How to ease CFO audit pressures

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Since the passage of Sarbanes-Oxley back in 2002, audit committees have found themselves under a lot more pressure. And that pressure may have been transferred to CFOs--one reason perhaps that we're seeing more turnover.

Every audit committee at big firms now has a required financial expert, one who likely feels the pressure to make sure everything is as it should be. The issues these days will range beyond the quarterly numbers. Compliance of course is a chief concern. This can easily overwhelm a CFO. But there may be a rather simple solution.

CFO notes a recent white paper from Korn/Ferry that says finance chiefs should "showcase their bench" to audit committees "by bringing some of their staffers along to meetings. Employees to consider inviting should include divisional CFOs, controllers, treasurers, and chief auditors. Taking this extra step in board dealings can give the audit committee confidence in the CFO's management abilities as well as the people who support him or her. And it may alleviate some of the pressure the CFO feels from the audit committee."

Indeed, the last thing a CFO wants these days is to come across as a one-man show. In fact, audit committees these days would likely want to hear from lower level executives, as committees by necessity are dragging themselves into the technical weeds on more occasions.

For more:
- here's the article

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