Turnover in finance and accounting (F&A) leadership is on the rise. In 2024, CFO turnover among Standard & Poor’s 500 companies hit 17.8%, tying a record high in 2021, according to the Russell Reynolds Global CFO Turnover Index. This trend isn’t limited to large corporations. Closely held businesses are also feeling the pinch, as competition for experienced finance professionals intensifies and the accounting profession faces a well-documented talent shortage.

The departure of a CFO, controller or senior accountant can disrupt daily business operations. It often leaves the remaining staff stretched thin, creates gaps in institutional knowledge, and increases the risk of errors or compliance lapses, especially during time-sensitive reporting cycles.

However, if handled wisely, this disruption can also be a turning point. It gives business owners and managers time to re-evaluate the department, modernize processes and make strategic upgrades. Here are four critical steps to consider after a leadership change in your F&A department.

Redefine the F&A team role

Your business has likely evolved since the previous F&A team leader was hired. Perhaps you’ve taken on debt, expanded into new markets, or needed to meet investor or regulatory reporting requirements. Now’s the time to ask: Does our original job description reflect the company’s current financial reporting needs?

You might need to replace a former bookkeeper-turned-controller with a CPA who has experience managing teams, scaling finance systems and working with external stakeholders. A fresh job description that aligns with your current and future goals helps ensure you hire (or outsource to) someone with the appropriate talent level.

Evaluate past performance

Leadership transitions are a natural opportunity to assess whether your accounting reports are timely, accurate and relevant. Your reports should provide insights to help you feel confident during tax season and when speaking with lenders.

If not, now is the time to improve internal processes, provide additional training for your remaining staff, and explore outsourced accounting and CFO services. An external partner can bring consistency, technical expertise and forward-looking insights, often at a lower cost than a full-time hire.

Assess technology

Outdated or underutilized accounting software can leave your business overly dependent on one person to “make it work.” Modern solutions can automate account reconciliations, track real-time performance metrics and reduce manual entry. Cost-effective upgrades can reduce errors, lower fraud risks and free your F&A staff for higher-value work.

Take stock of your systems. Are you using them effectively? Is it time for an upgrade or additional training on your existing software? If you’re unsure, we can assess your tech stack and help you make the most of your current platform or recommend more suitable options.

Look to the future

As your business grows and evolves, your F&A department needs to keep pace. For instance, if you’re planning a merger, seeking capital or expanding geographically, your F&A team must be equipped to support these moves.

In-house teams often lack the time or capacity to prepare for growth — and they might have outdated or biased ways of approaching change that could benefit from fresh insights. Outsourced CFOs can help by providing strategic support and financial clarity without the cost of a full-time executive. Likewise, streamlining the department’s policies and procedures can help improve performance and position it for the future.

For more information

Losing an F&A team leader is never convenient, but it doesn’t have to be chaotic. Contact us today to keep your finances on track — no matter who’s in charge. We can help you find an F&A professional with the right skills to help your business emerge from the leadership transition stronger, more agile and better prepared for what’s next.

Designing Your Life After Business – Free Download

For many entrepreneurs, building a successful business is a lifelong pursuit—one that defines their identity, purpose, and daily rhythm. But what happens when it’s time to step away? The transition out of business ownership can be jarring if not approached with intention. That’s where the concept of life after business becomes essential.

In Designing Your Life After Business, we highlight a key insight: while financial planning is crucial, personal planning is what gives your post-exit life meaning. Research shows that 75% of business owners regret selling their businesses within the first year—not because they lack financial security, but because they haven’t clearly defined what comes next.

To navigate this transition successfully, the guide presents a “Three-Legged Stool” approach:

1. Personal Plan – Clarify passions, purpose, and what your ideal day looks like after exiting.

2. Financial Plan – Align resources to fund your envisioned lifestyle.

3. Business Plan – Maximize your company’s value before the transition.

The guide includes practical worksheets to help business owners explore their passions, social connections, health and wellness, continued learning, and ways to give back. Whether it’s through travel, mentoring, volunteering, or rediscovering hobbies, life after business is an opportunity to intentionally craft a joyful and meaningful future.

Ultimately, your exit isn’t an end—it’s a pivot point. With thoughtful planning, you can shift from making a living to truly making a life.

In today’s volatile economic climate, organizations face mounting pressures that can increase the risk of fraudulent activities. Auditors play a pivotal role in identifying and mitigating these risks through comprehensive fraud risk assessments and tailored audit procedures.

Fraud triangle

Three elements are generally required for fraud to happen. First, perpetrators must experience some type of pressure that motivates fraud. Motives may be personal or come from within the organization. Second, perpetrators must mentally justify (or rationalize) fraudulent conduct. Third, perpetrators must perceive and exploit opportunities that they believe will allow them to go undetected.

The presence of these three elements doesn’t prove that fraud has been committed — or that an individual will commit fraud. Rather, the so-called “fraud triangle” is designed to help organizations identify risks and understand the importance of eliminating the perceived opportunity to commit fraud.

Economic uncertainty can alter workers’ motivations, opportunities and abilities to rationalize fraudulent behavior. For example, an unethical manager might conceal a company’s deteriorating performance with creative journal entries to avoid loan defaults, maximize a year-end bonus or stay employed.

Fraud vs. errors

Auditing standards require auditors to plan and conduct audits that provide reasonable assurance that the financial statements are free from material misstatement. There are two reasons an organization misstates financial results:

1. Fraud, and
2. Error.

The difference between the two is a matter of intent. The Association of Certified Fraud Examiners (ACFE) defines financial statement fraud as “a scheme in which an employee intentionally causes a misstatement or omission of material information in the organization’s financial reports.” By contrast, human errors are unintentional.

External audits: An effective antifraud control

While auditing standards require auditors to provide reasonable assurance against material misstatement, they don’t act as fraud investigators. An audit’s scope is limited due to sampling techniques, reliance on management-provided information and documentation, and concealed frauds, especially those involving collusion. However, auditors are still responsible for responding appropriately to fraud suspicions and designing audit procedures for fraud risks.

Professional skepticism is applied by auditors who serve as independent watchdogs, assessing whether financial reporting is transparent and compliant with accounting standards. Their oversight may deter management from engaging in fraudulent behavior and help promote a culture of accountability and transparency.

Auditors also perform a fraud risk assessment, which includes management interviews, analytical procedures and brainstorming sessions to identify fraud scenarios. Then, they tailor audit procedures to focus on high-risk areas, such as revenue recognition and accounting estimates, to help uncover inconsistencies and anomalies. Fraud risk assessments can affect the nature, timing and scope of audit procedures during fieldwork. Auditors must communicate identified fraud risks and any instances of fraud to those charged with governance, such as management and the audit committee.

Additionally, auditors examine and test internal controls over financial reporting. Weak controls are documented and reported, enabling management to strengthen defenses against fraud.

To catch a thief

External auditors serve as a critical line of defense against corporate fraud. If you suspect employee theft or financial misstatement, contact us to assess your company’s risk profile and determine whether fraud losses have been incurred. We can also help you implement strong controls to prevent fraud from happening in the future and minimize potential fraud losses.