KUALA LUMPUR, March 27 (Bernama) -- The Association of Chartered Certified Accountants (ACCA) today launched a detailed consultation to examine whether the existing corporate governance and risk management arrangements are fit for purpose.

ACCA said in its paper, 'Creating Value through Governance - Towards a new Accountability,' it found there was little consensus about what corporate governance was for, making it difficult to assess whether it was doing a good job.

"The paper suggests the purpose of corporate governance should be to ensure the companies create sustainable value and that governance practices should be evaluated on how well they achieve this purpose.

"It also advises that value should be considered in a wider sense than simply profit, and should consider societal and environmental values as well as economic value," it said in a statement here Thursday.

ACCA's head of corporate governance and risk, Paul Moxey, said the conceptual framework, based on performing, informing and holding to acccount, could help to achieve this much-needed value.

"We also need to address the culture and incentives that drive corporate behaviour, issues which have not been addressed fully," he said.

ACCA is the global body for professional accountants with 162,000 members and 428,000 students in 173 countries worldwide.

-- BERNAMA