Accountants have blasted proposals from the Federal Government's corporate law panel to extend the net for corporate liability and take in middle managers and possibly outside parties such as lawyers and bean counters.
The National Institute of Accountants (NIA) is lobbying Treasury to reject the recommendations, which it claims would impose a draconian US Sarbanes-Oxley type of corporate governance regime on Australian companies.
The Sarbanes-Oxley law, which was passed in the wake of the Enron and WorldCom scandals, is the most sweeping overhaul of US corporate governance, and infuses almost every area of running public companies.
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