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I believe in breaking challenges down into manageable tasks, which makes them less overwhelming and easier to address systematically. I also rely on open communication and collaboration, particularly when the challenge involves a team. This helps in developing a well-informed strategy to tackle the problem.
Repetitive tasks, such as financialreporting, are increasingly being automated, freeing up finance professionals to focus on strategic initiatives. A recent report by McKinsey estimates that automation could potentially displace up to 30% of work activities in finance and accounting.
Strengthening Internal Controls and RiskManagement Internal controls form the backbone of audit readiness. Take a critical look at areas prone to audit issues—such as revenue recognition, procurement, impairment, and financialreporting—ensuring that controls in these high-risk areas meet compliance standards.
The modern finance leader must be a communicator, influencer, and ethical guardian. This aligns with EY's 2025 'Building the CFO of the Future' report , which identifies emotional intelligence, cross-functional collaboration, and storytelling with data as the top soft skills for finance leaders.
When you’re young, focus on deeply understanding the core accounting principles, financialreporting, and regulatory compliance. Learning to analyse financial data with a strategic lens, understanding broader business impacts, and identifying potential risks are essential skills for any future CFO.
In these moments, the role of the Chief Financial Officer becomes especially critical. While legal and communications teams may lead initial responses, it is the CFO who must rebuild the financial and reputational foundations of the business. The CFO must lead a comprehensive clean-up of financialreporting processes.
Despite these favorable conditions, successful IPOs require meticulous preparation, robust financialreporting, and a governance framework that instills investor confidence. Companies must ensure they are operationally, financially, and strategically ready for the transition to public markets.
AI in financial planning uses important technologies like: Machine Learning (ML) - AI learns from data and makes better predictions over time. Natural Language Processing (NLP) - AI understands and processes human language, making it easier to analyze financialreports and documents.
Before setting up shop, understand: Which financialreporting standards apply (e.g. Technology and Data Integration Your finance systems must support multi-entity, multi-currency, and multi-GAAP reporting. Set up a robust communication and reporting cadence. IFRS, local GAAP)? Conduct regular internal reviews.
Businesses that engage in unethical practices may gain short-term profits, but they risk losing their reputation, which can take years to rebuild. b) Legal Compliance and RiskManagement Companies must follow laws and regulations to avoid legal penalties, fines, or even criminal charges.
RiskManagement: Identifying and mitigating ESG-related risks, which are increasingly recognized as indicators of potential business vulnerabilities. Transparent Reporting: Overseeing the development of robust ESG reporting mechanisms to ensure transparency and compliance with evolving regulatory frameworks.
Yet in the audit for the following year, Centurion and Chan failed to use information about the company’s bogus accounting when assessing risks of misstatement or to design audit procedures aimed at averting fraud, the PCAOB said. You can unsubscribe at anytime. Registered in England and Wales. TechTarget, Inc.s Newton, MA 02466.
The UX approach provides the project team with the end-users’ perspective to inform how to design the technology and effectively communicate the change. You can unsubscribe at anytime. Aligning to Guiding Principles: Establishing guiding principles and aligning decisions to those principles simplifies the process. TechTarget, Inc.s
Working in concert with the chief information security officer, the CFO can “better understand the probability and exposure to risk, set metrics on spending and ROI, and communicate recommendations for prioritizing cybersecurity spending,” they wrote. You can unsubscribe at anytime. Registered in England and Wales. TechTarget, Inc.s
The FBI’s Internet Crime Complaint Center received 859,532 complaints of suspected internet crime in 2024, with reported losses exceeding $16 billion , a 33% increase over the prior year, according to a report released in April. Registered in England and Wales. TechTarget, Inc.s registered office is 275 Grove St. Newton, MA 02466.
In addition, the Federal Communications Commission will evaluate whether state AI regulations interfere with the agency’s ability to carry out its obligations under the Communications Act. You can unsubscribe at anytime. Registered in England and Wales. TechTarget, Inc.s registered office is 275 Grove St. Newton, MA 02466.
While some team members may be proficient in traditional accounting practices, others may excel in data analytics, riskmanagement, or even tech-driven financial innovations. However, a diverse team can also present management challenges.
Another panelist highlighted their investment in inventory, as well as managing growth in the business. How do you balance the core responsibilities of Finance with riskmanagement? Making timely, relevant, and accurate data available across the business is critical to effective decision-making and riskmanagement.
In contrast, a CFO is a more strategic financial professional, focusing on long-term planning, investor relations, and overarching financial strategy. Purpose of the Role The controller ensures financialreporting compliance and accuracy while preventing and detecting fraud. CFOs must also be excellent communicators.
As a financial executive, the chief financial officer (CFO) is responsible for the financial health of an organization. The CFO role is multi-faceted and includes everything from financial planning and analysis to business budgeting, financial decision-making, and riskmanagement. Senior Accountants.
Understanding the Regulatory Framework South Africa’s regulatory environment is governed by a myriad of laws and standards that mandate specific reporting obligations. These include the Companies Act, the Tax Administration Act, the Financial Sector Regulation Act, and the International FinancialReporting Standards (IFRS), among others.
This is the view of Georgeta Elena Precup (Moran), CPA,CGMA , Operating Partner - Acting CFO, Advisory at Beyond Podiatry , emphasising how CFOs occupy a unique vantage point, overseeing not only financial health but also strategic planning , riskmanagement, and corporate governance.
It identifies 34 competencies structured within the four general roles of a CFO: Steward This role focuses on accounting, control, riskmanagement, and asset preservation. With 9 competencies, this role focuses on leadership, communication, corporate governance, and change management.
How to Divide Responsibilities and Prioritize Communication The relationship between a fractional or outsourced Chief Financial Officer (CFO) and your company’s public accounting firm should be collaborative, clear, and well-defined. This ensures your company’s financial and accounting needs are met effectively.
Here are the five most important skills identified: A strong understanding of riskmanagement The ability to use new software or technology The ability to communicate complex financial information to different stakeholders A strong understanding of financial best practices The ability to collaborate with colleagues from other functions.
As the person responsible for preparing an organisation’s financialreports, which include balance sheets and income statements, the role of a finance controller is anything but ordinary. It’s also the riskmanagement part of the role that keeps the role exciting, crucial, and a continuous growth area,” Ramon adds.
Gartner says finance transformation encompasses strategic initiatives designed to revolutionise the way the corporate finance function manages its strategy, processes, internal controls, and financialreporting. Let’s use the implementation of a new T&E policy as an example.
Navigating IFRS , Key Updates and Changes Introduction In today’s fast-paced financial world, staying up to date with the latest International FinancialReporting Standards (IFRS) is critical for CFOs. Conclusion The ongoing evolution of IFRS presents both challenges and opportunities for CFOs in South Africa and Africa.
Understanding the Role of a CFO A CFO is a high-level executive responsible for overseeing the financial activities of an organization. Their primary duties include financial planning, analysis, riskmanagement, financialreporting, and leadership of the finance & accounting team.
Many candidates also hold advanced degrees like a Master's in Business Administration (MBA) or a Chartered Financial Analyst (CFA) designation. Skills: They possess a range of technical and soft skills, including financial analysis, financial modeling, data management, budgeting, forecasting, communication, and problem-solving skills.
It involves balancing the interests of a company’s stakeholders, including shareholders, management, customers, suppliers, financiers, the government, and the community. For CFOs, this responsibility extends to ensuring transparency, integrity, and accountability in financialreporting and decision-making processes.
Regulatory Risk : The South African regulatory environment is evolving, and staying compliant with changing laws is essential. Make sure you’re up to date with any changes to tax, labor, or financialreporting regulations. Assessing the Reward Every risk has the potential for a reward.
. “Part of the problem is that, in the past, functions have often pursued narrower goals, with people working in their silos, barriers emerging between departments and incompatible team cultures that can hinder understanding and communication.”
CFOS can do this by taking steps in their organisations to manage the associated risks with AI, as it plays a greater role in the accounting and financialreporting of businesses. Financial leaders and controllers will have to be confident about the adequacy of oversight and controls of AI systems.
AI in the “Real World” While these powerful tools seem to have a near mastery of natural language communication, they are not necessarily designed to possess many of the skills required by finance and accounting professionals. For instance, could financial statements generated by ChatGPT withstand audit scrutiny?
Communicate with clients, investors, company leaders, and stakeholders. Manage cash flow and plan for financial needs. Supervise and offer suggestions for the financial department. Assist with riskmanagement, audits, and research. Identify investment and financial planning opportunities.
Steward Role & Competencies: Accounting, control, riskmanagement and asset preservation are the proficiencies of the Steward. The Steward must ensure company compliance with financialreporting and control requirements. Competencies include: Working knowledge of riskmanagement, budget, and forecasting tools.
To thrive in this evolving regulatory landscape, CFOs must expand their function’s operating models beyond financial statements and construct a more holistic view of their organisation’s sources of value — one that measures and monetises financial and nonfinancial capital.
Compliance: Abide by laws regarding environmental regulations, financialreporting, etc. Internal: Employee experience and quality of company management. It should be noted that people often mix up Human Performance Management (HPM) and CPM. A collaborative approach can also vastly improve riskmanagement.
Aged 57, she will be responsible for the group’s financial functions including accounting, financial and managementreporting, taxation, internal controls, and riskmanagement.
Strengthening Internal Controls and RiskManagement Internal controls form the backbone of audit readiness. Take a critical look at areas prone to audit issues—such as revenue recognition, procurement, impairment, and financialreporting—ensuring that controls in these high-risk areas meet compliance standards.
Strengthening Internal Controls and RiskManagement Internal controls form the backbone of audit readiness. Take a critical look at areas prone to audit issues—such as revenue recognition, procurement, impairment, and financialreporting—ensuring that controls in these high-risk areas meet compliance standards.
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