Link Between Management Accounting and Audit Reports

This assignment delves into the significance of management accounting techniques and audit reports in a company's operations. It highlights the relevance of both aspects, showcasing how they are interconnected. The provided references from books and journals, including titles such as 'The Audit Committee: Management Watchdog or Personal Friend of the CEO?' and 'Graph Standardization and Management Accounting at AT&T during the 1920s,' demonstrate the importance of these concepts in the field of accounting.

Management
Accounting

Table of Contents
INTRODUCTION...........................................................................................................................1
P1. Management accounting and its different types of system....................................................1
P2 Explain different method of management accounting reporting...........................................3
M1. Evaluation of benefits of various management accounting systems....................................4
D1 Management accounting system and management accounting reporting are integrated with
organisation process.....................................................................................................................5
TASK 2............................................................................................................................................5
P3 .Appropriate techniques of cost analysis to prepare an income statement.............................5
M2 Management accounting techniques and financial reporting documents.............................8
D2 Financial reports which applies to interpret many business activities .................................9
TASK 3............................................................................................................................................9
P4. Advantages and disadvantages of different types of planning tools used for budgetary
control..........................................................................................................................................9
M3. Usage of different planning tools for preparing and forecasting budgets..........................11
P5 Organisations are adapting management accounting systems to respond to financial
problems.....................................................................................................................................12
TASK 4..........................................................................................................................................14
P5 Comparison Between Merlin Financial Consultant and Equilibrium Assets Management. 14
M4 Management accounting in response to financial problem can lead organisations to
sustainable success ....................................................................................................................15
D3 Various Planning tool to resolve financial problems...........................................................15
CONCLUSION..............................................................................................................................15
REFRENCES.................................................................................................................................16

INTRODUCTION
Management accounting consists of two words “management” and “accounting”. It is the
study of managerial concepts (Bruynseels and Cardinaels, 2013). This is a kind of system which
is helpful providing monitory and non monitory informations to the companies to make future
decisions and policies for future. Generally these reports are prepared for the internal purpose
and for internal decision-making. Management accounting consists many reports which are
required by management for many purpose to the companies. There is no specific time period to
prepare management accounting reports, these can be prepare according to the organisation need.
To understand the concept and practice of management accounting Merlin Financial Consultancy
company is selected. It was founded in 1988. This company deals in various financial products
and services like fixed deposits, mortgage loan, financial advices etc.
In the project report detailed information about the management accounting, its types,
benefits are described. In addition this report highlight on various planning tools of budgetary
control and their advantage, disadvantage, different costing techniques. It describes the way in
which organisations manage with financial problems with the use of management accounting
techniques to achieve objectives and goals.
LO1
P1. Management accounting and its different types of system.
Accounting is a process of recording financial transactions in a systematic manner which
is helpful for the organisations (Chandar, Collier and Miranti, 2012). This is a systematic process
of recording, analysing and presenting statements of finance. Basically the main objective of
accounting is to provide data for preparation of various financial statements. This is done in a
particular time period which is known by accounting period. Accounting is of many types.
Management accounting is a part of accounting which is described below
Management accounting- Management accounting is a kind of system which is related to
providing important financial and financial information to the management for making future
policies and plans. This accounting system is useful for internal purpose and to make internal
decisions for the organisation. It is not done in a particular accounting period, it is done when it
is needed by the organisation. This accounting system is not compulsory for the companies, it is
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depend on the companies whether they want to do or not. So management accounting system has
its own importance in internal management of organisation.
2

Management accounting Financial accounting
Management accounting helps in the internal
management of the business.
This accounting system is crucial for financial
management of the business.
It contains monetary and non monetary
informations.
It includes only financial or monetary
information.
This accounting system is prepared on the
basis of organisation's needs. It is not
mandatory.
Financial accounting is a compulsory for all
kind of companies.
Management accounting is done without any
specific accounting period.
This accounting system is needed to be done
according to the accounting period,
This accounting system includes various kind
of reports which are useful only for internal
parties not for the external users.
Its reports are useful for both the parties
including internal and external parties like
shareholders etc.
Cost Accounting System- Cost accounting system is also known by costing system. It is
a type of system which is related to estimate the cost of all products and services (Granlund and
Lukka, 2017). This is very important for the companies that they should have appropriate idea
about the estimation cost this will help in to check which products are profitable and which ones
are not. Merlin financial consultancy applies this method in checking about the cost of their
various financial products like fixed deposits, bonds etc. In addition they applies it in tracking
the estimation of total cost of services.
Competitors determines their prices by calculating various kind of costs. The Merlin
financial consultancy computes different kind of costs which are followings:
Actual costing- Actual costing is a kind of costing system that calculates those costs
which occurs actually in the production. It includes costs like actual labour cost, material cost,
overhead costs etc.
Normal costing- Normal costing system is an effective way of calculating the production
costs fairly. This includes direct material cost, direct labour cost and overhead cost. The addition
of these costs results as the total production cost.
3

Standard costing- This costing system is also known by the target costing. It estimates
the future costs that can be occur in the production. The main aim of this costing system is to
keep control the cost of production.
Job costing- Job costing system is a method of calculating the each units cost. This
method computes the cost by calculating the each job's cost that assigned in the job. It helps in
analysing the each units cost individually.
Process costing- Process costing system is useful in calculating the cost of different
process of production. This costing system is suitable for those organisations which produce
products into different processes. Merlin financial limited use this tool for calculating the cost of
different financial products and services.3
Batch costing- Batch costing system works as the same framework of job costing
system. This costing system divides the products into different batches that helps in calculating
each units cost.
Contract costing- Contract costing system is applied in the large projects and contracts.
This is beneficial for controlling the different cost of projects. Basically it is used by the
companies when they deal a contract or project.
Inventory Management System- Inventory management system is a kind of system
which is related to tracks the movements of services and goods (Ismail and King, 2014). This is
very important tool of management accounting system. It is helpful for the Merlin financial
consultancy in managing their financial products and services. This helps them in tracking the
movement of financial services. Like if company wants to check about the process of a fixed
deposit service then they may apply to this system in checking the documentation, clarification
etc.
Price Optimisation- Price optimisation is method of analysing that how customers will
react on different pricing of products and services. It provides a framework to set the level of
price at which organisation may achieve their goals and objectives. In addition it sets the level of
price which is also suitable for customers. Merlin financial consultancy uses this method of
pricing. Under this method they determine the pricing level of their financial products and
services at which they can gain maximum profit. This pricing method increase the satisfaction
level of their customers.
4

Job Costing System- Job costing is a kind of system which calculate the total cost of
products or service then assign cost to the each unit of product. It is very helpful for the
organisations in analysing total cost and expenses and as well as assigning the cost individually.
Merlin financial consultancy uses this system in calculating the cost of their financial products
and services like cost of documentation in financial services, agent charges and many more. It
helps them in analysing the total cost.
P2 Explain different method of management accounting reporting.
Management accounting reports are those reports which are helpful in
measurement of performance. On the basis of these reports management plans their future
activities and strategies. So it is very necessary that these reports should be prepared without any
mistakes. Merlin financial consultancy makes various financial reports for their performance
analysis and to make effective strategies. They prepares following reports:.
Budget report- Budgets reports contains the estimation of income and expenses for a
particular time period. On the basis of these reports an organisation compares their actual
performance with budgeted targets. This helps companies in making future plans and policies.
These reports consists only financial data (Kastberg, and Siverbo, 2013). The basis of these
reports is the previous year's data. Merlin financial consultancy makes these reports in making
comparison between the actual income and budgeted income. This helps them in making
effective planning if their revenue is low. In addition, it is also important for them in analysing
financial position.
Performance report- Performance reports are helpful in analyse the performance of
organisation and as well as of employees. It review the performance. This is also important in
selecting the employees who are eligible for rewards. Merlin financial consultancy uses this
report in analysing the performance of the employees and organisations. This helps company in
improving the quality of service providing to the customers.
Account receivable ageing report- This type of report is helpful for those companies
which makes their transactions on credit. It consists many information within it like amount
which is due by customer, date on which transaction took place etc. This removes the headache
of financial manger to keep remember about the credit transaction. They can use this report in
checking about total debt collection from customers. Merlin financial consultancy uses this
report in checking that how much amount they needed to recover from customer. In addition it
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also help finance department to focus more on important activities because it makes the work
easy of financial manager.
Cost Managerial Accounting Report- Cost managerial accounting report is helpful in
making comparison between selling amount and expenses done by the company. It provides a
basis for analyse the profit and loss of the company. This report calculates the total expenses
which become a basis for comparison. Merlin financial consultant make this report to analyse
that how much profit or loss they are getting from their different financial products and services.
It also helps in making strong strategies for those services and products which are not beneficial.
M1. Evaluation of benefits of various management accounting systems.
Management accounting system Advantage
Cost accounting system  Helps in measurement and
improvement of efficiency of services
and products or company.
 Beneficial in recording of total cost of
various financial services.
Inventory management system  Inventory management system is
helpful in saving time and money of the
company because it brings efficiency in
services
 This system is helpful in tracking the
position of various financial services
Price optimisation system  It is advantageous for company in
analysing the customers reaction on the
different pricing. It provides a
framework.
 This system is easy to use for the
company. It consumes less time and
cost of the company.
Job costing system  It helps in checking the profit earned
through an individual activity as well as
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it also defines the cost of each
individual activity.
 This is important in minimisation of
cost of different products and services.
D1 Management accounting system and management accounting reporting are integrated with
organisation process.
Management accounting system and management accounting reporting both have link
with each other (Kolk and Perego, 2015). The reason behind this link is that if a company wants
to make an accounting report then that company needed many kind of data from the management
accounting systems. Like while making cost managerial accounting report, company needs,
many information and data from the cost accounting system. Management of Merlin financial
consultant makes many kind of reports with the help of link between accounting reports and
accounting system. So this link is very important for companies in making reports and tools of
accounting.
TASK 2
P3 .Appropriate techniques of cost analysis to prepare an income statement
Absorption costing- Absorption costing is also known by full costing method. This
method helps in calculating total cost of production and after that assign the cost in each
product's unit (Li, 2013).
Marginal costing- Marginal costing method is a kind of costing system which considers
the variable cost as the unit cost and fixed cost as the period cost.
Income statement by absorption costing method
Particulars Amount
Sales (25*10000)
Less- Cost of goods sold:
Direct labour-30000
Direct labour-50000
Variable manufacturing overhead-20000
250000
140000
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Fixed manufacturing overhead-40000
Gross Profit
Less- Selling and manufacturing expenses:
(Fixed+ Variable selling and manufacturing
expenses)
Net Income
110000
60000
50000
Income statement by marginal costing method
Particulars Amount
Sales(25*10000)
Less- Marginal cost of sales:
Direct material-50000
Direct labour-30000
Variable manufacturing overhead-20000
Variable selling and manufacturing
overhead- 30000
Contribution
Less- Fixed cost:
(Fixed manufacturing + Fixed selling and
manufacturing overhead)
Net Income
250000
130000
120000
70000
50000
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Interpretation- From above solved numerical, it has been recommend that in both
methods, net income is same. In absorption method net income is of 50000 and in marginal
method net income is of 50000.
Income statement by absorption costing method (when 5000 units are sold)
Particulars Amount
Sales(5000*25)
Less- Cost of good sold:
Direct labour-30000
Direct labour-50000
Variable manufacturing overhead-20000
Fixed manufacturing overhead-40000
Gross loss
Less- Selling and manufacturing
expenses:
(Fixed+ Variable selling and manufacturing
expenses)
Net loss
125000
140000
(15000)
60000
(75000)
Income statement by marginal costing (when 5000 units sold)
Particular Amount
Sales(5000*25)
Less: Marginal cost of sales:
125000
130000
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Direct material-50000
Direct labour-30000
Variable manufacturing overhead-20000
Variable selling and manufacturing
overhead- 30000
Contribution
Less- Fixed cost:
(Fixed manufacturing + Fixed selling and
manufacturing overhead)
Net loss
(5000)
70000
(75000)
Interpretation- From above solved numerical it has been recommend that by applying
both method of costing company is facing net loss in both condition. Company is facing net loss
of (75000) in absorption method as well as in marginal costing method.
Financial reporting document with labour and material variances:
Budgeted Actual Variance
Units 1000 1100 100(F)
Hours 3000 3400 400(A)
Units per hour 3 3.09 0.09(F)
Labour 15000 17680 2680(A)
Labour rate per unit 15 16.07 1.07(A)
Labour rate per hour 5 5.2 0.2(A)
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Actual
Units 1000
Material used Kg 2200
Actual Material cost 20900
Material cost per kg 9.5
Material cost per unit 20.9
Budgeted material cost per unit of the product 2kg at £10/kg
Budgeted material cost per kg ( £ 10/2) 5
Budgeted Material cost 11000
Variance (Actual- budgeted) 9900(A)
M2 Management accounting techniques and financial reporting documents.
Management accounting techniques and financial reporting documents like balance sheet
and P&L etc. are helpful for the organisations. The techniques of management accounting helps
in making financial reports (Modell, 2012). These both brings flexibility in financial
transactions. Merlin financial consultant company makes various reports and apply many
accounting techniques in solving financial issues which occurs in smooth run of business. The
company makes financial reports like budget report, flexible budget etc.
D2 Financial reports which applies to interpret many business activities
Financial reports plays very crucial part in a business. These reports present the financial
condition of firms and companies in a better way which reflect the profit and loss of company.
Financial reports consist many statements like balance sheet, P&L etc. These reports have a link
with business activities because it helps in showing all the business activities in a conclusion way
to better understanding (Modell, 2015). Merlin financial consultant makes many kind of
accounting reports to present the business activities in a manner which helps in understanding the
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financial condition of company. Their managers prepares performance report to analyse about
the financial position of company.
TASK 3
P4. Advantages and disadvantages of different types of planning tools used for budgetary
control.
Budgetary control: Budgetary control is a system used in any organization for preparing
budgets of various activities as well as comparing the figures to find any deviations and taking
corrective actions against them (Moore, 2014). It is a continuous process which provides a
method to control the activities by coordinating the operations in different departments in order
to maximise the profitability and enhancing productivity. Such controls helps managers to
framing financial and non financial targets to provide the information required on time. The
managers of Merlin Financial Consultant considers various factors in order to control the
activities in different areas of operations. There are various planning tools for budgetary control
which the selected organization applies. The advantages and disadvantages of such type of
planning tools used for budgetary control are as follows:
Scenario planning: Scenario planning is a process of formulating and examining the
available budgets to develop future outcomes. Such outcomes are used to manage different risks
associated with the activities in an organization. Such planning helps the selected organization in
preparation of short term as well as long term plans in order to respond quickly and effectively
towards any changes and grabbing the available opportunities to sustain the market position for
long time.
Advantages: Advantages of scenario planning are as follows:
 Scenario planning helps the selected organization to formulate accurate and effective
decisions for uncertain future.
 It benefits Merlin Financial Consultant by predicting the future situations and optimum
utilisation of resources in order to manage and reduce risks to achieve profitability.
Disadvantages: There are various disadvantages of Scenario planning which are as described:
 Scenario planning only considers few outcomes but fails to define various outcomes
which affects the management of risks.
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 The managers of selected organization have to deeply analyse and understand the future
outcomes in the present time period as data analyses with interpretation which consumes
more time period.
Contingency planning: Contingency planning acts as a tool which helps in formulation
of various plans, programs, schedules and strategies in order to deal with the emergency
situations which affects in performing the various operations (Rieckhof, Bergmann and
Guenther, 2015). Every organization formulates various plans by considering the budgetary
reports to deal with various situations. Such planning helps in reducing risks by developing
various back up plans to control the activities by coordinating the operations in different
departments in order to maximise the profitability and enhancing productivity. The Merlin
Financial Consultant formulates various back up plans which helps in performing daily
operations without any obstacles.
Advantages: Contingency planning provides various advantages:
 Contingency planning helps in addressing and taking actions against any problem to the
selected organization.
 It benefits by formulating back up plans which helps in preventing the risk of losses and
failures against any uncertainty.
Disadvantages: The disadvantages of Contingency planning are as follows:
 Contingency planning is a messy activity which creates conflicts between the ideas of
Merlin Financial Consultant at the time of formulating strategies, plans and programmes.
 The selected organization suffers from the in adequate knowledge of estimating the
uncertainty. Thus, leads to failure in formulating adequate plans for future.
Forecasting tool: Forecasting is a technique which helps in predicting future by
analysing the past and present budgets and situations in any organization (Seal, 2012). The
selected technique helps the managers to analyse the ratios and statements to prepare the
programmes which helps in guiding towards the needs as well as requirements of the
organization. Quantitative forecasting techniques helps in forecasting the future requirements or
data on the basis of past information or data to the selected organization. Such techniques are
effective when past numerical data are available in systematic manner to formulate future plans.
Advantages: The advantages of forecasting tools in Merlin Financial Consultant are as follows:
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 Forecasting tools helps in managing the cash flow problems and operations by taking into
consideration the past activities.
 It benefits by keeping its clients happy by providing them the assumptions based on their
budgetary reports.
Disadvantages: Forecasting tools has various disadvantages as described:
 Merlin Financial Consultant faces the problem of accuracy in predicting future events by
considering the historical budgetary data.
 The information collected from different departments may not be suitable for making
strategies and programmes for future actions.
M3. Usage of different planning tools for preparing and forecasting budgets.
Budgetary control explains various tools and techniques to control various costs and
maximise their profits to achieve long term success. There are various planning tools which
helps in preparation and forecasting budgets such as scenario planning, contingency planning
and forecasting tool (Sohn, 2016). Budgets act as a summary of all past transactions which helps
the Merlin Financial Consultant to forecast the results and financial position for some future
periods. Scenario planning is used by the selected organization to predict the future situations
and formulate effective decisions for optimum utilisation of resources in order to manage and
reduce risks to achieve profitability. Contingency planning is used by such organization to
formulate budgets as well as back up plans to prevent the risk of any losses and uncertainty.
Forecasting tool helps Merlin Financial consultant in properly managing its cash flow problems
and operations by considering the past quantitative records. All such planning tools helps in
preparing and forecasting the budgetary activities in proper manner.
P5 Organisations are adapting management accounting systems to respond to financial problems.
Financial problem: Financial problems are the situations where on organization is not
able to meet its basic requirements. Business of any organisation have long list of the financial
issues. These are the difficulties or hurdles which affects organizational efficiency and
profitability. Every organization faces various financial problems which affects them to great
extent at the same time they try to overcome them by formulating as well as implementing
various effective strategies. Various financial problems faced by Merlin Financial Consultant are
as described:
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 Risk Management: To manage the uncertain risks, a very important factor for any
organization to sustain in the market for longer time period. Good risk management helps
in achieving long term success where as bad risk management hurts an organization in
various ways (Soltes, 2014). Merlin Financial Consultant formulates various strategies to
predict the unexpected risks but fails to manage them in proper manner. Bad risk
management hurts an organization in various ways. The selected organization do not
have proper knowledge in analysing and formulating strategies to minimize the uncertain
risk.
 Problem of cash flow: There are few businesses which are able to escape from the cash
flow management. Such problem arises when an organization fails to pay its debts when
they become due. It is faced by Merlin Financial Consultant as it provides much credit to
its clients as well as its employees are not able to give productive results. The
organization is paying much taxes to the governments.
 Lack of working capital- Working capital is a kind of capital which is required by any
organization to perform its day to day activities in order to meet financial obligations. In
the absence of this capital, organisation may faces various problems. Merlin Financial
Consultant is facing the problem of lower working capital which is effecting their day to
day transactions.
 Money management: Money management is very essential in any organization. Every
organization wants to manage its monetary system in order to define its profits. For this,
various provisions and strategies are formulated by different organizations.
Strategic planning- It is done with the use of different tools and techniques. Merlin
financial limited use balance scorecard system for strategic planning that is described below:
Balance scorecard- Balance scorecard is a kind of tool that measures the performance of the
organisation. It is used by the managers for monitor and control the performance of companies
and as well as of employees. Managers of Merlin financial limited use this framework for
managing their performance and for effective planning about future.
Financial Governance: Financial governance are the tools and techniques which helps
an organization to collect, manage, monitor and control its financial information. It defines the
ways in which any organization tracks its transactions, manages its performances as well as
controls its data and operations. It helps to collect and manage the all financial transaction and
15

informations in an effective manner. Such governance provides an organization to predict and
understand what things are wrong and how to control them. Good financial governance helps in
meeting the challenges as well as looking in the future. Various regulations are defined and each
regulation defines the responsibility of the management for controlling the accuracy of the
financial statements. Due to this financial transaction becomes smooth and transparent. Main
purpose of this governance is to stop financial issues and frauds in the companies. Merlin
financial limited company use this to solve their financial problems.
Management Accounting Approaches: Management accounting approaches are some
techniques which helps in resolving problems of any organization. Such approaches provides
managers and employees the accurate information for the use of organizational resources. To
resolve the financial problem, Merlin Financial Consultant follows various management
accounting approaches which are benchmarking and KPI. There description of both as follows:
 Benchmarking: Benchmarking is a way which helps in making comparison of an
organization with the other organizations within the same sector or industry to measure
the quality, strategies, programmes in order to determine where improvements are
needed. Merlin Financial Consultant uses such approach to prepare the benchmarking
report related to money management that are being used by other companies and improve
efficiency by proper management of monetary system in the organization. Such approach
helps in identifying opportunities as well as creating competitive environment within the
organization.
 KPI: Key Point Indicator is an approach which helps in measuring the performance. It
helps in evaluating the success of any organization towards any particular activity.
Effective KPI helps in focusing towards the business processes and functions which
management sees as most important tool for measuring progress toward meeting strategic
goals and performance targets. The Merlin Financial Consultant uses such approach to
compare and set possible standards which helps them to resolve any financial issue
related to more spending than earning. The selected approach helps in clearly defining,
measuring and interpreting the individual as well as organizational performances towards
the objectives.
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TASK 4
P5 Comparison Between Merlin Financial Consultant and Equilibrium Assets Management
Merlin Financial Consultant Equilibrium Assets Management
Problem: Problems are the difficulties which
affects the organizational efficiency and
profitability
The problem faced by Merlin Financial
Consultant is poor money management along
with the problem spending more than earning.
Such organization is also facing various
financial problem, which is affecting them
negatively. They are facing the problem of lack
of capital and insufficient money to pay bill.
Also the organization is unaware regarding its
competitors strategies and plans.
The problem faced by the Equilibrium Asset
Management is poor risk management as well
as lack of working capital. The problem of
lower working capital which is effecting
organizational day to day transactions. The
selected organization do not have proper
knowledge in analysing and formulating
strategies to minimize the uncertain risk.
Approach: Approach are some techniques
which helps in resolving problems of any
organization.
Management of Merlin Financial Consultant is
using approach of Key Performance Indicator
which is helping them in making comparison
with competitors. With the use of this approach
they are improving their way of work by
constructing new ideas and programmes which
helps the organization to get some advantages.
This approach helps in solving financial issues
and problems as well as measuring the
performance of the organization.
The organization needs to overcome its
problems. For such they needs to apply
approach of benchmarking which helps in to
prepare the benchmarking report related to risk
management. Management of working capital
helps in performing its day to day activities in
order to meet financial obligations.
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M4 Management accounting in response to financial problem can lead organisations to
sustainable success
Financial tool which function as the most prominent techniques in company like
equilibrium assets management and merlin financial consultant (Storey, 2014). Techniques like
comparative statement which deals in a document of finance and compare it with data collected
in prior financial year. Equilibrium assets management which works on 8 factors model and
compare every department with its prior expenses, which help in framing new strategies by cost
cutting method and improve the budget for the next financial year. Merlin financial consultant
uses profit maximization technique while offering services to its clients and take help of cost
cutting while framing its strategies and policies to offer in the market.
D3 Various Planning tool to resolve financial problems.
Planning refers to a word which talks of future as it gives growth to the company.
Equilibrium assets management and merlin financial consultant both faces many trouble when it
faces an uninvited barriers (Trucco, 2015.). Barriers related to external forces as dynamic
atmosphere affects business a lot and the change in government policies put business in a big
danger. Merlin financial consultant are more towards reserve account for future shortage of
money and with this equilibrium assets management focuses on estimating costs of various
projects while framing it for public.
CONCLUSION
From above report it has been concluded that management accounting system is very
important in context of an organisation to achieve the objectives. Management accounting
system includes various kind of reports like budget report, performance report etc. Each report is
important for the organisation. In addition financial reports and management accounting
techniques have a link with each other. Both have own importance in a company.
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