“The traditional budget is a rigid tool and should therefore be discarded in practice”. Should the traditional budgetary model be abandoned as suggested above? Critically evaluate this claim in the light of recent external pressures from the capital market for timely and accurate information.

“The traditional budget is a rigid tool and should therefore be discarded in practice”. Should the traditional budgetary model be abandoned as suggested above? Critically evaluate this claim in the light of recent external pressures from the capital market for timely and accurate information. Please support your answer with theoretical arguments and practical examples from lectures and academic journal articles highlighting the extensive use of budgetary system more recently.

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