ACCA is backing a new initiative designed to review the practical steps firms can take to enhance their culture and improve their governance, management of risk and, ultimately, their performance.

The review, called Culture in Practice, will look at organisational culture and how that affects decision making and performance across all sectors and countries and will produce a report about findings in early 2014. It will be undertaken in in collaboration with ESRC and Paradigm Risk, a consulting firm.

Paul Moxey, head of corporate governance at ACCA and joint project lead, said: 'We all know culture is a vital ingredient in a firm's governance and performance. But it is often tricky to identify what that means and what you can actually do, as a board member or executive, to improve the firm's culture. This review aims to address that gap so senior people and ACCA members have guidance to turn to that is both practical, robust and meaningful.'

As part of the project, a review team will hold extensive interviews and roundtables in the UK and internationally to debate the key issues they identify, before reporting early in 2014. They will be supported by an international review panel with representatives - present or former - from a range of academic disciplines including world-renowned scientists, economists and psychologists, as well as leading business-people and members of global think-tanks, regulators, the military, the clergy and the accountancy profession.