The CFO plays a crucial role in ensuring compliance with financial reporting standards and regulations. Here are some specific responsibilities:

1. Understanding Regulations: The CFO should possess a thorough understanding of applicable financial reporting standards and regulations, be it the Generally Accepted Accounting Principles (GAAP), International Financial Reporting Standards (IFRS), or any other relevant regional standards. This includes staying abreast of updates and changes in these standards.
2. Setting Policies and Procedures: The CFO is responsible for developing and implementing internal controls, policies, and procedures to ensure compliance. This might involve setting up systematic checks and balances, delineating clear roles and responsibilities, and implementing robust systems for data management and record-keeping.
3. Monitoring Compliance: Regular audits and reviews should be conducted to verify that the company is complying with financial reporting standards. The CFO must ensure any discrepancies or non-compliance issues are identified promptly and rectified.
4. Training and Guidance: The CFO should provide training and guidance to the finance team on compliance matters. This ensures everyone involved in the financial reporting process understands their responsibilities and the implications of non-compliance.
5. Liaising with Auditors and Regulators: The CFO typically liaises with external auditors during audits and communicates with regulatory bodies as needed. They must ensure that all necessary documentation and information is provided during audits and inquiries.
6. Reporting to the Board: The CFO should regularly report to the board of directors on the company's financial status, including its compliance with financial reporting standards. They should flag any potential issues and propose action plans.
7. Promoting a Compliance Culture: Perhaps most importantly, the CFO plays a key role in promoting a culture of compliance and integrity within the organization. This involves fostering an environment where adherence to financial standards and regulations is valued and considered a part of the company's success.

In sum, the CFO's role in ensuring compliance with financial reporting standards is multifaceted, involving strategic planning, oversight, communication, and a commitment to fostering a culture of compliance and integrity.