Sample Essay

The budgetary and control techniques applied by the company are crucial as they provide for the prudent and the forecasted figures of performance of the company on which the company basis its business decision on. As a result “directors of finance should take all reasonable steps to ensure that budgets are constructed on the basis of reliable data of past performance and rigorous assessments of future resources and commitments, and that policies and priorities are evaluated in an open, consistent and thorough manner” (‘Budgetary Planning and Control’)

The company is currently reliant on the budgetary financial control system for measuring and maintenance of the performance of the company and its business processes.  The company has been currently facing problems in terms of the losses they have incurred on the incorrect cost estimates that were based on their current budgetary system. This shows that the budgeting system was the company is flawed or based on out dated overcharged pricing system and the inefficient and incorrect budgeting system which reflects non prudent forecasting.

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