Essentially, CAOs have emerged at more companies as a strong financial No. 2 to the CFO, able and willing to take on tasks that have grown in importance because of increased regulatory scrutiny and demands but which don’t fall into the strategic bailiwick of the chief financial officer.
A fixture at large multinational companies, according to The Wall Street Journal, “thanks to the cost and intricacies of today’s regulatory and accounting requirements, their numbers have multiplied and their duties have expanded beyond managing their company’s books and preparing financial statements.”
Overall, about 40 percent more companies have added CAO jobs since 2009, according to Russell Reynolds Associates, an executive-recruiting firm.
These typical CAO duties include deciding when and how to recognize revenue, how to report quarterly results to comply with both U.S. and foreign standards, and attesting to the accuracy of their company’s financial filings—along with assuming legal liability, like the CFO and CEO, if the results later prove to contain some false information.
Companies that recently created a CAO function include Virginia Beach, Virginia-based Wheeler Real Estate Investment Trust and Ft. Lauderdale, Florida-based AutoNation, a major automotive retailer.
Companies’ heavier emphasis on internal controls stems in large part from the passage of the Sarbanes-Oxley corporate-governance law of 2002.
“So all of a sudden you’re going to have someone with more skills to handle” the job, Don Whalen, director of research for Audit Analytics, told the Journal.
Of course, compensation for seasoned executives with the background and skills to qualify for the demanding CAO jobs of today has increased along with the demand, with many jobs at big companies paying seven-figure salaries.
0
1:00 - 5:00 pm
Over 70% of Executives Surveyed Agree: Many Strategic Planning Efforts Lack Systematic Approach Tips for Enhancing Your Strategic Planning Process
Executives expressed frustration with their current strategic planning process. Issues include:
Steve Rutan and Denise Harrison have put together an afternoon workshop that will provide the tools you need to address these concerns. They have worked with hundreds of executives to develop a systematic approach that will enable your team to make better decisions during strategic planning. Steve and Denise will walk you through exercises for prioritizing your lists and steps that will reset and reinvigorate your process. This will be a hands-on workshop that will enable you to think about your business as you use the tools that are being presented. If you are ready for a Strategic Planning tune-up, select this workshop in your registration form. The additional fee of $695 will be added to your total.
2:00 - 5:00 pm
Female leaders face the same issues all leaders do, but they often face additional challenges too. In this peer session, we will facilitate a discussion of best practices and how to overcome common barriers to help women leaders be more effective within and outside their organizations.
Limited space available.
10:30 - 5:00 pm
General’s Retreat at Hermitage Golf Course
Sponsored by UBS
General’s Retreat, built in 1986 with architect Gary Roger Baird, has been voted the “Best Golf Course in Nashville” and is a “must play” when visiting the Nashville, Tennessee area. With the beautiful setting along the Cumberland River, golfers of all capabilities will thoroughly enjoy the golf, scenery and hospitality.
The golf outing fee includes transportation to and from the hotel, greens/cart fees, use of practice facilities, and boxed lunch. The bus will leave the hotel at 10:30 am for a noon shotgun start and return to the hotel after the cocktail reception following the completion of the round.
