Accounting Division Essay

The role of the accounting division in any organization is to provide accurate financial information and inform the top management of the risks involved in any business undertaking. Two major positions play a key role in identifying risks in an organization and developing risk control strategies. These positions are the ones held by an internal auditor and the CFO in an organization. As denoted by its name, the CFO in any organization is concerned with reporting the financial position of the company to the managing boards and committees, determining which areas a business should invest in after considering the risk factors involved and providing accurate forecasting models which guide the top management on the best economic strategy to adopt. An internal auditor on the other hand always performs an audit on all the operations carried out by a business organization to identify risk factors, reports the risk management and control inefficiencies which have been noted in an audit of the top management, prevents any fraud activities by monitoring any embezzlement or corruption, evaluates the risk exposure faced by an organization, ensures that the risk management strategies are operating as planned …show more content…
The two, therefore, ensure that the budgeting and tax strategies developed are set based on the internal controls of a company and the forecasting models used in ensuring that an organization grows. The two, therefore, work in collaboration since CFO always engage with the internal auditor in an organization and ensure that the recommendations given are implemented and evaluate the finding to identify areas in which the organization is vulnerable. The two, therefore, play the role of assurance and consulting in an organization and always ensure that the executive division of any business