In essence, the role of a chief financial officer is to partner with the CEO to help a company achieve its mission. 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 established organization of professional accountants or you must be a university graduate, with a minimum of five years of experience managing corporate finance.
The chief financial officer is principally responsible for presenting the company’s financial position as well as its financial projection. S/he is required to present information and analysis as well as his/her recommendations on matters regarding the organization’s financial aspects.
The CFO must also supply records required for the Director’s Report. The CFO must prepare the financial statement, which presents the company’s cash flow and changes in equity with accuracy and clearness. Other duties of the CFO include keeping track of the company’s internal control system as well as ensuring that the company continues practicing corporate governance in a good way .
The chief financial officer’s duties are extensive, as his/her reporting functions are both internal and external. The CFO presents all necessary data needed by the Board of Directors for making decisions concerning the company. Furthermore, the chief financial officer fulfills external reporting obligations, approving financial accounts before these are distributed to the company authorities concerned.
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 caution, given that the measure of the company’s performance starts with him/her. The CFO must do the job with integrity in order to generate financial statements that present accurate and believable information. Guidelines are stipulated in the Code of Corporate Governance
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