Peter Wyman, the ICAEW president, said: ‘This new legislation is vitally important to UK business.’ He called existing company law ‘outdated’ and in need of reform.
The institute had played an ‘active’ role in the review since it began in 1998.
Wyman said the ICAEW welcomed the government’s support for a mandatory Operating and Financial Review.
He added: ‘We also support the government’s plans to specify in modern terms the duties of directors and specifically the proposed new criminal sanction for directors who mislead auditors.
‘These measures will further improve our already robust framework of corporate governance.’
Details of the White Paper were revealed today by trade minister Melanie Johnson. The full report can be read at www.dti.gov.uk/companiesbill.
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