In essence, the role of a chief financial officer is to collaborate with the CEO to help a company achieve its goals. The CFO is also responsible for seeking funds from public financial markets or launching public offerings.
To qualify for CFO, you have to be a member of a duly recognized organization of professional accountants or you must be a college graduate, with no less than 5 years of experience managing corporate finance.
The CFO is mainly responsible for showing the company’s financial position as well as its financial projection. He/she must present information and analysis as well as his/her recommendations on matters regarding the company’s financial aspects.
The CFO is also required to provide records necessary for the Director’s Report. The chief financial officer must prepare the financial statement, which presents the company’s results and changes in equity with accuracy and clearness. Other duties of the chief financial officer include keeping track of the company’s internal control system as well as making sure that the organization continues practicing corporate governance in a good manner .
The CFO’s duties are extensive, as his/her reporting functions are both internal and external. The chief financial officer processes all necessary data needed by the Board of Directors for taking decisions regarding the company. In addition, the chief financial officer fulfills external reporting obligations, approving financial accounts before these are distributed to the executive staff.
The chief financial officer plays a highly critical role in steering the company’s direction. A chief financial officer should therefore exercise his/her tasks with care, given that the measure of the company’s performance starts with him/her. The CFO must do the job with competency to generate financial statements that present accurate and believable data. Guidelines are stipulated in the Code of Corporate Governance.
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