A US law passed in 1977, which prohibits US firms and individuals from paying bribes to foreign officials in light of a business deal.
What is the purpose of Foreign Corrupt Practices Act?
The Foreign Corrupt Practices Act (FCPA), enacted in 1977, generally prohibits the payment of bribes to foreign officials to assist in obtaining or retaining business.
What was the primary purpose of the FCPA quizlet?
The primary purpose of this Act was to prevent the bribery of foreign officials in order to obtain business.
What does the Foreign Corrupt Practices Act have to do with accounting quizlet?
Select auditors through audit committees. The Foreign Corrupt Practices Act of 1977 prohibits bribery of foreign officials. … An entity’s auditor is required to perform a completely separate audit of internal control not related to the audit of the entity’s financial statements in order to achieve objectivity.
What does the Foreign Corrupt Practices Act seek to prevent?
The Foreign Corrupt Practices Act (FCPA, the Act) is a United States law that prohibits U.S. firms and individuals from paying bribes to foreign officials to further business deals.
Who does the US Foreign Corrupt Practices Act apply to?
Who Is Covered by the FCPA? The FCPA applies to two broad categories of persons: those with formal ties to the United States and those who take action in furtherance of a violation while in the United States. U.S. “issuers” and “domestic concerns” must obey the FCPA, even when acting outside the country.
Why was the Foreign Corrupt Practices Act criticized?
Passed in 1977, the Foreign Corrupt Practices Act (FCPA) was a rarity and was roundly criticized as creating an unfair playing field for US companies. … Technically the FCPA applies only to bribes paid (or offered) to foreign government officials to obtain or retain business, or develop an unfair competitive advantage.
Which of the following is a primary objective of tort law?
Overview. The primary aims of tort law are to provide relief to injured parties for harms caused by others, to impose liability on parties responsible for the harm, and to deter others from committing harmful acts.
Which of the following is the making of threats for the purpose of obtaining money or property?
Attempting to obtain money or other valuables by means of a threat is extortion. Extortion occurs when someone attempts to obtain money or property by threatening to commit violence, accuse the victim of a crime, or reveal private or damaging information about the victim.
When ABC International engages in the Uncething practice of concealing business income is it called skimming a true b false?
When ABC International engages in the unethical practice of concealing business income, it is called skimming. The internet has made it easier for people to steal the creations and ideas of others, including literary works, artistic products and music. These creations are collectively known as trademarks.
What does the Foreign Corrupt Practices Act mandate of publicly traded companies?
The FCPA prohibits companies (both publicly traded and private) and individuals from paying or promising to pay foreign officials, directly or indirectly, anything of value with the corrupt intent of obtaining or retaining business; it also mandates internal accounting controls and recordkeeping practices for publicly …
Which is true for the Foreign Corrupt Practices Act?
Which of the following is true of the Foreign Corrupt Practices Act of 1977? It is designed to stop bribery of foreign officials by American citizens. Intermediaries, under the FCPA, are: prohibited from making payments that can go to a foreign official.
What is a reason why the principle of deontology may be difficult to apply quizlet?
Which of the following helps explain why the principle of deontology may be difficult to apply? People disagree about what duties we owe to one another and which duties are more important.
Which of the following best describes an important provision of the US Foreign Corrupt Practices Act?
Which of the following best describes an important provision of the U.S. Foreign Corrupt Practices Act? The internal accounting controls should be examined, and if material weaknesses are found, controls must be strengthened.
What is the purpose of DOJ opinion?
The DOJ Opinion process allows parties to submit information related to “specified, prospective – not hypothetical – conduct” and receive an opinion from the DOJ regarding whether the proposed conduct would be prosecuted under the FCPA.
Which of the following best illustrates the Foreign Corrupt Practices Act?
88) What results when the retail sector is very concentrated? The increased level of competition is one of the reasons organizations should segment the market. The Jade Market in Hong Kong, and the Gold Market and the Spice Market in the Covered Bazaar in Istanbul, Turkey, are examples of specialty stores.