Can someone tell me how to check and balance a financial controller in a company?

Question

We hired a new financial controller in the company. He is a power hunger individual trying to put his nose into everything in the company. However, his honesty, integrity, and motive is questionable. Which department or position can better monitor himr?
We are a privately owned company with 10 different branch offices. Our CEO is stationed in another country.

Answer 1

The Corporate Controller should be reporting to the CFO. The CFO is responsible for keeping the controller in check. However, remember that it is the controller's job to have his nose in every department. He's the one responsible for the SEC submissions, your financial statutes, etc. It's a huge job with a lot of responsibility.

I'm the executive assistant to our corporate controller.

FP

Answer 2

The person writing the checks does not sing them.
The person receiving income can deposit and balance the bank statement, but should not post to the receivables. Never - never - never give anyone total control. There was a controller in our town that was using the employees pension plan to finance his brother-in-law's construction firm at very favorable interest rates. No one looked closely because there was no name connection. Embezzlers may enter a check under the name of a suppler but write it to themselves. Phone transfers with no paper trail. Check with an accountant on how to implement some safety measures that would apply to your specific way of doing business.

Answer 3

Usually FC's have their own way since they have a huge job to do. Then if you insist one should go by the basic Accountin norms of separation of duty, authorization etc; methods implemented through the CFO. Then this can demoralize the person since he has to do everything including the dirtiest part of cost control without hurting performance.