Controller

Definition

A controller is a senior-level executive responsible for overseeing the accounting operations of an organization. They ensure financial accuracy, regulatory compliance, and effective internal controls.

5 Must Know Facts For Your Next Test

1. Controllers prepare financial statements and reports.
2. They manage budgeting and forecasting processes.
3. Controllers are key in implementing internal controls to prevent fraud.
4. They play a vital role in strategic planning by providing financial insights.
5. Controllers often collaborate with auditors during internal and external audits.

Review Questions

• What are the primary responsibilities of a controller?
• How does a controller contribute to strategic planning?
• Why is the role of a controller crucial for maintaining regulatory compliance?

Related terms

Chief Financial Officer (CFO): The executive responsible for managing the financial actions of a company.

Internal Controls: Processes put in place by a company to ensure the integrity of financial and accounting information.

Budgeting:

The process of creating a plan to spend an organization's resources.