UK company law reform follows in Sarbanes-Oxley footsteps
‘Not as tough as Sarbanes-Oxley' but 'a step in that direction’ is the overriding message on UK company law in Deloitte's latest Corporate Governance Update.
Reacting to the recent publication of the Company Law Reform White Paper, Deloitte's update warns of tougher penalties for accounting offences and liability for legislation breaches extending beyond directors and company secretaries.
Deloitte audit partner Martyn Jones said: 'The Government has taken a lead from the US in deterring corporate misconduct although the measures outlined in the White Paper are not as severe as Sarbanes-Oxley legislation.
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