UK - Auditors are to be consulted before the NAPF changes its corporate governance guidelines.
A sub-committee of the NAPF’s investment council was to meet to discuss whether to change the document 'Towards Better Corporate Governance' in light of Andersen’s role in the Enron collapse.
But the investment council has decided that this needs to be looked at in more detail before changes can be made.
An NAPF spokesman said: “What this means is that we will get some of the audit profession representatives in here for discussions and to sound them out on it.”
The NAPF believes the consultation process is likely to take a couple of months. But the NAPF intends to have a revised version of the guidelines available in September.
The revised version will also include any other amendments to the rest of its corporate governance guidelines that it feels necessary.
These developments have coincided with the news that talks between Andersen and KPMG for a global merger outside of Andersen’s US operations have collapsed.
It is mooted that operations may still be merged in individual countries making the future of Andersen’s UK operations uncertain.
PIRC has already called for changes to the way auditors are appointed. It points out that any potential merger with Andersen could lead to decreased competition in the UK.
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