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News < Back Sarbanes Oxley : Auditing : Thought Leader Sarbanes Oxley Requirements Are Hurting U.S. Global Competitiveness
He indicated the need to simplify government regulations and refocus the accounting profession on the business of doing business. Sharman broke away from the IMA conference being held this week in Boston to address reporters and discuss IMA?s position on the future of the accounting profession. ?The Sarbanes-Oxley legislation was intended to protect the interests of shareholders and it has merit,? Sharman said, ?but now, three years later, the overly burdensome and complex requirements are impeding business performance. Companies have been forced to spend money - more than $32 billion of what would have been shareholder income - on costly procedures to satisfy regulatory requirements.? The alternative, and one supported by the SEC, is to build sustainable quality inside organizations by designing, implementing and managing proper internal controls, according to Sharman. ?U.S. businesses today need accountants who solve business problems not just report them,? he said. In the U.S. today, 5.4 million people work in accounting and finance positions and more than 85 percent of those financial professionals work within organizations rather than in public accounting. Management accounting, a term used to describe the part of the accounting profession focused on driving business performance, adds value to U.S. productivity rather than simply reporting financial results. ?The IMA is the primary organization in the U.S. representing management accountants and finance professionals inside organizations,? Sharman noted. ?Companies hiring professional accountants appropriately trained to drive operations are seeking Certified Management Accountants (CMA). The CMA is quickly becoming the global standard of the accounting profession. CMAs are professionally trained in leadership, ethics, decision support, planning and control.? Sharman announced IMA?s new partnership with Horvath & Partners, a leading international management consulting firm for performance management based in Germany. The partnership will expand the benchmarking data collected from EU companies? finance, management accounting and controlling efforts to help U.S. business compare financial processes against best practices from around the globe. ?Germany has the most sophisticated management accounting community in the world,? Sharman said, ?and our partnership will allow us to bring innovative business solutions to U.S. industry.? 
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