Difference between Chief Accounting Officer (CAO) and Chief Financial Officer (CFO)




There are some similarities in both the professions as they directly report to the Chief Executive Officer (CEO).  Both the officers are working in Finance Domain and are well-versed in Accounting, Financial Standards, and Techniques with regard to reporting, compliance with regulations and internal compliance control and Auditing. The Chief Accounting Officer (CAO) and the Chief Financial Officer (CFO) have similar and identical backgrounds. For both these posts, one needs to be at least a graduate which is related to finance. Though Master of Business Administration (MBA) is an added advantage with respect to education qualification, one needs to have a decade of experience in the departments pertaining to finance and management comes handy in the long run.
Chief Accounting Officer (CAO) Vs. Chief Financial Officer (CFO)
Though both work under the same domain, there are differences between the two.
®     The ChiefAccounting Officer (CAO) handles the day to day activities of an organization whereas the Chief Financial Officer (CFO) is responsible for planning about the future financial standing of an organization
®     The ChiefAccounting Officer (CAO) is responsible for the company’s accounting budget, treasury, and auditing operations. The Chief Financial Officer (CFO) is responsible for every aspect regarding company’s finances.
®     The ChiefAccounting Officer (CAO) oversees the accounting department to make sure that company’s financial records, forecasts, and reports are accurate. The Chief Financial Officer (CFO) sets the financial goals for the company and implements the strategy a company needs to reach its goals.
®     The Chief Accounting Officer (CAO) come up with accounting policies and procedures so they can have a very good understanding of accounting practices that are generally accepted. The Chief Financial Officer (CFO) is in a position to advise the top-level management about the financial impacts of any new contracts or business dealings.
®     The Chief Accounting Officer (CAO) generates reports for regulatory agencies like Securities and Exchange Commission and sets up controls in order to ensure compliance and work with internal and external auditors to make these controls effective. The Chief Financial Officer (CFO) helps the company to find new avenues to invest company funds, make projections about the new investments and maintain relationships with investment partners.
®     The largest difference between the Chief Financial Officer (CFO) and the Chief Accounting Officer (CAO) is the former gives the financial guidance to the company whereas the latter ensures that the accounting and finance departments are functioning properly and their works are accurate and comply with the company’s policies and objectives. Both are responsible roles. However, the Chief Financial Officer (CFO) exercises more control and direction over the company.
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