Economic conditions, investor pressures, and technology changes are reshaping the CFO's role. In addition to serving as the source of information on corporate performance and effective financial management and control, today's CFOs face an expanded set of responsibilities, including strategy development, investor engagement, and enterprise risk management (ERM). This expansion comes amidst increasing challenges in managing the function’s traditional roles, as the global economy continues to recover from the financial crisis. Audit committee chairs and CFOs have discussed these challenges and the importance they place on effective interactions among the CFO, the CEO, and the audit committee.
The audit committee’s relationship with the CFO and finance organization
CFOs now spend more time with business unit leaders and functional leaders in technology, investor relations, real estate, and other functions. Members of the South and North Chapters of the West Audit Committee Network (WACN) were joined by several CFOs drawn from members' companies to discuss the audit committee's relationship with the CFO and finance organization.