LITERATURE REVIEW -Lowe,E.A.

in this article, On the idea of a Management Control System: Integrating Accounting and Management Control demonstrates the need to integrate a accounting control systems with management control systems. In their discussion it seems evident that validation of simulation models based on present statistical methodology is not sufficiently valid due to large and complex man machines systems. Integration of accounting control systems have an important ways to solve control problems and give accountants a suggested framework both for improvement of accounting thought and their relationship to organizational control. - Middaugh,J,Kendall in this paper Management Control in Financial Services Industry tells that an effective management Control system is the glue that hold the organization together and made it effective but deregulation and consolidation made it ineffective. Financial services industries faces changes due to the changes in regulatory and competitive environment one has to plan new strategies to improve management style and organizational culture. He suggested some aspects such as budget, revenue sharing. -Chenhall H .Robert (2003) in his research paper titled as Management Control System design with its organizational context: Findings from contingency based research and directions for the future studied the design of the management control system its effectiveness by considering the contingency based studies done ever the past 20 years. He find out the issues related to the purpose of management control system, the elements of management control system development theory of and also measured the contextual variable of management control system. -Langfield Kin and Smith (1997) in their paper on Management Control Systems and Strategy-A critical view has examined the relationship between management control system and business strategy. Their study proposed examined some approaches and their applications by focusing on some aspects of management control system like (1) cost control orientation (2) performance and evaluation and reward system (3) effect of resource sharing (4) role of management control system in influencing strategic change (5) choosing the interactive and diagnostic controls. The author further concluded that knowledge of the relationship between management control system and strategy is limited and further research can be done. -Bhattacharya S.K. and Camillus J.C (1975) in their on Implementation problems of Management Control System have done a systematic analysis of the implementation problems

of Management Control System in Indian Companies. They also tried to examine the relationship between those problems on one hand and the characteristics of the company and design of the management control system on the other. They found that the use of management made system determine its effectiveness rather than sophistication of design of the system. But the design of management control system played relatively greater role in technical dimension of effectiveness.