The Group Finance Function is responsible for preparing financial reports and supplying timely and accurate financial information to the Board of Directors for the purpose of strategic planning and decision making.
Group Finance is responsible for implementing a strong internal control system over the process for generating financial statements, including the preparation of tax financial results.
In some organisations, Group Finance is responsible for tax financial reporting, while Group Tax is responsible for preparation of tax returns, using separate systems. Where tasks are separated in this way, there needs to be strong internal control over the reconciliation between tax provision and tax return, particularly in relation to deferred tax balances.
Group Finance usually controls the budget for investment in new tax and finance systems.