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The director of financial reporting oversees internal audits, accounting rules, and financial reports for publicly traded companies. They ensure compliance with accounting laws, manage employees, and propose efficiency improvements. A degree in finance and certification as an accountant are typically required.
A director of financial reporting performs internal audits, establishes rules for internal accounting and prepares financial reports on behalf of publicly traded companies. In most cases, the director of financial reporting is the company’s most senior employee in the company’s finance department. Typically, this individual has extensive industry-related experience and certain academic credentials.
In many countries, company accountants are required to produce quarterly and annual financial reports that detail the company’s income, expenses, and operating profit or loss. Strict rules can specify the manner in which these reports are produced and how items such as accounts receivable or asset write-downs are recorded. The director of financial reporting is responsible for ensuring that finance department employees produce and maintain records in compliance with regional accounting laws. Therefore, the director is responsible for implementing training programs and internal control systems designed to prevent errors from occurring.
Typically, a company will employ a single director of financial reporting, and multiple area managers must report to this individual. The director is responsible for hiring, training, and firing managers and managing the finance department’s overall budget. Directors may introduce new internal procedures and protocols to improve efficiency, provided these changes do not violate accounting laws.
In addition to collecting data and managing employees, the director must find ways to improve the financial efficiency of the company as a whole. This may involve identifying departments and processes that can be streamlined, and occasionally these individuals may propose job cuts. Directors must regularly produce reports on the company’s financial performance, which are typically shared with the company’s board. In some nations, these individuals must also report to securities regulators and answer questions from regulators, shareholders and the press about the company’s past performance and near-term prospects.
Someone who wants to become a director of financial reporting will typically complete a degree program in finance, mathematics, or a similar topic. Many companies prefer to hire people who have also completed graduate degrees related to finance. Laws in many countries mean that only certified accountants can produce financial reports. In this case, someone applying for one of these jobs must first complete a certification process that may include a series of classes and a written exam. In addition to academic credentials, many companies require candidates for these roles to have spent several years working in account or junior finance roles.
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