Difference Between Internal Auditor And CFO

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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 …show more content…
Auditors are majorly concerned with monitoring risks and identifying the risk exposure of a business organization. Therefore, the duties played by the two are dissimilar in that CFO 's are concerned with reporting the financial statement of an organization and ensuring that the balance sheets and cash flow statements are reported in an accurate manner to the top management to pave the way for the creation and adoption of tax strategies and budgeting measures. On the other hand, internal auditors are rarely concerned with the financial statement of a company, but they only seek to find if the information presented is consistent with proper accounting strategies. Therefore, internal auditors are majorly concerned with identifying whether business organizations have followed the right legal approaches whether the financial reports made are accurate and identifies if there are any signs of corruption or fraud activities in an organization and report the information gathered to the top

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