Many taxpayers are not familiar with what a comptroller is an what a comptroller does on a daily basis. As a government official in charge of the finances of a state or a public agency, it is important to take a look at what comptrollers do so that you can take elections seriously when you select a person to hold the title. Comptrollers are financial managers who hold large responsibilities in a government agency’s accounting department. Not only will a comptroller oversee staff members within this department, they will also be the one with a broad knowledge of financial operations in the public sector when advice is needed for financial decisions. Read on, and learn more about the daily responsibilities of the comptroller.
The Comptroller Oversees All Aspects of Accounting
As a financial manager, you can expect a comptroller to have management responsibilities. There is a large team of accountants that work in government agencies and the comptroller is the public official who oversees all of these employees. They will oversee the preparation of all public financial statements to ensure that they are accurate for stockholders and taxpayers. They will also review income statements, balance sheets, expense projections, and budgets to assess whether or not projections were accurate.
All of the financial statements are reviewed by the comptroller to ensure that the financial details of the agency meet legal and internal requirements. A comptroller must be familiar with International Financial Reporting Standards, Government Auditing Standards, and GAAP that are taught in school. This is why it is very important for comptrollers to have experience in public sector accounting and auditing before being granted this role.
Helping the Agency Long-Term
In addition to overseeing staff members in the process of creating reports and analyzing these reports, a comptroller will also use their broad financial knowledge to help the agency reduce costs so that the agency can use taxpayer’s money wisely. They may make recommendations on investment decisions and opportunities that may present too much risk. The goal of the comptroller is to collect taxes, manage the money that comes in, and then help plan to spend this money on city or state projects wisely. A comptroller has Chief Financial Officer level duties when it comes to risk management and making a very risky financial move will ultimately be on the comptroller and no other person in finance.
What Does it Take to Become a Comptroller?
If you would like to become a comptroller, you will have to climb up the ladder. It is best to work in a public sector once you earn a Bachelor’s degree in Finance or Accounting. Working in the private sector will also be acceptable but public sector experience is desired. According to Investopedia, in addition to a degree, you should also become a CPA or a Certified Management Accountant so that you can show that you know the standards. Most comptrollers have at least 15 years of experience in the field.
Related Resource: MBA in Quantitative Finance
If you want to pursue a career in finance and you want to hold the responsibilities that a comptroller holds, it is time to get to work. Earn your degree, sit for the CPA or CMA exam, and then you can start gaining experience. Remember what a comptroller does, and take the appropriate classes and positions to develop your skills.
