News Article - 31 August 2006
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A rethink of the business reporting model is required because too many companies are "poor performers", according to the chairman of PricewaterhouseCoopers (PwC).

Ian Powell, speaking at the firm's annual Building Public Trust Awards on Monday, said that many companies had learned from the mistakes of Enron and Worldcom and the best corporate reporters were "truly impressive".

However, because so many firms fail in their business reporting, it is an "Achilles heel for the corporate world", meaning change may be necessary.

"We need to challenge ourselves to ask whether the reporting model really helps to provide an understanding of the business model, the key risks and the culture and values of the organisation," said Mr Powell.

Far from being a hindrance, he believes it may result in a company becoming a stronger business.

"It could be a competitive advantage in the aftermath of recent events to be the most transparent and straightforward reporter in your industry - it will also help to build and rebuild trust."

Mr Powell also talked about regulation and responsibility at the event.

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