The Chief Financial Officer and the finance department carry the burden of demonstrating to investors and auditors that the company is in compliance with Sarbanes-Oxley.
Although the Chief Executive Officer (CEO), along with the CFO, must certify that financial reports are in compliance. The CFO's responsibility and personal liability is equal that that of any person or entity in the organization. This represents a significant change in how the CFO and finance department are perceived within the company. Finance departments are no longer just the department that keeps track of the money. The CFO and finance professionals in the company have become in integral component of good corporate governance and candid disclosure.
Under Sarbanes-Oxley the CFO is responsible for:
- Certifying all reports that contain financial statements.
- Certifying annual and quarterly financial reports.
- Establishing and maintaining internal controls.
