From the editor.

• Author: Marshall, Jeffrey
• Position: Cooperation between finance departments - Editorial

It would seem logical that cooperation between the finance department and information technology (IT) would be a good thing, given the complexity and importance of company networks and the elusive quest for meaningful returns on investment. But there's still anecdotal evidence of friction in some organizations.

In our cover story, we asked a number of CFOs and CIOs about this tension and about the evolution of the relationship between these key departments. Most played down the differences and talked up the benefits of the two sides being closely aligned; consultant and author James Champy also weighs in on the subject, as does an IT executive from Visa International.

Offshoring remains a source of fierce debate, but as it becomes more institutionalized, there's a growing consensus that it's part of the evolving global fabric of business and economies--and the job security domestic workers once enjoyed will inexorably erode. Managing Editor Ellen Heffes talked to a number of outsourcing experts and concludes that offshoring may enable everyone--including the U.S.--to gain.

Cash flow information should be a routine part of earnings disclosures, but it isn't, says investor relations officer Erik Randerson. While investors and analysts have been demanding it, he writes, companies may be loath to release preliminary numbers that could change between the time of the earnings release and the filing of the quarterly 10-Q.

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Three years after 9/11, freelance writer Larry Quinn looks at the area of business continuity and finds a host of anomalies and inconsistencies in the ways companies approach it. Is it risk management, disaster control or something else? Even the executives who direct this area have a myriad of titles and reporting relationships, he finds--and may lack clout with senior management and the board.

Due diligence prior to a merger isn't complete unless it incorporates electronic methods to search for lurking liabilities...