Photo:1
Photo:2
Photo:3
Photo:4
Photo:1 Photo:2 Photo:3 Photo:4 |
| Qualifications | |
| 2>
Most CFOs of large companies have finance qualifications such as an MBA or come from an accounting background. A finance department would usually contain some accountants with Certified Public Accountant or equivalent status. The Sarbanes–Oxley Act of 2002, enacted in the aftermath of several major U.S. accounting scandals, requires at least one member of a public company's audit committee to be a financial expert.[1]
[edit] Tags:Financial,Mba,Accounting,Certified Public Accountant,Sarbanes–oxley Act,Accounting Scandals,Public Company's,Audit Committee, | |
| Federal government of the United States | |
| 2>
The federal government of the United States has incorporated 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 chief information officer post, within public agencies).
The Chief Financial Officers Act, enacted in 1990, created a chief financial officer in each of 23 federal agencies. This was intended to improve the government's financial management and develop standards of financial performance and disclosure. The Office of Management and Budget (OMB) holds primary responsibility for financial management standardization and improvement. Within OMB, the Deputy Director for Management, a position was established by the CFO Act, is the chief official responsible for financial management.
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 CFO Act also established the CFO Council, chair by the OMB Deputy Director for Management and including the CFOs and Deputy CFOs of 23 federal agencies, the OFFM controller, and the Fiscal Assistant Secretary, the head of the Office of Fiscal Service of the Department of the Treasury. 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.
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.
While significant progress in improving federal financial management has 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."[2] 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.
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).
[edit] Tags:Corporate,Officer,Federal Government Of The United States,Chief Information Officer,Office Of Management And Budget,Office Of Federal Financial Management,Controller,Office Of Fiscal Service,Department Of The Treasury,Government Accountability Office, | |
| Changing role | |
| 2>
In today’s increasingly challenging and volatile macro world, the role of the CFO has evolved significantly. Traditionally being viewed as a financial gatekeeper, the role of the CFO has expanded and evolved to a strategic partner and advisor to the CEO. In fact, in a report released by McKinsey, 88 percent of 164 CFOs surveyed reported that CEOs expect them to be more active participants in shaping the strategy of their organizations. Half of them also indicated that CEOs counted on them to challenge the company’s strategy.[3]
The uneven pace of recovery worldwide has made it more challenging for many companies. CFOs are increasingly playing a more critical role in shaping their company’s strategies today, especially in light of the highly uncertain macroeconomic environments, where managing financial volatilities is becoming a centerpiece for many company’s strategies, based on a survey held by Clariden Global.[4]
The duties of a modern CFO now straddle the traditional areas of financial stewardship and the more progressive areas of strategic and business leadership with direct responsibility and oversight of operations (which often includes procurement) expanding exponentially. This significant role-based transformation, which is well underway, is best-evidenced by the “CEO-in-Waiting” status that many CFOs now hold. Additionally, many CFOs have made the realization that an operating environment that values cash, profit margins, and risk mitigation is one that plays to the primary skills and capabilities of a procurement organization, and become increasingly involved (directly via oversight or indirectly through improved collaboration) with the procurement function according to a recent research report that looks at the CFO's relationship with procurement.[5]
[edit] Tags: | |
| References | |
| 2>
^ Sarbanes-Oxley Act of 2002, section 407
^ http://www.gao.gov/press/mediaadv12152006.pdf
^ [1] McKinsey survey
^ [2] Clariden Leadership Institute CFO Leadership Program: Changing Roles of CFO
^ [3] The CFO and the CPO: One World, Two Worldviews
v
d
e
Corporate titles
Chief officers
Chief accounting officer
Chief administrative officer
Chief analytics officer
Chief audit executive
Chief brand officer
Chief business officer
Chief channel officer
Chief commercial officer
Chief communications officer
Chief compliance officer
Chief creative officer
Chief data officer
Chief executive officer
Chief financial officer
Chief human resources officer
Chief information officer
Chief information security officer
Chief innovation officer
Chief knowledge officer
Chief learning officer
Chief legal officer
Chief marketing officer
Chief merchandising officer
Chief networking officer
Chief operating officer
Chief procurement officer
Chief product officer
Chief risk officer
Chief science officer
Chief stores officer
Chief strategy officer
Chief technology officer
Chief visionary officer
Chief web officer
Other titles
Chairman
Creative director
Executive director
General counsel
Managing director
Non-executive director
Related
Board of directors
Corporate governance
Executive pay
Senior management
Supervisory board
Talent management
Retrieved from "http://en.wikipedia.org/w/index.php?title=Chief_financial_officer&oldid=468366853"
Categories: Chief financial officersManagement occupationsCorporate governance
Personal tools
Log in / create account
Namespaces
Article
Talk
Variants
Views
Read
Edit
View history
Actions
Search
Navigation
Main page
Contents
Featured content
Current events
Random article
Donate to Wikipedia
Interaction
Help
About Wikipedia
Community portal
Recent changes
Contact Wikipedia
Toolbox
What links here
Related changes
Upload file
Special pages
Permanent link
Cite this page
Print/export
Create a bookDownload as PDFPrintable version
Languages
Dansk
Deutsch
Español
Français
한국어
Bahasa Indonesia
Italiano
Қазақша
Nederlands
日本語
Norsk (bokmål)
Polski
Português
Русский
Suomi
Svenska
Українська
Tiếng Việt
中文
This page was last modified on 30 December 2011 at 00:45.
Text is available under the Creative Commons Attribution-ShareAlike License;
additional terms may apply.
See Terms of use for details.
Wikipedia® is a registered trademark of the Wikimedia Foundation, Inc., a non-profit organization.Contact us
Privacy policy
About Wikipedia
Disclaimers
Mobile view
if ( window.isMSIE55 ) fixalpha();
if ( window.mediaWiki ) {
mw.loader.load(["mediawiki.user", "mediawiki.util", "mediawiki.page.ready", "mediawiki.legacy.wikibits", "mediawiki.legacy.ajax", "mediawiki.legacy.mwsuggest", "ext.gadget.wmfFR2011Style", "ext.vector.collapsibleNav", "ext.vector.collapsibleTabs", "ext.vector.editWarning", "ext.vector.simpleSearch", "ext.UserBuckets", "ext.articleFeedback.startup", "ext.articleFeedbackv5.startup", "ext.markAsHelpful"]);
}
if ( window.mediaWiki ) {
mw.user.options.set({"ccmeonemails":0,"cols":80,"date":"default","diffonly":0,"disablemail":0,"disablesuggest":0,"editfont":"default","editondblclick":0,"editsection":1,"editsectiononrightclick":0,"enotifminoredits":0,"enotifrevealaddr":0,"enotifusertalkpages":1,"enotifwatchlistpages":0,"extendwatchlist":0,"externaldiff":0,"externaleditor":0,"fancysig":0,"forceeditsummary":0,"gender":"unknown","hideminor":0,"hidepatrolled":0,"highlightbroken":1,"imagesize":2,"justify":0,"math":1,"minordefault":0,"newpageshidepatrolled":0,"nocache":0,"noconvertlink":0,"norollbackdiff":0,"numberheadings":0,"previewonfirst":0,"previewontop":1,"quickbar":5,"rcdays":7,"rclimit":50,"rememberpassword":0,"rows":25,"searchlimit":20,"showhiddencats":false,"showjumplinks":1,"shownumberswatching":1,"showtoc":1,"showtoolbar":1,"skin":"vector","stubthreshold":0,"thumbsize":4,"underline":2,"uselivepreview":0,"usenewrc":0,"watchcreations":1,"watchdefault":0,"watchdeletion":0,"watchlistdays":3,"watchlisthideanons":0,
"watchlisthidebots":0,"watchlisthideliu":0,"watchlisthideminor":0,"watchlisthideown":0,"watchlisthidepatrolled":0,"watchmoves":0,"wllimit":250,"flaggedrevssimpleui":1,"flaggedrevsstable":0,"flaggedrevseditdiffs":true,"flaggedrevsviewdiffs":false,"vector-simplesearch":1,"useeditwarning":1,"vector-collapsiblenav":1,"usebetatoolbar":1,"usebetatoolbar-cgd":1,"wikilove-enabled":1,"variant":"en","language":"en","searchNs0":true,"searchNs1":false,"searchNs2":false,"searchNs3":false,"searchNs4":false,"searchNs5":false,"searchNs6":false,"searchNs7":false,"searchNs8":false,"searchNs9":false,"searchNs10":false,"searchNs11":false,"searchNs12":false,"searchNs13":false,"searchNs14":false,"searchNs15":false,"searchNs100":false,"searchNs101":false,"searchNs108":false,"searchNs109":false,"gadget-wmfFR2011Style":1});;mw.user.tokens.set({"editToken":"+\\","watchToken":false});;mw.loader.state({"user.options":"ready","user.tokens":"ready"});
/* cache key: enwiki:resourceloader:filter:minify-js:4:b41a86ec4e0fe8329bc3ce917e792339 */
}
Tags:Chief Executive Officer,Board Of Directors,Corporate Titles,Chief Accounting Officer,Chief Administrative Officer,Chief Analytics Officer,Chief Audit Executive,Chief Brand Officer,Chief Business Officer,Chief Channel Officer,Chief Commercial Officer,Chief Communications Officer,Chief Compliance Officer,Chief Creative Officer,Chief Data Officer,Chief Human Resources Officer,Chief Information Security Officer,Chief Innovation Officer,Chief Knowledge Officer,Chief Learning Officer,Chief Legal Officer,Chief Marketing Officer,Chief Merchandising Officer,Chief Networking Officer,Chief Operating Officer,Chief Procurement Officer,Chief Product Officer,Chief Risk Officer,Chief Science Officer,Chief Stores Officer,Chief Strategy Officer,Chief Technology Officer, | |
zote monety |