The Complete CFO Handbook

Chapter 1. The Changing Role of the CFO: From Accounting to Accountable

JOB DESCRIPTION: Oversee financial accounting systems, reporting, and disclosures; assure compliance of financial reporting with generally accepted accounting principles and securities law accounting requirements; assure compliance with local government, federal government, and international tax laws, regulations, and rules; expert in disclosure compliance with federal and state securities laws; establish, monitor, and evaluate internal controls; work with the CEO in the development of the strategic goals and plans, execute the strategic plans, and evaluate performance relative to the strategic goals; participate in long‐term and short‐term budgeting; exceptional communication and team leadership skills; able to raise capital and manage the firms' capital structure to maximize the value of the company and minimize the company's cost of capital; develop, monitor, and evaluate a program of risk management; communicate with the company's Board of Directors, shareholders, creditors, and credit rating agencies; no sensitivity to the effects of kryptonite.

Many years ago, the role of the chief financial Officer (CFO) was to keep the financial records, and had accounting, internal control, budgeting, and treasury responsibilities. But the role has changed over the years to be much more comprehensive and to include decision‐making that extends beyond the accounting and treasury functions. The CFO of today is responsible ...