A MAJOR accounting body has welcomed the Government's White Paper proposing changes to company law.
Peter Wyman, president of the Institute of Chartered Accountants in England and Wales, said proposals in the paper would be especially beneficial to smaller firms in the two counties.
The White Paper, published last week, contains the Department of Trade and Industry's proposals for updating company law.
"This new legislation is vital for UK business," said Mr Wyman.
"Existing company law is outdated and needs reform, and the new, lighter-touch regime for smaller companies is particularly welcome."
He said the institute welcomed the Government's plans to "improve transparency and accountability".
"We also support the plans to specify in modern terms the duties of directors, and the proposed criminal sanction for directors who mislead auditors.
"These measures will improve our already robust framework of corporate governance."
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