Basic concepts for a financial director. What are the responsibilities of a financial director? Guiding questions for an interview

We bring to your attention a typical example of a job description for a financial director, a sample of 2019/2020. A person with a higher professional (economic) education and experience in financial and accounting work, including leadership positions, not less than 5 years. Do not forget, each instruction of the financial director is issued on hand against receipt.

It provides typical information about the knowledge that a financial director should have. About duties, rights and responsibilities.

This material is included in the huge library of our site, which is updated daily.

1. General Provisions

1. The financial director belongs to the category of managers.

2. A person who has:

– education higher professional (economic) education and

- at least 5 years of experience in financial and accounting work, including in managerial positions.

3. The financial director is hired and dismissed by the director of the organization.

4. The CFO must know:

— legislative and other regulatory legal acts regulating the financial and economic and production and economic activities of the organization;

— regulatory and methodological documents on the organization of accounting and financial management;

— fundamentals of civil law;

— financial, tax and economic legislation;

— codes of ethics for professional accountants and corporate governance;

- profile, specialization and structure of the organization, prospects for its development;

— methods for analyzing and evaluating the effectiveness of the organization's financial activities, analyzing financial markets, calculating and minimizing financial risks;

– the procedure for concluding and executing economic and financial contracts;

- organization financial work, budgeting;

– planning methods and procedures financial indicators;

– the procedure for financing from the state budget, long-term and short-term lending, attracting investments and borrowed funds, using own funds, issuance and acquisition of securities, distribution financial resources, taxes, audits; accounting, tax, statistical and management accounting;

— basics of production technology;

— economics, organization of production, labor and management;

– modern reference and information systems in the field of accounting and financial management; rules for the storage of financial documents and information protection;

— advanced domestic and overseas experience organization of accounting and financial management;

— labor legislation and labor protection Russian Federation;

— rules and norms of labor protection, safety measures, industrial sanitation and fire protection

5. In his activities, the Financial Director is guided by:

- the legislation of the Russian Federation,

— Charter of the organization,

- orders and orders of the director of the organization,

- this job description,

- The internal labor regulations of the organization.

6. The financial director reports directly to the director of the organization, as well as _______ (specify position)

7. During the absence of the financial director (business trip, vacation, illness, etc.), his duties are performed by a person appointed by the director of the organization in the prescribed manner, who acquires the appropriate rights, duties and is responsible for the performance of the duties assigned to him.

2. Responsibilities of the financial director

CFO:

1. Determines the financial policy of the organization, develops and implements measures to ensure its financial stability.

2. Leads the work on financial management based on the strategic goals and prospects for the development of the organization, to determine sources of funding, taking into account market conditions.

3. Carries out analysis and assessment of financial risks, develops measures to minimize them, provides control over compliance financial discipline, timely and complete fulfillment of contractual obligations and receipt of income, the procedure for processing financial and economic transactions with suppliers, customers, credit institutions, as well as foreign economic activity transactions.

4. Leads the work on the formation of the tax policy of the organization, tax planning and optimization of taxation, improving accounting policies, preparing and conducting the issue of securities, analyzing and evaluating the investment attractiveness of projects and the feasibility of investing, regulating the ratio of equity and borrowed capital.

5. Interacts with credit institutions on issues of placement of temporarily free funds, conducting transactions with securities, obtaining loans.

6. Manages the preparation of long-term and current financial plans and budgets of funds, brings the indicators of the approved system of budgets and the tasks, limits and standards arising from it to the departments of the organization, ensures control over their implementation.

7. Participates in the development of draft plans for the sale of products (works, services), costs for the production and sale of products (works, services), prepares proposals for increasing the profitability of production, reducing production and distribution costs.

8. Carries out control over the state, movement and targeted use of financial resources, the results of financial and economic activities, and the fulfillment of tax obligations.

9. Takes measures to ensure the solvency and increase the profit of the organization, the efficiency of financial and investment projects, rational asset structure.

10. Organizes development information system on financial management in accordance with the requirements of accounting, tax, statistical and management accounting, control over the reliability and confidentiality of information.

11. Ensures that the necessary financial information is provided to internal and external users.

12. Organizes work to analyze and evaluate the financial performance of the organization and develop measures to improve the efficiency of financial management, as well as to conduct internal audit, to consider mutual claims arising in the course of financial and economic activities, take measures to resolve them in accordance with current legislation.

13. Manages the activities of the financial divisions of the organization, organizes work to improve the skills of employees, provides methodological assistance to employees of the organization in financial matters.

14. Complies with the Internal Labor Regulations and other local regulations of the organization, internal rules and regulations of labor protection, safety, industrial sanitation and fire protection.

15. Ensures cleanliness and order in his workplace.

16. Fulfills, within the framework of the employment contract, the orders of the employees to whom he is subordinate in accordance with this instruction.

3. Rights of the financial director

The financial director has the right:

1. Submit proposals for consideration by the director of the organization:

– to improve the work related to the provisions of this responsibilities,

- on the promotion of distinguished employees subordinate to him,

- on bringing to material and disciplinary responsibility of employees subordinate to him who violated production and labor discipline.

2. Request from structural divisions and employees of the organization the information necessary for him to fulfill his official duties.

3. Get acquainted with the documents that define his rights and obligations in his position, the criteria for assessing the quality of performance of official duties.

4. Get acquainted with the draft decisions of the organization's management regarding its activities.

5. Require the management of the organization to provide assistance, including the provision of organizational and technical conditions and the execution of established documents necessary for the performance of official duties.

6. Other rights established by the current labor legislation.

4. Responsibility of the financial director

The Financial Director is responsible for the following:

1. For improper performance or failure to fulfill their official duties provided for by this job description - within the limits established by the labor legislation of the Russian Federation.

2. For offenses committed in the course of their activities - within the limits established by the current administrative, criminal and civil legislation of the Russian Federation.

3. For causing material damage organizations - within the limits established by the current labor and civil legislation of the Russian Federation.

Job description CFO - sample 2019/2020. The duties of the financial director, the rights of the financial director, the responsibility of the financial director.

It is no secret that in small companies one specialist can combine job responsibilities financial director with the duties of a chief accountant. In our sample job description for a financial director, we did not combine various functions (but if such combination is relevant for your company, we recommend that you also use it). The features of the job description of the financial director include the broad powers of this employee, so special attention should be paid to the section “Rights of the financial director”.

Job description of financial director

APPROVE
General manager
Surname I.O. ________________
"________"_____________ ____ G.

1. General Provisions

1.1. The financial director belongs to the category of managers.
1.2. The financial director is appointed to the position and dismissed from it by order of the general director of the company.
1.3. The Financial Director reports directly to the CEO.
1.4. The following employees are subordinate to the financial director: financial managers, financial analysts, financial controller.
1.5. During the absence of the financial director, his rights and obligations are transferred to another official, which is announced in the order for the organization.
1.6. A person who meets the following requirements is appointed to the position of financial director: higher professional education (financial, economic) and work experience in the specialty in the field of organizing financial activities for at least 5 years.
1.7. The CFO must know:
- legislative and normative acts regulating the financial and economic activities of the enterprise;
- principles of organization of financial work at the enterprise;
- the procedure for drawing up financial plans, forecast balances and cash budgets, plans for the sale of products (goods, services, works), profit plans;
- a system of financial instruments that ensure the management of financial flows;
- methods for assessing financial assets, profitability and risk;
- the procedure for short-term and long-term lending to the enterprise, attracting investments and borrowed funds;
- the procedure for the distribution of financial resources, determining the effectiveness of financial investments;
- principles of financial control;
- procedure and forms of financial settlements;
- principles and procedure of taxation, the tax system of the Russian Federation;
- standards of financial and accounting accounting and reporting.
1.8. The Financial Director is guided in his activities by:
- legislative acts of the Russian Federation;
- Charter of the company, Internal labor regulations, other regulations companies;
- orders and directives of the management;
- this job description.

2. Responsibilities of the financial director

The Financial Director performs the following job responsibilities:
2.1. Organizes the management of the movement of financial resources of the enterprise and the regulation of financial relations in order to effective use all types of resources in the process of production and sale of products (goods, works, services) and obtaining maximum profit.
2.2. Determines the sources of financing for the production and economic activities of the enterprise.
2.3. Directly negotiates with commercial banks, other credit institutions and other external organizations.
2.4. Organizes work on the analysis of the financial and economic condition of the enterprise (analysis financial statements, horizontal and vertical analysis, trend analysis, calculation financial ratios).
2.5. Manages the assets of the enterprise and temporarily free in cash.
2.6. Organizes research and analysis of costs for the purchase of raw materials and materials, electricity consumption, transportation costs, trade commissions and other expenses.
2.7. Organizes work on the development of a business plan for the enterprise.
2.8. Organizes work for budget planning, determining the structure of the budget, determining responsibility for budget execution, establishing a procedure for agreeing, approving and monitoring budget execution.
2.9. Organizes and provides control: over the execution of financial plans and budgets in order to identify deviations from planned values, develop measures to eliminate non-production costs and cost-increasing factors, promptly adjust the budget and plan; for the correct expenditure of funds and the targeted use of own and borrowed working capital.
2.10. Organizes the work financial analysis according to the following indicators: receipt of funds to the account of the enterprise for shipped products (goods) and services rendered (work performed); dynamics of income from fund activities; payment of interest on loans; payment of dividends; investment costs; the amount of free funds of the enterprise.
2.11. Based on the results of the financial analysis, it ensures the development of proposals aimed at ensuring solvency, preventing the formation and liquidation of unused inventory items, increasing the profitability of production, increasing profits, reducing production and sales costs, strengthening financial discipline.
2.12. Determines the investment policy of the enterprise, taking into account: the state of the product market, the volume of its implementation; financial and economic situation of the enterprise; technical level of production; combinations of own and borrowed resources; financial terms investment in the capital market; benefits received by the investor from the state; commercial and budgetary efficiency of investment measures; insurance conditions and obtaining guarantees against non-commercial risks; etc.
2.13. Ensures timely receipt of income, registration in deadlines financial settlement and banking operations, payment of invoices of suppliers and contractors, repayment of loans, payment of interest, wages workers and employees, transfer of payments to banking institutions.
2.14. Ensures the development of the tax policy of the enterprise, organizes the development of the tax budget.
2.15. Ensures the transfer of taxes and fees to the federal, regional and local budgets, to state non-budgetary social funds in the manner prescribed by law.
2.16. Manages the development of financial accounting standards and the relationship with accounting (forms of reporting that are not approved at the regulatory level; deadlines; systems of information flows and workflow, etc.).
2.17. Provides accounting for the movement of funds and reporting on the results of financial activities in accordance with the standards of financial accounting and reporting, the reliability of financial information; controls the correctness of the preparation and execution of reporting documentation.
2.18. Organizes work on the preparation of reports on financial issues for managers and owners of the enterprise.

3. Rights of the financial director

The financial director has the right:
3.1. Represent the interests of the enterprise within its competence in relations with credit institutions, insurance and investment companies, tax authorities, other bodies and organizations on financial matters.
3.2. Sign financial documents, endorse all documents related to the financial and economic activities of the enterprise.
3.3. Participate in the preparation of draft orders, instructions, instructions, as well as estimates, contracts and other documents related to the solution of financial issues.
3.4. Give instructions to the heads of structural divisions of the enterprise on the proper organization and conduct of financial work.
3.5. Install job responsibilities for subordinate employees.
3.6. Request from the structural divisions of the enterprise information and documents necessary for the performance of his duties.
3.7. Submit for consideration by the head of the enterprise submissions on the appointment, transfer and dismissal of subordinate employees, proposals on encouraging distinguished employees and on bringing them to disciplinary and liability violators of industrial, labor and financial discipline.
3.8. Make proposals to the head of the enterprise on bringing officials to material and disciplinary liability based on the results of financial audits.
3.9. Submit proposals for improvement of the work related to the responsibilities provided for in this instruction for consideration by the management.
3.10. Require the management of the enterprise to ensure the organizational and technical conditions and execution of the established documents necessary for the performance of official duties.

4. Responsibility of the financial director

The Financial Director is responsible for:
4.1. For non-performance and / or untimely, negligent performance of their duties.
4.2. For non-compliance with current instructions, orders and orders for the preservation of trade secrets and confidential information.
4.3. For violation of the internal labor regulations, labor discipline, safety regulations and fire safety.

Even 20 years ago in Russia, the duties of a financial director were performed by a staff of accountants. Today, in a market economy, the country needs effective managers who can manage financial flows and engage in business development. In the article, we will consider the concept, responsibilities and algorithm of actions on how to become a financial director.

Responsibilities of the Chief Financial Officer

The financial director is the head of the financial division of the enterprise. In some organizations, another definition of this position is used - financial adviser to the CEO.

The specifics of the work of this employee is similar to the duties of the chief accountant:

1. Manage the activities of the economic departments of the organization.
2. Determine the economic line of development of the organization. Develop measures to ensure the financial growth and stability of the company and monitor their implementation.
3. Management and control over the financial flows of the enterprise.
4. Ensuring the organization of economic security, risk analysis and control over the execution of the activities of financial departments in accordance with the legislation of the Russian Federation.
5. Financial statements.

Job responsibilities of the financial director may vary depending on the specifics of the organization. In some enterprises, he only performs the functions of the chief accountant.

Requirements for a financial director

It is extremely rare for organizations to consider applicants for the position of financial director from outside. Usually, it is more profitable and safer for an enterprise to hire an employee who has already established himself within the company. Work experience, of course, is an important indicator, but far from the last. Consider a list of the main requirements that must be considered when applying for the vacancy of a financial director.

What it takes to become a CFO:

1. Higher economic education in the following specialties - banking, business economics, accounting and auditing, finance and credit. When considering applicants for a position, preference is most often given to those who have an additional legal education.
2. At least 3 years of experience in the financial sector.
3. Knowledge of the program "1C" and confident use of a PC.
4. Negotiation skills for such a position are necessary, as the CFO is involved in negotiations with partners and is authorized to decide all the important moments of the organization related to the movement of funds.
5. Knowledge of the legal and regulatory framework.
6. Knowledge in tax, accounting and auditing.

In most organizations, the requirements for specialists given level are identical, but there are also specific requests. This must be known in advance.

How to become a financial director from scratch

Here, rather, it is not about big company, but about a young organization just starting its way. In such cases, the probability of taking the place of a financial director without having the necessary experience and skills increases several times.

In small and medium-sized businesses, the position of chief accountant may be referred to as a financial director. At the same time, the necessary skills will most likely not be obtained, so a career outside the organization with such “experience” is unlikely to succeed. Therefore, first you need to familiarize yourself with how they become financial directors and how this position differs from the position of chief accountant.

How is a CFO different from a Chief Accountant?

The work of the financial director is closely related to the duties of the chief accountant, but there are also fundamental differences.

The main difference is that the competence of the financial director has the ability to direct the capital of the company for certain purposes as part of the development of the enterprise, while the chief accountant does not have such obligations.

It is also worth noting that the work of a financial director is directly related to working with business partners. Chief Accountant interacts only with government agencies.

The Chief Financial Officer is responsible for analyzing the market and effectively allocating the capital of the organization in accordance with the needs of the firm. The duty of the chief accountant is to control the legality of all financial transactions of the enterprise.

It follows from the above that these two positions are at the same level, but the position of financial director is still considered the next step after the work of the chief accountant. Therefore, it is worth familiarizing yourself with the algorithm of actions on how to become a financial director after the chief accountant.

How can a chief accountant become a financial director?

As practice shows, one experience in accounting and an economic diploma is far from enough. Therefore, we will consider ways for the chief accountant to become a financial director:

1. As a rule, chief financial officers who previously worked as chief accountants have management and business management courses behind them.
2. Many accountants have an internship as a tax or financial advisor before becoming a CFO. It will be better if the specialist gains experience in the position of deputy.
3. Additional legal education is considered a definite plus in choosing a specialist for the position of director of finance.

Professional qualities of a financial director

Apart from general requirements For the position of financial director, a specialist must have a number of professional qualities that are needed at work.

The CFO is the right hand of the CEO. Often, the reliability of an organization (as a partner) is judged precisely by the work of a financial director, so the first qualities that he must possess are punctuality and responsibility.

Analytical mindset - the ability to quickly assess the risks and benefits of a particular operation.

Stress resistance is an integral quality of a person who wants to take the position of financial director. A high position is always a great responsibility, therefore, TOP managers most often suffer from nervous conditions, such as depression and apathy, which quite negatively affects the work process.

If a specialist has all the qualities that are necessary for this position, then, for sure, he will not have problems in his work.

How to Become an Effective CFO

Getting a CFO position is not easy, but it is even more difficult to earn a good reputation in this area. Effective managers are in great demand in the labor market, but organizations put forward serious requirements for this specialty. Still, the financial director should manage all cash flows enterprises and at the same time make the work profitable. Therefore, the issue of work efficiency worries many.

Before becoming a successful financial director, a specialist, at a minimum, must receive an economic education for the very understanding of financial processes. At the same time, the director of finance is obliged to acquire new knowledge and skills every day, since the supply and demand market is quite flexible. Therefore, a specialist must be able to respond to all changes in the service sector that concern his enterprise.

Quite often, top managers take courses in public speaking and sales skills. The duties of the financial director include negotiations with business entities. To convince partners of the need for a particular operation, the skill of managing a conversation is required.

In conclusion

The question of how to become a financial director worries many. There are many manuals and books, films and trainings that offer various ways to achieve the goal of becoming a director of finance. All this can be used as additional tool in overcoming obstacles on the way to the coveted position. But still, the future director must understand that there is nothing to do in this profession without professional knowledge and experience.

In a commercial environment, the position of CFO is clearly considered very influential, as it determines the financial stability of the company and its market position. But there is no unity as to what exactly falls within its competence.

Consider the main provisions of a typical job description of a financial director, explore the nuances of its functionality.

Financial Director - who is he?

The financial director belongs to the top management, he manages the financial flows of the enterprise. It is important to clearly define its functions, since finances - the "circulatory system" of any organization - are directly related to other positions, for example, chief accountant, executive director. Many companies even practice combining these positions or work functions.

Unlike other positions related to the firm's cash flow, the CFO coordinates them by forwarding managerial information to other executives. His main goal is to constantly ensure that the company's profits grow, to implement the appropriate policy. To do this, the financial director must master many commercial tools and act at the moment, taking into account the experience of the past and the potential of the future.

Functions of the financial director

When preparing a job description for a financial director, management often does not quite clearly separate his tasks from the tools with which he must achieve results. So, for example, budget control, financial accounting, credit management, etc. are often recorded in the functions of a financial director. The functions of a financial director are what he must do by using certain financial instruments to achieve the above designated goal.

There are 5 groups of the main functions of the financial director:

1. Security entrepreneurial activity finance. Cash is the driving and "nourishing" force of any business. When they are not enough to make the payments necessary for the activity, it is impossible to conduct business: suppliers will not provide raw materials, workers will not work without wages, there is nothing to repair equipment, etc. Even profit in such a situation is secondary, it is important that the enterprise has the opportunity to any time to ensure its current activities. To achieve this goal, the financial director can use the following tools:
   • forecasting financial flows;
   • credit management;
   • attraction of investors, etc.
2. Designing and ensuring the relationship between the governing structures. Without the effective performance of this function, the achievement of others will be very difficult. It is clear that no one can ensure the profit of the enterprise alone. And since the team acts within the framework of one goal, this activity must be coordinated. Structural divisions for these purposes have direct superiors, who must be “matched” among themselves for the sake of profit just by the financial director.
3. Concern about the efficiency of the company. It would be wrong to think that the CFO should be concerned about the profits becoming higher. This indicator depends on the efficiency of the enterprise, and it is necessary to increase it by all means. And this refers to the cumulative efficiency in all areas of the company:
   • market research;
   • conducting a marketing policy;
   • implementation of production;
   • accounting and tax reporting;
   • sales of products, etc.

REFERENCE! Roughly speaking, the financial director increases the profit of the enterprise by directing that all employees of the enterprise work well, that is, with maximum efficiency.

4. Providing the right people with the right information. For an effective management policy, you need to own an array of up-to-date data. Since all planning in an enterprise is ultimately aimed at increasing profits, it is financial information that coordinates the results of using all other information flows - marketing, production, accounting, etc.
5. Ensuring the financial security of the organization. Any business activity involves financial risks. The economic "health" of the firm is based on the ability to meet all current financial obligations (see function 1). With the development of the company, additional risks are added associated with the market situation, the problem of personnel, etc. The more developed the organization, the more risks it can threaten, but also the more resources it has to overcome them. The CFO does not address these issues, but owns complete information and can assign appropriate tasks to competent persons and supervise execution.

CFO Tools

These are the processes that, as a result of application, can ensure the fulfillment of 5 designated functions. They are most often written in job descriptions as duties.

1. Management of the company's cash flow:
   • cost control;
   • resource planning;
   • optimization of tax policy.
2. Strategic financial management: for this, the entire array of financial instruments is used.
3. Economic security:
   • analysis of financial risks;
   • setting targets for their reduction;
   • control over the activities of authorized persons.
4. Financial and economic analysis of contracts concluded by the company.
5. Preparation and control of financial statements.
6. Managing the financial departments of the organization.
7. Interaction with the personnel department.
8. Representation of the company before counterparties.
9. Public activities, including in the media.

Where do CFOs work?

Everything commercial enterprises, especially large ones, where coordination and planning of departments responsible for cash flows is necessary, they are unlikely to be able to do without the position of financial director. Most often, this specialist is needed:

• in banking organizations;
• at manufacturing enterprises;
• on the stock exchanges;
• in insurance, trust, investment companies;
• in various commercial organizations;
• in certain state structures, etc.

If the organization did not have such a specialist before, it is necessary if:

• the head does not fully report on the direction of the financial activities of his enterprise (the business is “staggering”);
• the owner prefers to see the process of business activities and influence it, and not just record the results of the reports;
• the activities undertaken to increase profits do not show profitability for a long time;
• additional control of the planning and economic department, accounting department, IT department and others directly related to finance is needed;
• delays in payments and debts are often allowed;
• the profit received by documents and funds on the account does not match, etc.

What is required of a potential financial director

As you can see, small organizations and small companies cannot always afford to have a financial director on their staff; sometimes an accountant or the general director himself can handle his functionality. But a growing and large company needs this specialist, so the requirements for him are quite high, as well as the proposed remuneration for his work.

To qualify for the position of CFO in any organization, the candidate must meet the primary minimum requirements:

• higher economic education with a degree in Finance and Credit, Enterprise Economics, Accounting and Auditing, Financial Management or Banking;
• knowledge of the computer at the level of experimental use, knowledge of basic programs, especially 1C;
• knowledge in the field of tax, accounting and auditing;
• knowledge of the main legislative and regulatory documentation;
• oratory and diplomatic skills;
• skills in preparing reports, presentations, public speaking;
• at least three years of work experience in a related field.

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From this article you will learn:

• What is the role of the CFO in an organization
• What functions are assigned to it
• What are the responsibilities of a financial director
• What is the degree of responsibility of the financial director
• Does the CFO need a deputy?
• How should his relationship with CEO
• What mistakes can a financial director make in a new position

The majority of respondents believe that one of the most influential units in the management of any company is the chief financial officer. The respondents noted that in terms of the degree of influence, he occupies an honorable second place after the CEO. But what exactly is included in the duties of the FD, what functions it has and what it is responsible for, they know far from everything. What does the financial director of the enterprise do and what are the limits of his responsibility? About this in our article.

How important is the role of a financial director

The CFO plays a very important role in a business. Every company has money that must be controlled. The main goal of the financial director is to make finances work, that is, to make them profitable. He determines how best to allocate the budget, where to allocate funds, where and under what conditions to take a loan, and draws up the company's expenses for the coming period.

What is the difference between the functions of an accountant and the duties of a financial director? The fact that the accountant only monitors the movement of funds and prepares reports for the IFTS. The financial director is responsible for organizing management accounting. This is not at all a “black cash register” and not a “gray account”. Thanks to competent management accounting it becomes clear what financial position there is an enterprise without strict accounting restrictions. You can see objective indicators:

• different types of profit: gross, marginal, operating, EBITDA;
• the result of the accrual of expenses or the calculation of the cost, depending on the method of accrual.

A professional accountant prepares high-quality reports that reflect the past of your financial activities during the reporting period. In slang, financiers call this type of accounting "posthumous". It tells a lot about the past, but nothing about the future. At the same time, the financial director plans expenses and incomes, financial flows. The accountant does not make valuable forecasts for subsequent periods.

So, what does a financial director do, what are his main tasks? This specialist plans the budget, manages financial flows and controls the movement of funds. Only a smart and experienced financial director is able, for example, to calculate when exactly in the future your company will begin to experience a shortage of working capital, in what volume and why.

The CFO forms a system of metrics that allows you to manage the impact factors on income and expenses. This can be a system of traditional financial ratios (coverage ratio, current ratio, etc.) or simpler metrics: inventory turnover, receivables turnover.

Often, a financial director is called a financial manager and financial manager. These terms are synonyms. They are used because there is no law yet that clearly establishes the functions of various finance specialists.

Abroad, on the contrary, the situation is different: the functions of the financial director are spelled out clearly and clearly. The same situation with foreign representative offices of Russian companies. All financial activity in a foreign company, it is the financial director, or vice president of finance, who controls. The head of the financial service and the chief accountant are subordinate to him, who in turn supervise financial managers, economists, accountants, analysts and other personnel.

The level of financial management in Russia still lags behind other countries, and that is why there is no clear distribution of functions and tasks among financiers. If the firm is small, then, as a rule, it has one financial specialist who is responsible for all financial activities. Typically, this is the financial director ( Financial Manager). He is appointed to the post of manager.

In some financial institutions, such as banks and credit offices, intermediary companies that ensure the interaction of traders with the market, as well as enterprises specializing in trust management of resources, the labor functions of financiers are clearly indicated.

What are the functions of a CFO?

What a financial director does, not everyone knows. Because of this, many companies hiring a job applicant and reviewing a CFO resume do not fully understand what he should do.

The CEO does not know what tasks to set, what powers to give to the FD to solve them. The financial director does not understand what is needed from him in this or that situation and how to complete the task. The recruiting director is not fully aware of what kind of specialist to look for, but at the same time, you need to find an employee.

What does this lead to? Both the CEO and HR begin to focus on formal metrics: education, work experience, basic knowledge PhD in Finance. But it is not necessary to act in this way, since there are no guarantees of a successful outcome of the case in this case.

This issue can be approached more professionally and competently. The company must understand that it needs a professional who is aware of what, why and for what he is doing, who is able to quickly solve the tasks. For a successful activity, a financial director must have not only theoretical knowledge, but also practical skills.

Functions - this is what in this case the CFO is obliged to do. Each function should have a relatively constant goal (or set of goals), for the achievement of which a set of tasks is formed. Each task has a final result, the achievability of which can be easily checked.

A tool is a method for achieving a goal or solving a problem. This concept smaller than the task. Different tools can be used to solve the same problem.

From this angle, well-known concepts such as KPI, budgeting, lending, cash flow management, financial accounting, ERP, etc., are just tools used to achieve certain goals.

How important is the ability of a FD to use a particular tool? It does not matter. Of course, he must be able to use some tools in order to work successfully. But what kind of tools these will be, it doesn’t matter. The main thing is that the specialist knows how to achieve goals. It comes first. Tools - on the second. You can’t hire a candidate just because he knows how to use a specific tool (for example, plan a budget or develop KPIs). You need to make sure that he knows what he is doing and why.

It is very important. Therefore, in order to most fully understand the functions of a financial director, we will give an example by analogy. Let's say we're hiring a professional boxer (or betting on a sportsman).

The boxer owns many tricks (tools). But for us it theoretical knowledge not important. We only care about his potential - will he be able to beat the opponent in battle? What method he uses for this does not matter. Each boxer has several crown blows in his arsenal. But we don't care how the boxer defeats his opponent - he must demonstrate his ability to win. In this regard, boxers are presented very briefly: how old, what height and weight, the number of victories and losses. And only then the commentators talk about the crown blows of one and the other boxer.

If we take this view, the popular SOFIA model (which divides financial decisions into strategic (S), operational (O), financing (I), investment (I) and analytics (A)) does not help us much to define functions. Because the very term "financial decision" refers more to the actions taken to achieve the goal, rather than being the goal itself.

Conclusion: the main thing is that the applicant for the position of financial director understands his goals. What can they be? To identify them, you need to understand that in the process of enterprise growth, the exact formulations of goals change. The reason is simple: the goals of a small firm and a large corporation cannot be the same.

Therefore, in order to define the main functions of a financial director, we must go up one step and identify responsibilities that remain almost unchanged throughout the life of the company. Despite the fact that goals and tools will inevitably change, and more than once.

Here are the main functions of the financial director, which are most common:

1. Development of corporate strategy and planning, the purpose of which is to maximize the value of the enterprise.
2. Maintaining budgetary and management control.
3. Management of financial resources (cash flows, receivables and payables, ensuring the fulfillment of all obligations, control over the safety of assets, etc.).
4. Providing managers and specialists of the enterprise with the necessary information.

Here functions (planning) are on the same level as tools (budget control).

In this regard, we will try to establish other functions for the financial director. We will immediately make a reservation that we will not use complex terms for designation, but we will call them simply so that everyone understands the essence.

Here are the functions in random order:

Ensuring business needs for money

Finance is the backbone of business. If the company does not have enough funds to conduct current activities, then work simply stops. Staff stops working, suppliers stop supplying raw materials, materials, services, etc.

The profit of the company is not important. The main point is the presence or absence of funds for the enterprise to make current payments. Here the main goal (measurable specific result) is outlined: the organization must always have sufficient funds to conduct activities.

To achieve this goal, companies use various financial instruments: they forecast financial flows, attract borrowed funds and investments, etc.

Planning and coordination of enterprise activities

The implementation of other activities largely depends on this function. If it is not fulfilled, other functions become almost impossible. How does it work? To better understand this, we will give an example of the interaction of the previous and this functions.

In order for the company to have enough funds to conduct business, the financial director must develop a forecast plan: when and how much the company will receive money, what and when it will incur expenses. He does not invent this plan, but draws it up on the production plan received from the head of production. This document indicates what and in what volume the company plans to produce. At the same time, the head of production cannot determine what and in what volume to produce, until the sales director informs what and in what volume he plans to sell. Etc.

It turns out that the financial director cannot ensure the availability of funds while the company agrees on various plans, which ultimately will become the basis for the financial plan. If many specialists have to plan their work, then these processes must be managed by someone. And this is the financial director.

Why CFO? There are many reasons.

First of all, because all these plans are the basis from which he builds cash flow forecasts and financial plans. The role of the CFO in planning is comparable to that of an assembly line manager: he carries out the final stage of production and determines what the final product will be. That is why he is obliged to control and manage the activities of all departments in planning.

In addition, it is important that all plans are coordinated. But the physical quantities in each of them are different: units, time, meters. They are united by a single indicator - money, for which the financial director is also responsible.

Ensuring the effectiveness of the organization

It is no coincidence that in the name of the function we used the word "efficiency" instead of "profit". This is because the profit reflected in financial reporting is not a cause but an effect.

Increasing profits is not the goal to strive for. She leads astray. The goal should be maximum efficiency. If the company will work most productively, it will make a profit - as a result. At the same time, high efficiency always ensures high profits.

Providing all stakeholders with the information necessary for decision-making

To effectively manage a business, you need to make numerous management decisions correctly and in a timely manner. This requires information, data. Since all plans and facts are ultimately related to finances, financial information is the final result of processing other data (marketing, production, warehouse, etc.). Accordingly, it is the financial director who is obliged to provide all responsible persons with information for making managerial decisions.

If this function is not performed, the company experiences system failures. After all, it is accepted that the IT director is responsible for the information. At the same time, he does not always have the data himself and does not know what kind of information he needs. The IT director is responsible for data processing and transport technologies. If you tell him where to get it, how to process and in what form to provide information, he will follow the instructions. If the corresponding order is not given, he will not do anything. And if it finds, then it’s not a fact that it’s exactly the data that you need.

Ensuring the economic security of the enterprise

This function is the simplest. Any company has the risk of going bankrupt, ceasing to exist at the peak of its development. At first, the main risk here is associated with the ability of the enterprise to repay debts on time. But as the company grows and develops, there are more risks: the situation on the market, the political situation in the country, the departure of key employees, and so on. The larger the enterprise, the wider the circle of those whom it can interfere with, and the greater the threats to it.

A large-scale firm has much more risks than small company. However, it also has more chances to survive, due to more extensive resources. However, any organization wants to protect itself, and therefore manages risks and insures against them. For what reason is the financial director performing this function again? Everything is the same: risks are inevitably associated with money and are measured in it.

But it should be noted that the financial director does not perform this function on his own - he only sets appropriate tasks for the staff.

If one of the risks is the loss of the company's image, then the financial director is obliged not to work on its strengthening on his own, but to entrust this to PR specialists. If there is a risk of leaving a key specialist, then again, the personnel department should form a reserve of employees. And the chief financial officer in this case controls that the task was set and qualitatively completed.

Responsibilities of the Financial Director

Consider the responsibilities of the CFO:

1. Protection of the interests of the company in front of creditors, insurance specialists, investors, IFTS and other representatives of the financial industry.
2. Definition of job responsibilities for employees whom he supervises.
3. Sending requests to the appropriate authorities in order to obtain special information and documents necessary for the performance of his labor functions.
4. Providing the manager of the enterprise with proposals for hiring, transferring, terminating labor relations, the issuance of bonuses in relation to employees of the financial service; about material and disciplinary action from employees who violated labor, production and financial discipline.
5. Based on the results of financial audits, submit proposals for consideration by the enterprise manager on bringing employees to financial and disciplinary liability.
6. Participation in the formation of orders, instructions, decrees, estimates, contracts and other documents related to finance.
7. Interaction with the heads of departments of the company on financial and economic issues.
8. Distribution of instructions to the heads of departments of the company on the organization and conduct of financial events.
9. Signature of financial documentation.
10. Signing of all documents related to financial and economic issues: forecasts, reports, plans, etc.
11. Sending written appeals on financial matters to other divisions of the enterprise, the Federal Tax Service, government agencies, and authorities.
12. The study of documentation, which indicates the labor functions and rights of employees of the financial service and the criteria for assessing the quality of their activities.
13. Making suggestions to management for improvement of their activities.
14. Request from the management of the enterprise the formation of the necessary organizational and technical conditions and the preparation of documentation.

This information must be fully documented in employment contract financial director.

CFO Responsibilities

For tax evasion, the legislation of the Russian Federation provides for punishment in the form of fines, forced labor, deprivation of the right to drive certain activity and imprisonment for up to 6 years. If the violator does not pay taxes on a large scale (over 5 million rubles for 3 consecutive financial years), this is considered an aggravating circumstance under Art. 199 of the Criminal Code of the Russian Federation. Perhaps everyone will agree that in today's conditions this is not such a significant amount, but nevertheless, the responsibility for this violation is serious.

The procedure for bringing to responsibility under the Criminal Code of the Russian Federation for tax crimes is stated in the resolution of the Plenum of the Supreme Court of the Russian Federation dated December 28, 2006 No. 64. In paragraph 7 of this resolution, it is indicated that the main subjects of crimes in the tax sphere are the general director and accountant. It is to them that the most close attention of law enforcement agencies is riveted. Statistics show that now the courts in Russia are studying a lot of cases of tax crimes and most often pass judgments on them.

It turns out that the financial director has nothing to be afraid of, since the key figures in such cases are the general director and chief accountant? No, this opinion is wrong. A financial director may act as a chief accountant and be a temporary deputy director. In addition, the resolution states that responsibility under the Criminal Code of the Russian Federation may be assigned to other persons authorized to sign reports and ensure compliance with the norms of the Tax Code of the Russian Federation. In addition, the Investigative Committee of the Russian Federation and the court may suspect any employee of the company, one way or another related to the crime, of instigation, complicity or organization (Article 33 of the Criminal Code of the Russian Federation). Here everything is determined by the essence and purpose of the decision, direction, advice, recommendation. This point is often reminded to tax lawyers who advise their clients on tax optimization.

It is absolutely clear that consultants are always on the verge of legal and illegal, and this line is rather blurred. The financial director, who is authorized to give recommendations to the general director and orders to the staff, can also be attributed to consultants. Also, often the financial director temporarily acts as the general director and chief accountant.

It is worth emphasizing that violators can be held accountable under the Criminal Code of the Russian Federation only if they have direct intent, that is, personal interests. This criminal liability differs from tax liability, to which the perpetrators are brought for accidentally committed actions (Article 110 of the Tax Code of the Russian Federation). That is, the financial director must commit violations in his personal interests and, in order to hold him criminally liable, the court must prove that this person acted intentionally.

It is rather difficult to hold a financial director liable under the Criminal Code of the Russian Federation if he was not guided by personal interests and there was no criminal intent in his actions, for example, if he committed an offense out of ignorance, negligence, etc. We say “quite difficult”, because is, in principle, impossible. However, the judicial system in Russia is so unpredictable that carelessness and ignorance may well be interpreted as intent.

If a criminal case is initiated against an official with a subsequent conviction, then this person, who has been harmed by the state or organization by its illegal actions, has the right to file a civil claim with the court in order to recover compensation for property damage caused by the crime (Article 44 of the Criminal Code). procedural code of the Russian Federation). Two cases (according to the Criminal and Civil Codes of the Russian Federation) will be closely interconnected, and the court will use the materials of the criminal process in the civil one as well. At the same time, the norms of the Criminal Procedure Code of the Russian Federation refer to the norms Civil Code RF.

Chapter 59 of the Civil Code of the Russian Federation states that it is possible to recover compensation only if the victim actually suffered damage, the person who caused it behaved unlawfully, if there is a causal connection between the behavior of the tortfeasor and the damage, and if the offender is really guilty. These are mandatory components of the violation, each of which must be proven in court. This was stated many times by the Constitutional Court of the Russian Federation (for example, in Resolution No. 13-P dated July 15, 2009 and No. 7-P dated April 7, 2015; Resolutions No. 1833-O dated October 4, 2012 and No. 4-O dated January 15, 2016). In the absence of at least one component or its lack of evidence, recovery of compensation is impossible.

Compensation for property damage must be complete, that is, its amount cannot be reduced due to the circumstances of the case or the personality of the offender (Article 1064 of the Civil Code of the Russian Federation). However, such a decrease in relation to an individual sometimes still happens if the court, for some reason, refers to the norms Labor Code RF.

The financial director may be held liable under Art. 199 of the Criminal Code of the Russian Federation, in connection with which he will be obliged to compensate for the damage caused in a civil law manner.

In addition, the financial director can theoretically be held liable in the amount of harm caused to the company and outside the criminal case, in accordance with the norms of the Labor Code of the Russian Federation. The Labor Code does not directly mention the position of the financial director. However, it defines legal status and responsibility of deputy directors general. Let's say if it provides contract of employment, the financial director is held liable in the amount of direct actual damage caused to the organization (Articles 242 and 243 of the Labor Code of the Russian Federation). In addition, the financial director (as deputy head) can be fired in accordance with special rule if this person makes an unreasonable decision that caused damage to the enterprise (clause 9, article 81 of the Labor Code of the Russian Federation).

In determining the amount of compensation in such cases, the courts need to correctly understand the term "direct actual damage". According to the clarification of the Supreme Court of the Russian Federation, this is a real decrease in the property of the organization (including financial resources), as well as the cost of compensating for the harm that the violator caused to third parties, for example, the budget (see Resolution of the Plenum of the Supreme Court of the Russian Federation of November 16, 2006 No. 52). When considering such cases, the courts also take into account the general signs of a crime, that is, the causal relationship between the illegal actions of the offender and the damage, that is, establish his guilt. An organization can file such a statement of claim with a court of general jurisdiction only within 1 year from the day compensation was paid to third parties, that is, from the date of collection or voluntary payment of the amount of tax and penalties to the budget (Article 392 of the Labor Code of the Russian Federation). Please note: in such cases, the court may reduce the amount to be recovered from the violator, taking into account the degree and form of guilt, his material and marital status and other circumstances.

Let's turn to the judicial practice on the recovery of compensation for damage caused by the Deputy General Director.

If the company files a claim to arbitration in a corporate dispute in order to recover from the financial director the amount of damage caused in the same way as in the case of the general director, referring to Art. 277 of the Labor Code of the Russian Federation, the provisions of laws on economic entities and the decision of the Plenum of the Supreme Arbitration Court of the Russian Federation dated July 30, 2013 No. 62, the court will refuse to consider the application.

So, on the basis of the decision of the Federal Antimonopoly Service of the Urals District dated June 6, 2007 No. F09-4238 / 07-S4 (case No. A47-8649 / 2006-7-GK), the decision of the court of first instance, which refused to satisfy the claim, was left unchanged. The company filed a claim for the recovery of damages from the Deputy General Director, guided by the provisions of corporate law (namely, Article 71 of the Federal Law "On JSC"). The court did not satisfy the claim, referring to the fact that Art. 71 says about the responsibility of the bodies of the legal entity, in particular the members of the board of directors, sole and collegiate executive body society, managing organization or manager. At the same time, the indicated list is closed and it cannot be interpreted more extensively. In the definition of the Supreme Arbitration Court of the Russian Federation dated 02.08.2007 No. 8948/07 on this case, as well as in a similar ruling of the Supreme Arbitration Court of the Russian Federation dated 10/14/2009 No. VAS-12695 / 09 (case No. A32-18264 / 2008-55 / 264) it is indicated that the deputies of the general director should not be liable for damage caused to the enterprise by illegal actions.

But if the company acts differently and files a lawsuit in a court of general jurisdiction, referring to the norms of the Labor and Civil Codes of the Russian Federation, then it is likely that, given an exhaustive evidence base and appropriate circumstances, the court will satisfy its requirements.

Thus, on the basis of the appeal ruling of the Omsk Regional Court dated March 2, 2016 (case No. 33-1329/2016), the court decision to satisfy the claim about the obligation of the deputy general director to compensate the amount of damage caused to the organization was left unchanged. The lawsuit was filed on the basis of Articles 238, 241, 247 of the Labor Code of the Russian Federation and Resolution of the Plenum of the Supreme Court of the Russian Federation of November 16, 2006 No. 52. The deputy director bears financial responsibility if he previously behaved illegally and committed guilty actions, and also subject to a causal connection between his actions and harm to the enterprise. This is what the court considered in this case. He based his decision on:

• the results of an internal audit on the established facts of damage (inventory act);
• documents of forensic accounting expertise;
• the terms of the employment agreement, according to which the employee is financially responsible for causing direct actual damage to the enterprise, as well as for damage resulting from compensation by the enterprise for damage caused to third parties.

The court was also guided by the list of positions and jobs approved by the Decree of the Ministry of Labor and Social Development of the Russian Federation of December 31, 2002 No. 85. It indicated that despite the fact that the organization does not have a separate agreement on full liability, the deputy head is obliged to answer with his own property, as this provides his position and this is directly stated in the law.

In its decision, the court also referred to Art. 277 of the Labor Code of the Russian Federation. This is a rather controversial point, since the subject of the indicated norm is still the general director. One can argue directly with a judicial act, however, theoretically, such responsibility can be applied to the financial director.

Judicial practice shows that the main document that specifies the duties of the financial director is his labor agreement. No less important are other agreements concluded between the organization and the financial director (for example, an agreement on full liability), as well as any powers of attorney received from the head. The list of important documents also includes:

• job description of the financial director;
• orders of the general director;
• other internal documents of the organization, where it is said about the responsibility and duties of the financial director.

In this documentation, the controlling authorities, as well as the court, seeking to hold the financial director responsible under the Criminal Code of the Russian Federation, will find many interesting points. It is these documents that can act as the main evidence in a criminal or civil case.

All designated documentation is generated within the organization. Its structure is developed historically, taking into account the operational needs of the company and its development. But this point should not be ignored. The structure should be built taking into account the system of internal financial security, and for the CEO it should be clear. It would be good if the CEO would have operational information and be able to quickly respond to any abuses of employees.

If the accounting service is part of the structure of the financial director, then the chief accountant is also directly subordinate to him. At the same time, the chief accountant has special powers defined in the Federal Law "On Accounting" dated December 6, 2011 No. 402-FZ. That is, he seems to be turning into a person independent of his own structure and its head (financial director).

It is necessary to develop job descriptions and other internal documents very carefully, while clearly delimiting the responsibility and duties of the financial director.

Back in the 1990s. in Russia, the "Qualification Handbook for the Positions of Managers, Specialists and Other Employees" appeared (approved by the Decree of the Ministry of Labor of the Russian Federation of August 21, 1998 No. 37). It indicates the following:

1. The financial director develops the economic and tax policy of the company, including tax planning and tax optimization, monitors the state and movement of funds, fulfills the company's tax obligations, manages the financial departments of the organization (including the accounting service).
2. The chief accountant controls the financial costs of the company, participates in the development of its tax policy, pays taxes on time and in full.
3. The CEO acts on behalf of the legal entity without a power of attorney, manages and resolves issues related to financial and economic activities, controls the fulfillment of the company's tax obligations.

V model instructions roughly the same duties of these employees are given. As a rule, the functionality of any position is taken from the aforementioned directory and adjusted taking into account the specifics and structure of a particular organization. But it happens that the job description is not adapted to the employee in the best way, or this document does not exist at all. The CFO, like any other employee in the enterprise with a certain degree of responsibility, must carefully study all the internal documentation of the enterprise, one way or another relating to his duties, and, if necessary, take the initiative to make changes.

So, we have established that the FD for tax evasion by an organization bears:

1. Criminal liability (Article 199 of the Criminal Code of the Russian Federation).

2. Civil Liability:

• within the framework of a criminal case (Article 1064 of the Civil Code of the Russian Federation);
• within the framework of labor relations (Articles 242, 243 of the Labor Code of the Russian Federation);

3. Disciplinary responsibility (dismissal under paragraph 9 of article 81 of the Labor Code of the Russian Federation).

In principle, there are not many types of responsibility for one key employee who makes the most important decisions for the business. But at the same time, changing trends are observed all the time in Russian legislation and in judicial practice.

It is important that state departments today are primarily interested in filling federal budget. The IFTS is constantly looking for different ways to accomplish this task, trying to impute responsibility to all new subjects, and the courts support it in this. Thus, it should be remembered that the provisions of Art. 45 of the Tax Code of the Russian Federation are interpreted very broadly and, in accordance with them, tax liability on the debts of the taxpayer of "persons dependent on him", including individuals. At the moment, of course, there is more talk about the general director of the taxpayer, about whom, theoretically, one can say that he is a “dependent person”. But in the presence of relevant circumstances, liability under Art. 45 of the Tax Code of the Russian Federation may be carried by other officials, including financial director.

Does the company need a Deputy CFO

After a certain amount of time, the financial director one way or another will begin to think about an assistant. The FD is a very busy worker, doing a huge amount of work, and therefore he will entrust the assistant with the solution of a certain part of his tasks.

Who would be the best fit for the role of Deputy Chief Financial Officer? In principle, the functionality of the FD and its deputy is similar. The only difference is that the director of the financial department has the most complete information and it is he who is entrusted with the main responsibility for the activities of the financial department of the company.

What should a CFO be able to do and know in order to successfully perform their job duties? First of all, he must be well versed in general economic issues and the norms of the Tax Code of the Russian Federation, perfectly understand the specifics and industry of the enterprise, and know contract law.

In addition, the deputy financial director must know the features of accounting, since he will have to work with the internal reporting of his organization and the reporting of partners, understand the balance sheet, have an idea of ​​Form No. 2 (profit and loss statement) and other forms of statistical, tax, accounting reports , as well as to be aware of the importance of active sources of profit and passive sources of financing for the organization.

In addition, the FD assistant must be able to work in the programs with which the company generates reports. The Deputy Financial Director is an employee who can create any reports using the programs installed in the company.

Since any firm has confidential data intended for a limited number of people, the Deputy FD should not know:

• on the method of replenishing the assets of the enterprise, their sources;
• on the share of participation in the profits of the owners of the company;
• about informal agreements between the company and partner supplier companies, about the contacts of the organization with authorities, law enforcement and the Federal Tax Service;
• about who specifically participates in minimizing the taxes of the enterprise.

How should the CEO and CFO interact in a company?

It is possible to impose a fine on the financial director and his department for poor-quality performance of official duties only if there is concrete and undeniable evidence, and also taking into account the provisions of such documents as:

• agreement;
• job description of the financial director, which contains a list of job responsibilities;
• a list of responsibilities specified in the agreement;
• other internal documentation.

Each goal that you set for the finance department and the financial director should be as specific as possible, indicating the final result (it must be formulated unambiguously) and the deadline (deadline).

Often, CEOs go wrong when they set goals for their finance function with incomprehensible wording - for example, "provide the company with the necessary free cash to conduct business" or "improve cash flow."

The goals set will be difficult to control due to the lack of measurability of the final result. A measurable goal should list measures that can help achieve the result.

What mistakes can a newly minted CFO make?

1. Errors arising from the incompetence of the financial director. The FD can make a mistake if it is poorly versed in the norms of the Tax Code of the Russian Federation. The consequence of such errors may be a fine and the need for additional payments. Ideally, such shortcomings should be identified during scheduled inspections and remove them in time.
2. Mistakes arising from his overcompetence. Such errors arise because the financial director wants to take the initiative and improve the work of the company's financial department. Often such initiative is not justified, as it leads to unnecessary expenses.
3. Mistakes made through negligence. For a large organization, such errors are the norm. If a company enters into many agreements, then employees of the financial department may miss a certain number of fines for deferring payment beyond the set day. In this case, it is important that the number of such errors remains within the limits established by the organization. There should not be very many defects, and they should not occur often.
4. Mistakes made with intent. If in finance department make decisions or perform actions that cause the company to incur losses, and if the CFO receives personal benefit from these decisions or actions, then these are not errors, but financial crimes. In this article, we will not describe such options. The security service of the company is studying such cases.