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April 19, 2010


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Tax Evation are always the reason for fraud in the accounting books. A lot of them are not caught at all.

While I agree that a CFO does not necessarily need to be a CPA, don't diucnsot the subject area(s) in which a CPA is an expert; i.e. Accounting/Finance. The primary responsibility of a CFO is to make decisions based on financial risk to an organization and the effect on the financial statements. Either being a CPA or having one close at hand (internally/externally) is critical to a CFO.

Cindy,I'm going to have to agree with Samuel on the CPA designation. I am the Treasurer and tax drcietor at a privately held oil and gas exploration and production company and we have several CPA's on staff, including me and a CAO. Our CFO has an MBA from Harvard, but no accounting background (although he knows accounting pretty well). He is, however, very well acquainted with the investment banking community and is able to handle all the important aspects of a CFO. Because our CAO is very capable of running the accounting function and has staff well versed in financial reporting, and because this CFO has a background in geology and physics, he is a good financial leader and the ideal person for the CFO role.

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