Business Roundtable, a group of chief executives which run companies with a combined worth exceeding $3.5tn (£218bn), condemned the Enron situation as a ‘massive breach of trust’.
But it still maintained that the current practices of corporate governance and corporate responsibility in the US were acceptable.
‘The United States has the best corporate governance, financial reporting, and securities markets systems in the world. These systems work because of the adoption of best practices by public companies within a framework of laws and regulations,’ the BRT claimed.
Furthermore the group said the collapse of Enron was a ‘profound and troubling exception to the overall record of success’ and said the ‘system generally worked well’.
It said care must be taken when proposing new regulations after the failure of Enron to ensure that ‘US public corporations’ ability to compete, create jobs and generate economic growth, are not inhibited.
Mark McMullen joins the private client services team from Smith & Williamson
Merger between Clear & Lane Chartered Accountants and Magma Chartered Accountants was finalised on 3 February
BDO has taken its new partner intake to 23 during the first half of its financial year, including the appointment of five partners in five weeks
The firm reports 7.6% global fee income growth for the year ending 31 December 2016