ECONOMICS

Detailed explanation-1: -CAOs oversees the organization’s ledger and financial accounts, cost controls, and other financial reporting and auditing functions. They work closely with the chief financial officer (CFO) to report on financial operations and analyze the impact that important business decisions will have on the company’s finances.

Detailed explanation-2: -What is a chief accounting officer (CAO)? The CAO is the second-highest ranking finance professional in an organization, reporting to and working directly with the CFO.

Detailed explanation-3: -The controller oversees day-to-day accounting operations whereas the CAO is focused on tasks, such as corporate governance, risk management, and investor relations. The skill sets of chief accounting officers and controllers are complementary, as both ultimately work in tandem to support the CFO.

Detailed explanation-4: -A controller is an individual who has responsibility for all accounting-related activities, including high-level accounting, managerial accounting, and finance activities, within a company.

Detailed explanation-5: -A controller oversees an organization’s daily accounting operations, including the accounting, payroll, accounts payable and accounts receivable departments. The controller also helps guide a company’s strategic financial decisions, and is therefore integral to the financial health of the firm.