT CONTROL
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- NGN 5000
EXCERPT FROM THE STUDY
Management control is a process in which organization strives to achieve the planned or desired results, or "performances". In doing so, organizations may take various actions to minimize the negative effects arising from the external and internal environment. Management control represents a method for managing organization,s performances. Clearly relationship exists between management control and accounting, but there are fundamental differences too. For example, the goal of financial accounting is the summary reporting on company,s performances. The information is primarily intended for external stakeholders and are prepared in accordance with accepted standards of financial reporting. On the other hand, the task of management control is to help managers of organizations to formulate key strategic objectives and plans and monitor their execution. In general, management control is an internal process. The techniques and tools used by management control are adapted to the specifics of each organization and are not subjected to any generally accepted standards. On the other hand, there are also significant differences between management accounting (in particular cost accounting) and management control. Cost Accounting focuses on the measurement of costs in organizations. Management control is a broader concept than cost accounting. Management control focuses on company,s results, wherein costs are significant, but not the only measure of those results (ACCA, 2009).
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