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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