88% of Senior Financial Executives Believe Positions of CEO and Chairman of the Board Should Be Separate

CHICAGO--(BUSINESS WIRE)--In a national survey of U.S. CFOs and senior comptrollers conducted by Grant Thornton LLP, the U.S. member firm of Grant Thornton International Ltd, the vast majority (88%) believe that the positions of CEO and chairman of the board should be separate and more than half (52%) report that they would like to be CEO of a company one day.

Regarding CEO pay (including total pay and benefits package), the majority (63%) believe that the average CEO is overpaid; however, nearly the same amount (59%) believe that their own CEO is appropriately paid.

Eighty-four percent of CFOs do not believe that it is the auditor’s responsibility to detect any and all fraud and nearly three-quarters (72%) believe it is reasonably possible for a CFO to intentionally and materially misstate a company’s financial statements without being detected in a timely manner by internal or external auditors.

Do you believe that the positions of CEO and chairman of the board should be separate?

		Yes			88%
		No			12%

Would you like to be CEO of a company one day?

		Yes			52%
		No			48%

Considering total pay and benefits package, do you feel the average CEO is:

		Overpaid			63%
		Appropriately paid			34%
		Underpaid			4%

Considering total pay and benefits package, do you feel your CEO is:

		Overpaid			27%
		Appropriately paid			59%
		Underpaid			14%

Should it be the auditor’s responsibility to detect any and all fraud?

		Yes			16%
		No			84%

Do you believe it is reasonably possible for a CFO to intentionally and materially misstate a company’s financial statements without being detected in a timely manner by internal or external auditors?

		Yes			72%
		No			28%

About the Survey

Grant Thornton LLP conducted the biannual national survey from Sept. 21 through Oct. 2, 2009, with 846 U.S. CFOs and senior comptrollers participating. For more information about the survey, please go to www.GrantThornton.com/cfosurvey.

About Grant Thornton LLP

The people in the independent firms of Grant Thornton International Ltd provide personalized attention and the highest quality service to public and private clients in more than 100 countries. Grant Thornton LLP is the U.S. member firm of Grant Thornton International Ltd, one of the six global audit, tax and advisory organizations. Grant Thornton International Ltd and its member firms are not a worldwide partnership, as each member firm is a separate and distinct legal entity.

In the U.S., visit Grant Thornton LLP at www.GrantThornton.com.