Thursday, December 15, 2016

Managing enterprises better in the 21st century

By John Kyriazoglou

1. Introduction

According to various sources1 ‘management control’ is a management function aimed at achieving defined goals within an established timetable, and usually understood to have three components:
(1) Setting standards,
(2) Measuring actual performance, and
(3) Taking corrective action.

In practical business terms, management controls, in a private company or public organizational environment, are used daily by managers and employees to accomplish the identified objectives of an organization (private company, public organization, or business entity, called ‘enterprise’ in this article).

Simply put, management controls are the operational methods that enable work to proceed as expected. 

Management is responsible for establishing and maintaining the business management control environment. Auditors play a role in a system of internal controls by performing evaluations and making recommendations for improved controls. Furthermore, every employee plays a role in either strengthening or weakening the specific company’s internal business management control system. Therefore, all employees need to be aware of the concept and purpose of internal business management controls.

How many, of these business management controls, however, does an enterprise need?

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