Features

When SOX Meets Lean
Fred Garbinski
Take back SOX implementation from the auditors and integrate it into Lean Accounting, says this author of Lean Accounting and Performance Measurement: the Relentless Pursuit of Perfection, soon to be released by John Wiley & Sons. He recommends that SOX requirements be integrated into Lean Accounting before “SOX sucks the life out of Lean.”

Make Risk Management and Internal Control Work for You
R Malcolm Schwartz, CMA, CMC
Small companies can establish risk management and control procedures that will make their operations more productive and sound, whether or not SOX requirements are mandated in the future. One of the principal authors of COSO’s Internal Control—Integrated Framework presents a template that can be used to implement COSO-like controls—but at a far lower cost than what corporations have incurred in meeting SOX standards.

Second-Wave Benefits of XBRL
Brian L. McGuire, CMA, CPA; Scott J. Okesson; and Liv A. Watson
Implementation is slow and rocky, but eXtensible Business Reporting Language (XBRL) is coming and will revolutionize accounting and auditing. After the adoption of XBRL as standard format (the first wave), the second wave may see growth in outsourced accounting, consolidation of subsidiaries, automated corporate tax filing, and continuous auditing/assurance, among other benefits.

What’s Your Main Technology Concern?
William M. Baker, CMA
Thanks to technology, management accountants have more and better tools than ever before. The flip side to these benefits, however, includes all the new risks that can subject the corporation to major damage—including spyware—as the result of technological advances. A survey commissioned by the American Institute of CPAs came up with the top 10 technological concerns of accountants today.

Columns

PERSPECTIVES
Imagining the future…

STRATEGIC MANAGEMENT
Making intangibles tangible.

BEST PRACTICES
Yes, Oscar, there is magic.

CAREERS
How small slights can cause big damage to morale.

TAXES
Taxing the income of children.

ETHICS
IFAC committee proposes guidance for achieving ethical behavior.

IMA
Nevada’s new controller.

XBRL
XBRL is to XML as lemonade is to lemons.

Departments

STREETWISE
Resolving your “back burner” business issues
IMA publishes draft SMA
SEC set to issue new 404 guidance
Books: Effective leadership.

TOOLS OF THE TRADE
Empty the cigar box.

TECH FORUM
The music genome project.

END NOTE
Elegant thinking.