IPC has announced a pilot study of the OECD due diligence guidance that will run until June 2012. Elm confirmed that this study is an OECD-lead study intended to help the OECD identify important changes to their document.
We recently wrote about views expressed by companies who tried to implement the Guidance earlier with little success. Another post dealt with the inconsistencies between the OECD Guidance and SEC standards for auditors and auditing engagements.
It appears that OECD has capitulated – essentially reverting the status of their “final” standard back to a draft. While that may be good news to some extent, critical questions arise about the uncertainty it creates in the content of SEC’s upcoming final regulations, as well as how the project timing will impact companies seeking to implement a program to meet 2012 or even 2013 reporting.