Canada’s business leaders express a lack of confidence in the accuracy of Nortel’s revised financial statements and suggest Nortel’s loss of credibility may hinder the firm’s ability to regain investor confidence over the next year.

According to business leaders, Sarbanes Oxley or similar legislation likely would have prevented this accounting scandal from occurring. Further, respondents feel strongly that Nortel’s Board of Directors should be held accountable for the dissemination of inaccurate financial statements.

These are the key findings of the weekly on-line survey of CEOs and business leaders for publication in the National Post under the sponsorship of BDO Dunwoody LLP and the Canadian Chamber of Commerce.

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