The
Government has unveiled new legislation to improve corporate conduct and
protect Britain from further Enron-style business scandals.
The
Companies (Audit, Investigations and Community Enterprise) Bill tightens the
independent regulation of the audit profession and strengthens the enforcement
of company accounting.
It
gives auditors greater powers to get the information and increases company
investigators’ powers to uncover misconduct.
DTI
Minister Jacqui Smith said: "We want the UK to have the best system of
corporate governance in the world – the aim [of this bill] is to raise
corporate performance across the board and beyond."
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