What is the role of a CFO?

by fred 31. August 2010
Essentially, the role of a CFO is to collaborate with the chief executive officer to help a company achieve its goals. The CFO is also accountable for seeking investments from public financial markets or launching public offerings.

To qualify for chief financial officer, you have to be a member of a duly established organization of professional accountants or you must be a university grad, with a minimum of 5 years of experience managing corporate finance.

The CFO is principally responsible for presenting the company's financial position as well as its financial projection. He/she must present information and analysis as well as his/her suggestions on matters with regard to the organization's financial aspects.

The CFO must also supply the finance data required for the Director's Report. The chief financial officer should prepare the financial statement, which presents the company's cash flow and changes in equity with precision and clearness. Other tasks of the CFO include watching the company's internal control system as well as guaranteeing that the organization continues practicing corporate governance in a good way .

The chief financial officer's tasks are extensive, as his/her reporting functions are both internal and external. The CFO presents all necessary information needed by the Board of Directors for making decisions regarding the company. Furthermore, the chief financial officer fills external reporting obligations, approving financial accounts before these are distributed to the executive staff.

The CFO plays a very important role in steering the company's direction, which should be emphasized in his/her finance resume. A CFO should therefore exercise his/her responsibilities with caution, given that the measure of the company's performance starts with him/her. The CFO must do the job with integrity in order to generate financial statements that present accurate and credible information. Guidelines are stated in the Code of Corporate Governance.

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December 16. 2010 14:22

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