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Encyclopedia > Chief financial officer

The Chief Financial Officer (CFO) of a company or public agency is the corporate officer primarily responsible for managing the financial risks of the business or agency. This officer is also responsible for financial planning and record-keeping, as well as financial reporting to higher management. (In recent years, however, the role has expanded to encompass communicating financial performance and forecasts to the analyst community.) The title is equivalent to finance director, commonly seen in the United Kingdom. The CFO typically reports to the Chief Executive Officer, and is frequently a member of the board of directors. CFO is the initialism for for Chief Financial Officer. ... This is a list of types of companies, i. ... It has been suggested that this article or section be merged into Corporate title. ... Finance studies and addresses the ways in which individuals, businesses, and organizations raise, allocate, and use monetary resources over time, taking into account the risks entailed in their projects. ... This article is about the concept of risk. ... A fairly broad term for a person or tool with a primary function of information analysis, generally with a more limited, practical and short term set of goals than a researcher. ... “Chief executive” redirects here. ... Chairman of the Board redirects here. ...

Contents

Background

A UK Finance Director is commonly a Chartered Accountant (CA/ACA) or Chartered Certified Accountant (ACCA/FCCA) or Chartered Management Accountant (ACMA/FCMA), and in several financially well-developed countries or regions including Hong Kong, many finance directors are qualified accountants. It has, however, become commonplace for non-accountants to become CFOs in the United States. Indeed, many CFOs have an MBA but no qualified accountancy qualification such as CPA. This has been criticised in some quarters as a contributory factor to the wave of accounting scandals seen in the US in 2002. The Sarbanes-Oxley Act of 2002 aims to address this by requiring at least one member of the company's Audit Committee to hold an accounting or finance qualification. The act makes it more likely, therefore, that the US business world will see a trend towards Chief Financial Officers possessing a U.S. accountancy qualification - CPA and/or overseas accountancy qualification (i.e. ACCA/CA). Image File history File links Question_book-3. ... Chartered Accountant (CA) is the title used by members of certain professional accountancy associations in the British Commonwealth countries and Ireland. ... Chartered Certified Accountant (Designatory letters ACCA or FCCA) is a United Kingdom chartered accounting designation awarded by the Association of Chartered Certified Accountants (ACCA) The term Chartered Certified Accountant was introduced in 1996. ... Accountant, or Qualified Accountant, or Professional Accountant, is a certified accountancy and financial expert in the jurisdiction of many countries. ... MBA redirects here. ... For other meanings of CPA see CPA (disambiguation) Certified Public Accountants (CPAs) are accounting professionals of the United States who have passed the Uniform CPA exam, which was developed and is maintained by the American Institute of Certified Public Accountants (AICPA), and have subsequently met additional state requirements for licensure... Accounting scandals, or corporate accounting scandals are political and business scandals which arise with the disclosure of misdeeds by trusted executives of large public corporations. ... The Sarbanes-Oxley Act of 2002 (107 H.R. 3763), signed into law on 30 July 2002, is considered the most significant change to federal securities laws in the United States since the New Deal. ... An audit committee is an operating committee of a publicly-held company. ... For other meanings of CPA see CPA (disambiguation) Certified Public Accountants (CPAs) are accounting professionals of the United States who have passed the Uniform CPA exam, which was developed and is maintained by the American Institute of Certified Public Accountants (AICPA), and have subsequently met additional state requirements for licensure... The Association of Chartered Certified Accountants (ACCA) is a British chartered accountancy body with a global presence that offers the Chartered Certified Accountant (Designatory letters ACCA or FCCA) qualification worldwide. ... Chartered Accountant (CA) is the title used by members of certain professional accountancy associations in the British Commonwealth countries and Ireland. ...


If the role of CFO is compared with that of CEO, i.e. as strategic business partner and with obligation of statutory duties under SEC and Sarbanes-Oxley Act, both can be seen as distinct and equal-ranking top executive posts. Chief Executive Officer (CEO) is the job of having the ultimate executive responsibility or authority within an organization or corporation. ... SEC redirects here. ... Before the signing ceremony of the Sarbanes-Oxley Act, President George Bush meets with Senator Paul Sarbanes, Secretary of Labor Elaine Chao and other dignitaries in the Blue Room at the White House on July 30, 2002. ...


Many CFOs without formal credentials still have a thorough understanding of finance and a knowledge of problem solving through quantification. Finance studies and addresses the ways in which individuals, businesses, and organizations raise, allocate, and use monetary resources over time, taking into account the risks entailed in their projects. ...


CFO role in public agencies

Public agencies and government organizations throughout the world have financial directors and other leading officers responsible for financial management within their organizations. Many are equivalent in the scope of their responsibilities to CFOs.


United States

The United States federal government has seen a trend in recent years to incorporate more elements of business-sector practices in its management approaches, including the use of the CFO position (alongside, for example, an increased use of the CIO title within public agencies). The U.S. Constitution, adopted in 1789 by a constitutional convention, sets down the basic framework of American government in its seven articles. ... CIO may mean: Central Intelligence Organization, secret police in Zimbabwe Chief Information Officer, a corporate title Congress of Industrial Organizations, a United States trade union confederation. ...


The Chief Financial Officers Act (or CFO Act) was signed into law by President George H.W. Bush in 1990.[1] For each of 23 federal agencies, the position of chief financial officer was created. Since that time, federal efforts have been intended to improve the government's financial management and develop standards of financial performance and disclosure. See also CFO Act Agencies External links Text of the CFO Act of 1990 Where Is The Money FAQ: Whos In Charge Solaridatabank Categories: Wikipedia cleanup | Stub ... Order: 41st President Vice President: Dan Quayle Term of office: January 20, 1989 – January 20, 1993 Preceded by: Ronald Reagan Succeeded by: Bill Clinton Date of birth: June 12, 1924 Place of birth: Milton, Massachusetts First Lady: Barbara Pierce Bush Political party: Republican George Herbert Walker Bush, KBE (born June...


The Office of Management and Budget (OMB) holds primary responsibility for financial management standardization and improvement. Within OMB, the Deputy Director for Management is the chief official responsible for financial management in the United States Government; the position was established by the CFO Act.[2] The Office of Management and Budget (OMB) is a body within the Executive Office of the President of the United States (EOP) which is tasked with coordinating United States Federal agencies. ...


The Office of Federal Financial Management (OFFM) is specifically charged with overseeing financial management matters, establishing financial management policies and requirements, and monitoring the establishment and operation of federal financial management systems. OFFM is led by a Controller. The Office of Federal Financial Management is part of the United States Office of Management and Budget. ... A controller is a person or device that exercises or attempts to exercise control or influence. ...


The CFO Act also established the CFO Council, consisting of the CFOs and Deputy CFOs of the largest federal agencies and senior officials of OMB and Treasury.[3][4] Its mandate is to work collaboratively to improve financial management in the U.S. government and "advise and coordinate the activities of the agencies of its members" in the areas of financial management and accountability. The Council is led by the Deputy Director for Management of OMB; members are: the Controller of OFFM, the Fiscal Assistant Secretary of Treasury, and the CFOs of 23 large and significant federal agencies.


OMB Circular A-123 (issued 21 December 2004) defines the management responsibilities for internal financial controls in federal agencies and addressed to all federal CFOs, CIOs, and Program Managers. The circular is a re-examination of the existing internal control requirements for federal agencies and was initiated in light of the new internal control requirements for publicly-traded companies contained in the Sarbanes-Oxley Act of 2002.


Performance

While "significant progress" in improving federal financial management has reportedly been made since the federal government began preparing consolidated financial statements, the Government Accountability Office (GAO) reported that "major impediments continue to prevent [GAO] from rendering an opinion."[5] In December 2006, the GAO announced that for the 10th consecutive year, the GAO was prevented from expressing an opinion on the consolidated financial statements of the government due to a number of material weaknesses related to financial systems, fundamental recordkeeping, and financial reporting. done By, Mr. Ivram Ibrahim General Accounting Office headquarters, Washington, D.C. The Government Accountability Office (GAO) is the non-partisan audit, evaluation, and investigative arm of Congress, and an agency in the Legislative Branch of the United States Government. ...


At the same time, in calendar year 2007, the CFOC announced that for the second consecutive year, every major federal agency completed its Performance and Accountability Report just 45 days after the end of the fiscal year (2006).


See also

Look up Treasurer in Wiktionary, the free dictionary. ... Auditor general may refer to, A Comptroller and Auditor-General The Auditor General of Canada The Auditor General of Pakistan Category: ... Look up comptroller in Wiktionary, the free dictionary. ...

External links

  • Director of Finance Online provides information for senior finance professionals within the UK
  • CFO.com provides information for senior finance professionals within the US

References


  Results from FactBites:
 
Chief financial officer - Wikipedia, the free encyclopedia (369 words)
The Chief Financial Officer (CFO) of a company is the corporate officer primarily responsible for managing the financial risks of a business.
The CFO typically reports to the Chief Executive Officer, and is frequently a member of the board of directors.
Many CFOs without the formal credentials still have a thorough understanding of finance and a knowledge of problem solving through quantification.
  More results at FactBites »

 
 

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