Canberra water provider ACTEW is considering a name change, so the organisation can be more easily distinguished from ActewAGL.
A full structural review by Price Waterhouse Coopers has suggested changing the branding of ACTEW, to distinguish between the utility providers.
The review has also recommended changes for the organisation's financial reporting.
The ACT Government called for the review in December, before it was revealed the managing director Mark Sullivan's salary was under reported by almost $235,000 in an annual report.
Overall the review found ACTEW's structure was in line with the governance processes in similar organisations.
Acting chairman Michael Easson says the board is looking seriously at the name change idea.
"We're evaluating whether the name ACTEW water ought to be continued," he said.
"We're thinking of consulting with our shareholders and customers, the people of Canberra on whether we should change the name to ACT water, to Capital water."
Shadow Treasurer Brendan Smyth says the review has highlighted 40 areas of improvement.
"It's now time that we have an all up inquiry into ACTEW," he said.
"We've now got three inquiries or reports running.
"What we need is one that brings it all together and the only person that can do that is the Auditor-General."
But Chief Minister Katy Gallagher says she is happy with the report findings.
"I don't think that I've ever read a audit that didn't come out with suggestions for improvement," she said.
"I did meet with Price Waterhouse Coopers during the audit process.
"I was reassured from what they said, that from their point of view the governance processes were very good."