The traditional budget is a rigid tool and should therefore be discarded in practice”. Should the traditional budgetary model be abandoned as suggested above?

“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. Keeptoamaximum of2500wordsintotal.Some suggestedreadingsforthisquestionare shownbelow: 1. Otley, David (2001) Extendingthe boundariesof management accountingresearch, British AccountingReview,33, (2001), pp.243-261. 2. VanderStede, Wim(2000) Therelationshipbetweentwo consequencesof budgetarycontrol, Accounting,Organizations andSociety, 25, (2000), pp.609-622. 3. Ryan, Bill (2007) Budgeting,the individualandthe capitalmarket: a caseof fiscalstress. AccountingForum,31, (2007), pp.384-397.