What a CFO Looks for from Internal Audit
Terry Schillaci Managing Partner Houston 01-12-2009
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Chief financial officer is "the least secure job in corporate
America," says Gordon Grand, head of CFO recruiting at search firm
Russell Reynolds Associates.
"The average tenure of a [Fortune 1,000] CFO right now is less
than three years," said Michele Heid, co-managing partner of the
finance practice at Heidrick & Struggles. "Five years ago, it
was closer to five years. *CFO Magazine
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Finance chiefs of large U.S. public companies now last about as
long in their jobs as NFL running backs according to executive
recruiter Crist Kolder Associates.
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Forces Converging on the CFO
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My WorldIn the event of a problem:
One of the first to go is the CFO
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CFO View of 2009Yes we have been in a recession since early
2008Coming Affects *Job CutsSpending CutsHow long : till late next
year
Yes even Texas is not immuneRemember : Oil is a Commodity too.*
Survey of 1275 CFOs by Duke University : Tatum CFO Internal Surveys
agree.
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Does the Organization Have a Clear Shared Vision of the Internal
Audit Role
Are you helping define and communicate that vision.
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ConcernsWill you report on controversial issuesDo you see
yourself as a PolicemanDo you have the Ability to Build
RelationshipsDo you Understand the Value of RelationshipsIs the
Issue Properly UnderstoodEffective Coordination of SchedulingMoving
past SOX Resource IssueTraining
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ExpectationsUnderstanding RiskWhat risk are not in the audit
program - think broaderCoordinate the risk profile analysis
prioritize what should be audited based on the risk
assessmentFundamental Business SenseCompliment and Interact with
the Finance Team Dont Bypass them
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ExpectationsFollow up is Important Who has Responsibility to
Make Changes and Can They? Be visible in major projects Upfront not
just at the endYour value Sell it to the operations side of the
businessOwn the Whistle Blower processGood news is as helpful as
badMaintain Good relationships with the external auditors
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Develop a Relationship as a Trusted Advisor to the CFO
Build Confidence with them that you Appreciate their Stress
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The CFO cannot be everywhere see everything. Yet a CFO is
directly accountable for everything financial everywhere in an
organization.
You are an integral part of our ability to sleep at night.
