Chief Financial Officer

link titlelink title:for other uses of the abbreviation "CFO" see CFO (disambiguation)

Background

Whereas a UK Finance Director is commonly a chartered accountant, it has become commonplace for non-accountants to become CFOs in the United States. Indeed, many CFOs have an MBA but no CPA or other accounting qualification. 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.

Related Topics:
Chartered accountant - United States - MBA - CPA - Accounting scandals - 2002 - Sarbanes-Oxley Act - Audit Committee

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By comparison of CEO with CFO as strategic business partner and statutory duties under SEC and Sarbanes-Oxley Act, both are equal ranking top executive and separate posts.

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Though there is no official industry benchmark, CFOs/Finance Directors of public listed corporations are ex-Big 4 accounting firm professionals, controllership exposure, BS in Accounting, and holder of CPA and or MBA.

Related Topics:
Big 4 - Accounting

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