Features

Strategic Risk Management: Creating and Protecting Value
Mark S. Beasley, CPA, and Mark L. Frigo, CMA, CPA
Rapid technology changes, the explosion of globalization and outsourcing, sophisticated business transactions, and increased competition—all have multiplied the strategic risk factors of corporations. That’s why CEOs and CFOs must think and plan in terms of enterprise-wide risk management and link risk and corporate strategy to protect and create shareholder value.

How Do Your Measurements Stack Up to Lean?
Frances Kennedy; Lisa Owens-Jackson, CPA; Laurie Burney; and Michael Schoon, CPA
A company may think it is a lean organization but find it is using the wrong measurements. The authors describe three key dimensions of good lean measurement and offer a tool to help management evaluate current performance measures from a lean viewpoint. After going through the process, managers at Reliance Electric realized that, for them, safety, quality, and customer service were primary metrics.

What Will the Changes Bring?
Ramona Dzinkowski
The Public Company Accounting Oversight Board (PCAOB) is considering sweeping changes to an auditing standard that may have considerable impact on the way companies report on their internal controls. In an exclusive interview, Laura Phillips, deputy chief PCAOB auditor, suggests that the changes are designed to help company accountants understand the requirements better and reduce some of the costs of compliance.

Surviving Three SOX Opinions
Wil Crawford; Bonnie K. Klamm, CPA; and Marcia Weidenmier Watson, CPA
Small firms will have to comply with Section 404 of the Sarbanes-Oxley Act of 2002 by December 15, 2007. To assist them in this task, this article provides an overview of the three required audit opinions and analyzes deficiencies reported by accelerated filers. This information should help small company managers plan their SOX compliance regimen effectively and successfully.

Columns

PERSPECTIVES
Staying current.

IMA
Frederick E. Schea named IMA chair-elect.

STRATEGIC MANAGEMENT
Evaluating general managers' performances.

TAXES
SOX and APAs: A look at their compatibility.

ETHICS
Ethics issues still dog pharmaceutical industry.

XBRL
Wholesale change in wholesale electronic standards.

Departments

STREETWISE
Lawrence W. Smith named to FASB
More than a new job
Effort begins in Congress to change SOX
Letters
Books: Effective negotiating.

TOOLS OF THE TRADE
Mail and e-mail.

TECH FORUM
Bad neighborhoods.

END NOTE
A phoenix in midtown.