Dynamic Budgetary Control Institute of Chartered Accountants of Ireland
Price: USD 137
  • Duration: 5 Hours

Course details

 

Most budgetary control systems in the UK were introduced in an environment in which the predominant management style was “command and compliance” to which the once-a-year, for-a-year budget, expressed in the language of accounting provided a compatible approach. As the rate of change in the business environment has increased, however, this approach to budgeting has come to be seen as not only inappropriate but dangerously misleading. In this course we look at a different approach, designed to adapt to volatility and to match the increasingly prevalent “trust and commitment” style of management. It is infinitely flexible and expressed in the language of financial management.

This course enables the learner to:

  • Understand the major trends in the business environment, and the impact they are having on management in general and financial management in particular
  • Establish a structure of control in order to embrace the making and monitoring of decisions
  • Promote a forward looking approach to financial management
  • Influence behaviour, for example team building and clarifying cultures and values
  • Provide a structure through which to delegate/devolve authority in a way which ensures co-ordination, e.g. the balance of capacity and demand

Learning Outcomes:

Introduction

  • What is budgetary control?
  • Why and how should it be customised?
  • Why does budgetary control need to be dynamic?
  • What is the way forward?
  • What does dynamic budgetary control involve?

The principles

  • What is the nature of control?
  • How do we clarify financial objectives?
  • What are the key forecast relationships?
  • What is our model for financial management?
  • How should we classify outlays?

Expectations

  • How do we introduce dynamic budgetary control?
  • What is the relationship between price/margin and volume?
  • How do we deal with customer loyalty?
  • How do we deal with receipts from customers?

Hope

  • What happens as the rate of growth increases?
  • How do we deal with volume inducing outlays?
  • How do we deal with volume sustaining outlays?
  • How do we deal with volume anticipative outlays?
  • What is synthesis?

Faith

  • What is mutual reinforcement?
  • What is value assurance?
  • How do we overcome the obstacles in our way?

 

Updated on 08 November, 2015

About Institute of Chartered Accountants of Ireland

Chartered Accountants Ireland (The Institute) is a membership body representing 23,000 influential members throughout the globe. their role is to educate, represent and support their members. their members work in senior positions in practice and industry. they are committed to restoring confidence at every level of the economy. they work with governments and businesses to raise awareness of the importance of sound financial advice.
Chartered Accountants Ireland was established as the Institute of Chartered Accountants in Ireland by Royal Charter in 1888. Its activities and those of its members are governed by its Bye-Laws and by Rules relating to professional and ethical conduct. These provisions are contained in the Handbook which is available to all members.
Chartered Accountants Ireland is governed by a Council and it is responsible for determining policy and monitoring its implementation. Council is lead by the Officer Group and supported by the Management Team and staff. A number of committees with voluntary member involvement also play a key role.
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