London, 13 March 2019 – ICSA: The Governance Institute is supportive of the new requirement for company audit committees to review and report on payment practices in their annual report and accounts as it believes this will help to tackle the problem of late payment of invoices, which can be hugely detrimental to small businesses.
Commenting on the new measure, which was announced in Chancellor Phillip Hammond’s Spring Statement earlier today, Peter Swabey, Policy and Research Director at ICSA: The Governance Institute said: “We will be interested to see the full details of this measure when announced by the business secretary as this is an important extension to the existing reporting obligation. It will increase the focus on payment practices and, particularly, performance at board level.”
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