Business Glossary

chief accounting executive of an organization. The controller is in charge of the Accounting Department. The principal functions of the controller are: (1) planning for control; (2) financial reporting and interpreting; (3) tax administration; (4) management audits and development of accounting systems; (5) internal audits.

In contrast with the controller, the treasurer is concerned mainly with financial problems including planning the finances, managing working capital, formulating credit policy, and managing the investment portfolio. In a large firm, both the controller and treasurer report to Vice-President-Finance.