Fed: Expert says govt could improve audit standards now
A corporate law expert says the government could improve audit performance now withoutwaiting for the HIH Royal Commission to report in six months.
Treasurer PETER COSTELLO says he will hold off changes to audit standards until royalcommissioner Justice NEVILLE OWEN has handed down his report in February next year.
Mr COSTELLO has told parliament he won't move in advance of the findings of the royalcommission into HIH Insurance's collapse, because the reason for a royal commission isto get findings and recommendations.
But Melbourne University professor IAN RAMSAY -- who was asked to report to the governmenton ways to improve audit standards -- says the commission is only examining one incident.
Professor RAMSAY says his report to government last October proposed more universalremedies, including changes to accounting standards, and these could be acted on immediately.
AAP RTV jph/daw/wjf/rp
KEYWORD: GOVERNANCE (CANBERRA)
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