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The job function of a comptroller generally involves supervising tasks at a company such as accounting and managing finances. These financial management professionals can work in both government positions and in positions in private companies. In a private company, such an individual will typically be considered to be close to a chief audit executive position. This title will usually involve diverse work tasks ranging from handling accounting to managing internal controls regarding financial expenditures.
In the business world
In a private business, such a financial management professional will oversee all accounting functions. This type of professional may also be responsible for implementing or keeping track of various internal controls regarding spending. This role will be independent from that of the chief financial officer. In most developed countries, such a position will be a senior management role. Such a financial management professional working in a private company will often report to the company’s CFO, or chief financial officer.
In a governmental role
The government role of this type of financial management professional will naturally vary depending on the country. In the United States, this individual can work in a variety of different government officers. In the United States, this role is a position within the Government Accountability Office. This agency in the US was founded in 1921 and is responsible for guaranteeing that the federal government be held accountable for financial expenditures.
Banks in the United States are supervised by the Office of the Comptroller of the Currency. This office is responsible for ensuring that banks follow regulations pertaining to financial transactions and the lending of money.
Each state or local government in the United States will typically have its own financial head. These individuals will be responsible for a variety of different management or budgetary matters pertaining to government finances.
Job tasks
The everyday responsibilities of such a financial manager– whether this individual works for the government or for a private business- generally will include tracking both accounts payable and accounts receivable. The responsibilities of such a financial management professional will increase as the size and complexity of a company or government increases. In a private company, monetary activity will grow and develop as the size of the company grows. This means that the financial responsibilities of the company will become more important to the company as sales increase and the complexity of managing financial transactions increases. Financial managers need to learn to balance expenditures while handling income at the same time.
Performing audits is one of the most important job functions of such a professional. Audits must be carried out for many different reasons. They are not only necessary for determining tax liabilities, but they also help a private company to figure out which products are giving the company the highest proportion of profits.
Sometimes, an audit will be performed on a company by an outside entity. In this case, the financial manager might need to work with and communicate with an outside authority such as the Internal Revenue Service to make sure that the audit is as accurate as possible and results in the best possible outcome for the company.
See also: What is a Master of Taxation?
