When CEOs live large, CFOs risk paying a price.
Kimberly Blanton, CFO Magazine
March 1, 2011
I think this is the very common and most important and hardest issue that CFO has addressed. From a small company to a giant, you will see this problem somewhere. Its very easy for finance professional to use Company's money, spend it for personal and CEO uses and hide it by playing with figures easily. If yuo study Enron case you will find same issue together with many other issues like corrupt CEO, non serious NEDs who are basically there to supervise company, and also weak auditors. In my opinion there are some ways to solve this problem. 1-If you find any CFO involved in such a case, dont fine them, disqualify their degree straight away. this will give lesson to others that this can also be happen with them. 2-NED's should involve and supervise this issue directly or any withdrawal of cash for CEO use should be authorized by all the NED's. 3-Fire and CEO and distribute a letter of deceive with he company to all other companies so that other seek lesson from this punishment. Excellent Article.. Nabeel Shaukat Content Manager for Virtual Data Room Data Room Globalkap Corporation
Posted by Cameron Nabeel | March 24, 2011 02:40 pm© CFO Publishing Corporation 2009. All rights reserved.