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CFO/treasurer dual role: treasury, financial reporting, and audit outcomes

John L. Abernathy et al.

Managerial Auditing Journal2026https://doi.org/10.1108/maj-04-2024-4294article
AJG 2ABDC A
Weight
0.50

Abstract

Purpose This study aims to illustrate how two important theoretical constructs, upper echelons theory and cognitive resource theory, can be applied to the presence of a prominent chief financial officer (CFO)/treasurer dual role (i.e. when a CFO also holds a treasurer title simultaneously) and relevant treasury, financial reporting and audit outcomes. Design/methodology/approach Using a sample of 4,899 firms from 2004 through 2019, the authors examine whether the presence of a CFO/treasurer dual role is associated with financial reporting quality, audit pricing, operating efficiency, the likelihood of receiving a going concern opinion, the frequency of management-issued earnings per share (EPS) guidance, cash flow management and investment efficiency. Findings The authors find that firms with a CFO/treasurer dual role, when compared to non-CFO/treasurer firms with (or without) a separate treasurer, have beneficial outcomes related to audit pricing and going concern opinions. CFO/Treasurer firms issue less frequent EPS guidance, have lower operating cash flow volatility and invest efficiently (i.e. do not under- or over-invest) when compared to non-CFO/treasurer firms with a separate treasurer. The authors document only limited evidence of higher financial reporting quality for CFO/treasurer firms compared to non-CFO/treasurer firms with (or without) a separate treasurer. Originality/value The results are consistent with the notion that firms with CFO/treasurers experience incremental benefits in relevant firm outcomes.

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https://doi.org/https://doi.org/10.1108/maj-04-2024-4294

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@article{john2026,
  title        = {{CFO/treasurer dual role: treasury, financial reporting, and audit outcomes}},
  author       = {John L. Abernathy et al.},
  journal      = {Managerial Auditing Journal},
  year         = {2026},
  doi          = {https://doi.org/https://doi.org/10.1108/maj-04-2024-4294},
}

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Evidence weight

0.50

Balanced mode · F 0.40 / M 0.15 / V 0.05 / R 0.40

F · citation impact0.50 × 0.4 = 0.20
M · momentum0.50 × 0.15 = 0.07
V · venue signal0.50 × 0.05 = 0.03
R · text relevance †0.50 × 0.4 = 0.20

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