February 2003
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High Quality Financial Reporting: The Six-Legged Stool
By Zabihollah Rezaee, CMA, CPA
To prevent future corporate accounting scandals such as those at Enron and WorldCom, business executives must establish a solid foundation for corporate governance. A six-legged stool illustrates the recommended framework with the board of directors, audit committee, top management team, internal auditors, external auditors, and governing bodies supporting the structure.
New Laws, New Challenges: Implications Of Sarbanes-Oxley
By Andrew J. Felo, CMA, CFM, and Steven A. Solieri, CMA, CPA
In response to the question driven by the accounting scandals, “Where were the auditors?”, Congress passed the Sarbanes-Oxley Act of 2002. Its creation of an oversight board and wide-ranging rules will have an enormous impact on both audit firms and the companies they audit. Financial managers should be aware of the new rules of the game to avoid the stringent penalties.
IMA Responds To The SEC
By Margaret Butler, CMA, CPA
One of the most controversial pieces of the Sarbanes-Oxley Act is the proposed definition of a financial expert. IMA responded to the Securities & Exchange Commission, requesting that the definition be expanded.
Strategies For Cutting Costs: Turning Procurement Into A Virtuous Cycle
By Paul Ter Weeme
After going through a round of downsizing, some companies are looking at further opportunities to cut costs as they wait for the economy to turn around. Procurement is one area that has major potential for increased savings when financial managers assiduously manage vendors and vendor contracts using the latest software technology and benchmarking techniques.
Business Valuation Made Simple: It's All About Cash
By David S. Harrison, CMA, CPA
Cash is king, so why wouldn’t you use cash flows to value a business? This part-time consultant describes how it’s often easier and more realistic to value acquisitions focusing on cash rather than appraisals, net worth statements, or piecemeal appraisals of major assets.
PERSPECTIVES
The IMA -- Your partner for life.
ANNUAL REPORT
Value and opportunities for members.
STRATEGIC MANAGEMENT
Real-options valuations: Taking out the rocket science.
CAREERS
Building an effective mentoring program.
BEST PRACTICES
Never shout "fire" in a crowded theater.
TAXES
Individual tax update - Part 2.
STREETWISE
SEC expands financial expert definition
FASB releases SFAS No. 148
Will new law result in more whistle blowing?
Companies not excited about prospective internal controls report
Books: Improving business performance
TOOLS OF THE TRADE
The new tablet PCs break free of the desk.
TECH FORUM
Revoultionary? Not really.
STRATEGIC FINANCE QUIZ
Successfully answer 70% or more of the questions based on selected articles from this month’s issue and you will earn three CPE credits.
END NOTE
Cleaning Up in 2003.
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