The December edition of The CPA Journal has an interesting piece by former General Motors general auditor Eugene H. Flegm on the accounting profession at the crossroads.

Flegm says some hard decisions will have to be made, and that Sarbanes-Oxley needs toughening up.

SOX needs to be amended, he says, so that significant technical disputes between accountants can be brought up for legal review. Not a bad idea because it could in effect provide auditors with a process for resolving disputes with a client and give them the accounting equivalent of a heat shield. Companies should also be required, by law, to establish procedures to protect whistleblowers. He wants more attention placed on establishing truly independent compensation committees and says the Securities and Exchange Commission should take responsibility for accounting standards. We all know what that means: goodbye Financial Accounting Standards Board!!!

Can't see any of that happening tomorrow, but it's food for thought. Particularly with a profession has a long way to go to restoring trust.