CIOs are increasingly losing control of major IT spending to their chief financial officers, according to a survey.

The survey, conducted by Gartner and the Financial Executives Research Foundation (FERF), shows that only 5% of CIOs have sole responsibility for authorising IT investments.

According to the study, the influence of the finance department in IT is growing, with CFOs authorising 26% of all IT investments.

The Gartner/FERF technology study, conducted between October 2010 and January 2011, included 344 respondents qualified in providing a perspective on technology deployment within the organisation. A total of 66% of the respondents were CFOs, 9% were business unit CFOs, and 95% could be considered senior financial executives.

The survey also showed that 42% of IT heads report directly to the CFO, while 33% report to the CEO.

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