Hiring guide
Your proposed CFO is replaced: assess the substitute
By CFO Index · Published
You chose a delivery lead, but the provider now proposes someone else. The firm may remain the same while knowledge, capacity and decision authority change. Assess the substitute against the live mandate rather than accepting a comparable job title. This is an original continuity checklist, not a contractual right to approve or reject every staffing change.
Start from the current mandate, not the sales biography
List the next two operating cycles, decisions in progress, required specialist knowledge and responsibilities personally assigned to the departing CFO. Identify which outputs depend on their review or signature and which are already owned by your internal team. Save the accepted scope and changes. Distinguish a temporary holiday cover arrangement from a permanent replacement; they require different transition boundaries. Ask the provider to explain the proposed change and the date on which responsibility would transfer.
Compare named people against the same work
Ask to meet the actual substitute. Use anonymised relevant examples, a permitted reference where appropriate and a walk-through of your own approved test materials. Do not request confidential documents from another client. Confirm who prepares, reviews and presents each output, what time is reserved and which expertise comes from someone else. ICAEW practice guidance stresses adequate resources and technical competence for its firms; this checklist applies that question operationally without implying that every CFO worldwide is subject to ICAEW rules.
Make the substitute demonstrate continuity
Use a controlled copy or authorised read-only view of the current model. Ask the replacement to explain its opening balance, key assumptions, last approved version and unresolved decisions. A correct total without the ability to explain the method is not a completed handover. Check whether the next meeting can proceed if the departing lead is unavailable. The test is about maintaining your agreed work, not obtaining a free consulting project or guaranteeing future results.
| Requirement | Evidence | If missing |
|---|---|---|
| Current forecast | Reproduce one driver and reconcile opening cash | Require a documented walkthrough |
| Upcoming deadline | Named reviewer and confirmed delivery window | Escalate the uncovered deadline |
| Specialist boundary | Named adviser and agreed handoff | Keep the affected work unconfirmed |
| Open decision | Explain options, authority and next evidence | Retain the original decision owner |
| Access and files | Approved role-based access and current controlled files | Do not share the departing person's credentials |
Expose a deadline gap with a short scenario
Hypothetical case: the management pack is due Thursday, the original lead leaves Tuesday and the replacement can only start Friday. A strong CV does not close the two-day gap. Require a named qualified reviewer for Thursday, agree a realistic revised deadline with the sponsor or retain approved overlap if available. Do not assume an analyst can exercise the CFO's review authority. Record who tells the board or lender about any revised timing; the provider's staffing email is not itself approval to miss an external deadline.
Agree the transfer boundary and costs in writing
Specify the final task owned by the departing lead, the first task owned by the substitute, overlap sessions, transition deliverables and any proposed charge. Check the actual agreement's staffing and substitution provisions with the contract owner. If the work itself changes, agree the scope change separately. Do not silently accept fewer senior review hours as an equivalent service. State what happens if the continuity test fails and who has authority to choose a temporary remedy or assess alternatives.
Transfer permissions without inheriting someone else's identity
Have the authorised administrator provision the replacement's own account with the access needed for the accepted role. Preserve required records under company policy and coordinate removal of old access at the agreed handover boundary. Do not send passwords or reuse a former user's login to save time. The delivery sponsor should verify that controlled files and outstanding decisions remain accessible to the company. Specialist signing or statutory responsibilities need separate professional confirmation; a provider's replacement notice does not transfer them automatically.
Make acceptance conditional and time-bound where necessary
Finish with accepted, accepted subject to named conditions, or not yet accepted. For each condition record an owner, evidence and review date. Review the first completed cycle against the agreed outputs rather than declaring success after an introduction call. Apply the same method to a firm or an independent CFO using associates, including John Galt Finance. This complements initial provider selection: it tests whether a different named person can continue an existing mandate without losing its next decision or deadline.