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What triggered the CFO's role to begin transforming into what it is today?

For years it has been well documented and discussed that the role of the corporate CFO has and is transforming. I am curious to hear from long-time CFO's on why they think this happened. Said a better way, what were some of the catalysts that forced the CFO role to evolve? I realize there is no "one reason" but in your opinion what was the trigger? Sarbanes-Oxley?

Answers

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

Someone had to be the moral compass of the organization; and for many if not most organizations it fell to the CFO.

Topic Expert
Scott MacDonald
Title: President/Owner
Company: AlphaMac Resources, Inc.
(President/Owner, AlphaMac Resources, Inc.) |

I am not sure there is a concensus on what a CFO is, to be honest. Especially when I see a national headhunting firm advertise for a CFO and one of the duties is to reconcile accounts or have detail knowledge of specific general ledger programs.

But if you are talking about a "true" CFO that is a strategic thinker and leader, I am not sure things have really changed. SOX has certainly upped the personal liability factor, for sure. But a true CFO has always been an advocate of good internal controls.

In any event, I would like to hear some additional specifics of what you think has changed.

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