Question

what regulations have been specifically implemented to monitor managerial accountants.

Answer 1

The purpose of management accounting is to support decision making by collecting, processing, and communicating information that helps management plan, control, and evaluate business processes and company strategy. According to business schools, the role of management accountant is to perform a series of tasks to ensure financial security of the company as well as help to drive overall business and management strategy.

Traditionally the task of management accountant focused on the task of recording and reporting the management account information. With the change in technology, business environment, new production methods, global competition the role of management accountant has been shifted. Companies need to plan their operating activities within a particular budget. The role of management accountant now includes formulating strategic business plans and ensures corporate governance process. Management accountants are required to ensure adequate internal control system exists and also to [provide risk management. Technological advancement allows management accountant to track performance that is beyond historical cost based information. E-commerce has brought dramatic changes and role includes dealing with various ethical dilemmas.

There are no specific regulations have been implemented to monitor managerial accountants however it the duty of managerial accountant to follow these rules and regulations

1 Establish and maintain financial policies and management information system
2 Provide high quality support
3 Prepare periodic financial statements
4 Formulating business strategies
5 Analyzing the financial implications of business decision
6 Liaising with other business managers and providing suggestions wherever required
7 Implementing corporate governance procedures, risk management and internal control.
8 Negotiating on major projects and loans
9 Interpreting and communicating financial data to other departments
10 They help in analyzing financial performance and adapt to changing circumstances