The finance function is a strategic one because it helps drive organizations to higher levels of performance by delivering information that enables key strategic decisions to be made. In addition to strategic planning, a well-run finance department supports sound financial management, organizational performance reporting, treasury-related activities and financial reporting (and numerous other activities). It tells you how many dollars are coming and going and where they’re coming from and going to. Without that information, people are driving blindfolded, and the organization will have a difficult time building and then sustaining long-term value.
Because of finance’s expanding role, internal audits of the finance function should not be focused strictly on financial reporting.