MANAGEMENT ADVISORY SERVICES
SUMMARY NOTES OF CONCEPTS
Management Consultancy
 Advises = improve the client’s use of capabilities and
resources
 Consultation (answering queries based on existing
knowledge) versus Engagement (Scientific Process)
 Areas of Consultancy
o As to nature (corrective, progressive, or
opportunistic)
o As to field (Accounting and Finance versus nonaccounting and non- finance)
o Traditional versus Emerging
 Analytical process (Identifying Objectives, Definition
of the Problem, Gathering Data, Evaluation, and Finding
and Recommendation)
 Professional Attributes (Technical, Inter-personal, and
Consulting Process Skills)
 MAS Practice Standards (Personal Characteristics,
Competence, Due Professional Care, Client Benefit,
Understanding with Clients, Planning and Supervision,
sufficient Relevant Data, and Communication of Results)
 Steps in MAS Engagements (Negotiation, Planning,
Conducting, Evaluation of the Engagement, and Postengagement Follow-up)
Management Accounting Concepts
 Manager’s Activities (Planning, Executing, and
Controlling)
 Financial versus Managerial ( Users of Information)
 Controller (Financial information) versus Treasurer
(Financial transactions)
 Line (provides goods and services to customers) and
Staff (Support group)