Business Services Industry
AUSTRALIA'S CFOS THINK NEW CORPORATE LAWS ARE USELESS: REPORT.
AsiaPulse News, April, 2003
SYDNEY, April 14 Asia Pulse - New corporate governance laws will not guard against corporate failings like that of HIH and One.Tel, a new report of Australian chief financial officers (CFOs) has found.
The Deloitte Consulting report, released today, found that Australian CFOs thought the federal government's Corporations Law Economic Reform Program (CLERP) could not prevent further corporate collapses.
Likewise, New Zealand CFOs believed the legislative changes in the Securities Markets and Institutes Bill would not be sufficient to protect against the demise of New Zealand businesses.
However, the majority of United States CFOs expressed confidence in the ability of the Sarbanes-Oxley reforms to prevent another corporate collapse.
"There...
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