As the CFO of a small business, funds are only handled through them due to the lack of finances and need for more than one accountant. The CFO handles all of the receivables, payables and creates periodic financial statements for the company. The CEO relies on them to report monthly where the company stands and where they are projected to go in the future. If the CEO asks for the monthly statement and calls for a meeting on Monday, you must have it done and be prepared to give a presentation regarding the information.
It is coming to the end of the month and you have to get this financial report together, pay all of the clients, enter the receivable and finish everything that is thrown at you on a daily basis. You could stay overtime for the weekend and finish this report that is to be presented on Monday, or you could use the report from the previous month to guestimate this month’s financial report. Yes, you regularly compare financial statements from month to month, but you independently create each report for the month based on the sales, expenses and equity.
You, as the CFO, decide that there is not enough time this week and you have a family event out of town that you have to be at over the weekend. You decide to use last month’s report and just change the dates and estimate the amount of revenues from the month. In the CFO’s mind it will be ok because you have been working there for 10 years and know how the company usually runs month to month. The CEO won’t know and if the next month has a big change, then you will explain the sales for that month.
Is this an ethical things for the CFO of this small company to do just to make the CEO happy?
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