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    List and briefly describe the three general areas of responsibility for a chief financial officer (CFO) of a selected non-financial company which is listed on Australian Stock Exchange (ASX).

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    Chill Mount Creamery manufactures a variety of Ice creams. The company is considering introducing a new product (Yugo cream). The company’s manager has been provided with the following information by their business analyst. ● The project has an anticipated economic life of 5 years. ●The Company plans to spend $1,300,000 on advertising campaign to boost sales. ●The Company’s interest expense each year will be $500,000. ● The Company is required to purchase a new machine to produce the new product. The machine’s initial cost is $5,500,000. The machine will be deprec...

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    Traditionally, primary responsibility of the Chief Financial Officer was relating to just Finance wherein he was responsible to ensure that the company remains financially healthy and it can meet its financial obligations as and when arise. He was also called the “guardian of books of accounts”. While this role is very relevant today also, CFO’s role and responsibility has embraced greater role and functions. He is responsible for many factors besides financials such as corporate governance, risk management, maintenance of effective system of internal control, business leadership and performance review etc. We will discuss following key roles and responsibilities of Chief Financial Officer:

    Corporate Governance:

    The role of CFO is very important in the area of corporate governance in present times. The Chief Financial Officer is responsible for corporate governance under Corporation Act.

    This report aimed to develop a critical understating of the various accounting software by evaluating the cloud-based accounting software in regards to businesses and then suggest the most appropriate accounting software to a chosen company such as Woolworth. The findings of the current report reflected that the company has key activities like manage, organize, maintain its store staff, develop various strategies for the business, billing for their products, maintain their transactions, and records them and handle their conflicts, etc. Similarly, its other activities related to revenue and expenditure cycle also includes sales and purchase related practices. Moreover, some internal controls are found weak in Woolworth due to which company has risks like segregation of duties, major frauds, poor corporate governance, improper monitoring of managerial opportunistic behavior.

    This report aimed to develop a critical understating of the various accounting software by evaluating the cloud-based accounting software in regards to businesses and then suggest the most appropriate accounting software to a chosen company such as Woolworth. The findings of the current report reflected that the company has key activities like manage, organize, maintain its store staff, develop various strategies for the business, billing for their products, maintain their transactions, and records them and handle their conflicts, etc. Similarly, its other activities related to revenue and expenditure cycle also includes sales and purchase related practices. Moreover, some internal controls are found weak in Woolworth due to which company has risks like segregation of duties, major frauds, poor corporate governance, improper monitoring of managerial opportunistic behavior.

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