Comptroller

Definition

A comptroller is a senior financial officer responsible for overseeing the accounting and financial reporting within an organization. They ensure accuracy in financial statements and compliance with regulations.

5 Must Know Facts For Your Next Test

1. The comptroller often reports directly to the Chief Financial Officer (CFO).
2. They play a crucial role in budgeting, auditing, and financial planning.
3. Comptrollers are responsible for implementing internal controls to prevent fraud.
4. They oversee the preparation of financial statements such as balance sheets and income statements.
5. In public sector organizations, the comptroller ensures that all expenditures comply with legal requirements.

Review Questions

• What are the primary responsibilities of a comptroller?
• How does a comptroller's role differ from that of a CFO?
• Why are internal controls important for a comptroller to implement?

Related terms

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

Auditor: A professional who examines and verifies financial records to ensure accuracy and compliance with laws.

Internal Controls: Procedures implemented by an organization to safeguard its assets and ensure accurate financial reporting.