For your ACCA exam, you will be expected to know...

...The role of the finance department?
We get asked this question a lot, and I thought I would help to shed some light on the matter.

Within bigger companies the department head of finance, often holding the title of Finance Director or FD, will often answer directly to the CEO and other board members, with oversight of the two senior managers within the finance department – the treasurer and the financial controller.

The basic roles of these 3 individuals are key to the ACCA examinations.

1. ACCA qualified Director of Finance - their role

The FD is in control and has accountability the planning of:

- the preparation of statutory accounts;
- the management accounting and management accounting information systems, such as budgetary control; payroll and taxes; and treasury management and strategic financial decisions.

As part of his duties, the FD is required to give advise to the Board of Directors on matters such as the following:

- Identifying which corporate investments should be undertaken
- how these investments should be funded
- as well as the policy for end of year dividends

For further information on the ACCA, the ACCA exam syllabus, or additional knowledge on the Roles of the Finance department within large companies, see the www.TonySurridge.co.uk website.