Resources & Publications

June 2013
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Individual Articles

2012 Salary Survey: Leaning into the Wind
By Lee Schiffel, CGFM; David L. Schroeder; and Kenneth A. Smith
Although far less disruptive than the preceding five years of recession, 2012 brought mixed changes to IMA members. Last year’s survey was the first time the overall average salary decreased from the year before, while this year’s numbers showed the largest single-year gain since before 2007. The gap in compensation between men and women in 2012 remained unchanged from last year, ending incremental improvements over the last three years. Other areas examined in the survey are compensation and certification, degrees earned, supervisory responsibility, location, and organization size.

The 2013 COSO Framework & SOX Compliance
By J. Stephen McNally, CPA
When COSO released an updated version of its internal control framework, it also recommended that companies transition to the 2013 Framework as soon as circumstances allow. The co-lead of the Campbell Soup Company’s original global SOX team explains a five-step process that may help companies navigate the transition. It begins with developing awareness, expertise, and alignment and concludes with the need for—and ways to ensure—continuous improvement going forward, including the appropriate tone at the top, embedded internal controls, embracing technology, and improved reporting and communication.

The Trouble with Ratings
By Ramona Dzinkowski
Credit rating agencies did little to distinguish themselves during the global financial crisis. A Congressional inquiry discovered that the top U.S. rating firms were “key enablers of the financial meltdown,” and international agencies didn’t fare much better. Amid calls for a better system for rating securities, one option being examined involves an SEC board assigning agencies rather than letting issuers make the selection. One incentive for reform includes monetary penalties, and the agencies naturally provide their input to the discussion.


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