Controllership & Treasury
The chief financial officer’s three major functions include: controllership, treasury, and internal audit. Controllership involves tax administration, the internal and external accounting reports (including statutory filings with the Securities and Exchange Commission if the firm is publicly traded), and the planning and control systems (including budgeting). Treasury involves short- and long-term financing, banking, credit and collections, investments, insurance, and capital budgeting. De- pending on their size and structure, firms organize these functions differently. Figure 1–2 shows the internal audit group reporting directly to the chief financial officer.