Major function of management – tailoring the
Excellent technical foundation in accounting
application of the process to the organization.
Line authority – authority to command action or give
orders to subordinates.
Line managers – directly responsible
Staff authority – to advise but not to command
others.
Functional authority - right to demand action with
regard to a specific function.
Chief financial officer – overseeing the financial
operations.
Controllership – providing financial
information. And overseeing the overall operations.
Treasury – banking, and short and long term
financing.
Risk management – managing financial risk of
interest rate and exchange rate
Taxation – income taxes, sales taxes, and
international tax planning.
Internal audit – reviewing and analyzing
financial and other records.
Chief Information Officer – responsible for
information systems.
Controller (Chief Accounting Officer) – responsible for
management accounting and financial accounting.
Controllership – practice of the established science of
control which is the process by which management
assures itself.
Controller – is an integral part of the top
management.
BASIC FUNCTIONS OF CONTROLLERSHIP
1. Planning – establish and maintain an integral
plan of operation.
2. Control – develop and revise standards
against which to measure performance.
3. Reporting – prepare, analyze, and interpret
financial results.
4. Accounting – design, establish, and maintain
general and cost accounting systems.
5. Other Primary Responsibilities – manage and
supervise.
QUALIFICATIONS OF THE CONTROLLER
1.
and finance.
2. Understanding of the principles of planning,
organizing, and control.
3. General understanding of the industry
4. Thorough understanding of the company
5. Ability to communicate with all levels.
6. Ability to express ideas clearly.
7. Ability to motivate others.
Treasurership – concerned with the acquisition,
financing, and management of assets of a business.
Treasurer – has custody of cash and funds invested in
various marketable securities.
1. Funds procurement – raising funds in
accordance with firms
2. Banking and custody of funds – direct
management of cash and cash
equivalents.
3. Investment of funds – management of
the company’s placements and securities
or purchase of debt or equity instruments.
4. Operating responsibilities - Credit and
collection, inventory management,
corporate pension and retirement fund,
investor relations, insurance, compliance
with legal and regulatory provisions.
CODE OF CONDUCT FOR MANAGEMENT
ACCOUNTANTS
First part – provides general guidelines for ethical
behavior.
1. To maintain high level of professional
competence
2. To treat sensitive matters with confidentiality
3. To maintain personal integrity, and
4. To be objective in all disclosing.
Second part – gives specific guidance concerning what
should be done.
INTERNATIONAL CERTIFICATIONS
Certified Management Accountant (CMA)
Certified Public Accountant (CPA)
Certified Internal Auditor (CIA)
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