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What is the role of finance in corporate reporting?

Does the finance take a leading role in corporate reporting? What are the areas where the fianace chief is not involved or responsible for?

Answers

Topic Expert
Wayne Spivak
Title: President & CFO
Company: SBAConsulting.com
LinkedIn Profile
(President & CFO, SBAConsulting.com) |

Please define what you mean by corporate reporting.

My definition is any financial type report or report containing financial data which is used internally or externally.

If it is used internally and is produced by the accounting system then besides the normal role of accounting/finance - month-end close, internal auditing, not really.

If the report is going to the Board, or being used publicly, then yes, I would want a person of authority/authorized in accounting/finance to sign-off that the information is correct and interpreted correctly.

Topic Expert
Charley Kyd
Title: Founder
Company: ExcelUser
(Founder, ExcelUser) |

If by "corporate reporting" you mean "management reporting," Finance tends to take a leading role for all reports of data that have financial implications for the company. I've seen Finance Department reports about data from Marketing, Manufacturing, HR, Service, and so on.

Ayman Omar
Title: .
Company: .
LinkedIn Profile
(., .) |

Thanks Mr Charley and Mr Wayne

Sarah Jackson
Title: Associate Editor
Company: Proformative
(Associate Editor, Proformative) |

Ayman,

Here's a free white paper you might be interested in:

"3 Ways To Up Your Financial Reporting Game"
https://www.proformative.com/whitepapers/3-ways-up-your-financial-reporting-game

Best... Sarah

Bryan Lapidus
Title: Principal
Company: Clarent Ventures LLC
LinkedIn Profile
(Principal, Clarent Ventures LLC) |

What about compliance reporting to investors? It is a mix of financial and investment performance.

Thanks, Bryan

Don Piper
Title: Lead Consultant
Company: Myndzeye LLC
(Lead Consultant, Myndzeye LLC) |

If you include social, environmental and governance responsibility in 'reporting' then you should tap your internal auditors to shoulder that role, ideally with oversight from a Board level committee.

Ayman Omar
Title: .
Company: .
LinkedIn Profile
(., .) |

Thanks Don

Clinton Jones
Title: PM
Company: Winshuttle
(PM, Winshuttle) |

This is an interesting question in so much as it is the same challenge that I have when talking to our teams.

I have long held that finance that the finance function does take the lead in the corporate reporting but only up to the point of calling out the historical numbers and describing the trends and past behaviour. The classic scorekeeper role. They have to, because ultimately they are the ones who calculate the extent of assets, liabilities and manage cash flow and capital. They're also the ones who have to deal most often with the auditors, regulators, the taxman and investors.

There may be a strong element of statistical reporting but that reporting may come from groups outside core finance like operations, human resources, the supply chain groups etc. Statistical reporting may be tied to financial numbers but doesn't have to necessarily.

A more interesting question around this may be what you define as 'corporate reporting' :-)

Ayman Omar
Title: .
Company: .
LinkedIn Profile
(., .) |

Thanks Clinton

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