STILL TRYING TO SOLIDIFY FCPA COMPLIANCE? NOW YOU HAVE THE U.K. BRIBERY ACT TO WORRY ABOUT

Companies doing any business internationally face risks due to bribery and corruption. Enforcement issues related to the Foreign Corrupt Practices Act (FCPA) have arisen in recent years as the Securities and Exchange Commission (SEC) and Department of Justice (DOJ) have shown heightened interest in...

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Bibliographic Details
Published in:Internal Auditing 2011-09, Vol.26 (5), p.3
Main Authors: Ivancevich, Susan H, Ivancevich, Daniel M, Grawey, Charles
Format: Article
Language:English
Subjects:
Bribery
Compliance
Corruption
Employees
Enforcement
Fines & penalties
Foreign Corrupt Practices Act 1977-US
Guidelines
Internal auditing
Internal auditors
Legislation
Principles
Provisions
Stock exchanges
Violations
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Summary:Companies doing any business internationally face risks due to bribery and corruption. Enforcement issues related to the Foreign Corrupt Practices Act (FCPA) have arisen in recent years as the Securities and Exchange Commission (SEC) and Department of Justice (DOJ) have shown heightened interest in FCPA compliance and anti-corruption measures. This increased interest has begun to make internal auditors and those entrusted with corporate leadership and governance take notice, and many companies are still scrambling to make sure their FCPA anti-corruption programs are sound. While understanding the FCPA is critically important, companies may still find themselves with significant risk exposure in the area of anti-bribery and anti-corruption if they do not carefully evaluate anti-bribery and anti-corruption practices with a global mindset. While the FCPA provisions and penalties may seem daunting, companies that conduct business in the UK will soon be subject to the provisions of the UKBA, which is widely hailed as the most stringent anti-bribery legislation in the world.
ISSN:0897-0378