Bribery and CorruptionNavigating the Global Risks
Wiley Corporate F&A, Band 568 1. Aufl.
As businesses continue to expand globally into new and emerging markets, bribery and corruption risks have increased exponentially. Bribery and Corruption offers a comprehensive look at this growing problem, and at the Foreign Corrupt Practices Act (FCPA) and other international anti-bribery and corruption conventions. Presenting hypothetical examples of situations companies will face, along with practical solutions, the book offers detailed global guidance on a region and country-specific basis. The FCPA prohibits US companies and their subsidiaries from bribing foreign officials, either directly or indirectly through intermediaries, for the purpose of obtaining or retaining business. It also requires companies to keep accurate records of all business transactions and maintain an effective system of internal accounting controls. Internationally, the Organization of Economic Cooperation and Development's (OECD's) anti-bribery convention has been adopted by 38 countries and creates legally binding standards related to bribery of foreign public officials. Written by renowned accounting fraud experts Richard A. Sibery and Brian P. Loughman, and providing an introduction and overview of the Foreign Corrupt Practices Act (FCPA) and international bribery laws, Bribery and Corruption considers: How to conduct FCPA risk assessments and investigations How to consider FCPA specific financial controls How to implement an FCPA compliance program and how to measure FCPA compliance The risk of bribery and corruption continues to be an area of concern for companies around the world, but armed with Bribery and Corruption, it is easier than ever to understand the challenges that exist and how to deal with them.
Foreword xi Preface xiii Chapter 1: Introduction 1 Enforcement Trends 4 Anti-Corruption Compliance Programs 6 Remember the Purpose 6 Notes 7 Chapter 2: Overview of FCPA 9 Legislative History 11 Overview and Key FCPA Statutory Elements 12 Ancillary Statutes 22 Summary 25 Notes 25 Chapter 3: The U.K. Bribery Act and International Bribery and Corruption Initiatives 29 U.K. Bribery Act of 2010 30 Global Anti-Corruption Initiatives 34 Summary 42 Notes 43 Chapter 4: Compliance Programs 47 Goals of an Effective Anti-Corruption Compliance Program 48 Accepted Standards and Guidance 48 What Should an Anti-Corruption Program Include? 64 Summary 72 Notes 73 Chapter 5: Policies and Procedures 75 Bribery, Corruption, and Fraud Prevention Policies 76 Communication and Training 80 Internal Financial Controls 86 Summary 111 Notes 111 Chapter 6: Risk Assessments 113 Scoping the Risk Assessment 117 Conducting the Risk Assessment 120 Gap Analysis 125 Reporting 126 Documenting the Risk Assessment 127 Summary 127 Notes 127 Chapter 7: Monitoring 129 Building an Anti-Corruption Monitoring Program 130 Conducting the Anti-Corruption Compliance Audit 134 Reporting the Results 139 Audits of Agents/Intermediaries 141 Use of Data Analytics in Monitoring 142 Summary 151 Notes 151 Chapter 8: Anti-Corruption Due Diligence 153 Current Transaction Market Perspectives 154 The FCPA Due Diligence Regulatory Environment 157 Why Is Anti-Corruption Due Diligence Significant? 159 Unique Considerations of Anti-Corruption Due Diligence 163 What to Do When Violations Are Found During Anti-Corruption Due Diligence 173 Summary 174 Note 175 Chapter 9: Investigations 177 Trigger Events 178 Triage 180 Response 186 Remediation 222 Summary 224 Notes 224 Chapter 10: Regional Considerations for Bribery and Corruption Risks 225 Asia-Pacific 225 Europe 237 India and South Asia 251 Middle East 259 Africa 267 Latin America 274 Notes 286 Contributors 292 Chapter 11: Industry Considerations for Bribery and Corruption Risks 295 Aerospace and Defense 296 Automotive 304 Construction and Real Estate 311 Consumer Products 318 Diversified Industrial 323 Energy 328 Financial Services 335 Life Sciences 341 Media and Entertainment 348 Mining and Metals 354 Retail and Wholesale 361 Technology 366 Transportation 373 Notes 381 Contributors 383 Acknowledgments 387 About the Authors 389 About the Contributors 391 Index 395
Brian P. Loughman is a Partner at Ernst & Young LLPand the Americas Leader of the Fraud Investi-gation & Dispute Services Practice. He has extensive experience investigating and remediating bribery and corruption issues for multi-national clients. He frequently presents his findings to the Securities and Exchange Commission and the Department of Justice. Richard A. Sibery is a Partner at Ernst & Young LLPand leads the Fraud & Investigations group within its Fraud Investigation & Dispute Services Practice. He has extensive experience leading complex international investigations for large public companies. His experience in assisting clients with bribery and corruption issues spans six continents and includes a wide range of industries.
International business expansion has brought with it countless new challenges, few as alarming as the exponential growth of bribery and corruption risks. As companies move into new and emerging markets, fraud follows right behind. In response, U.S. and foreign governments have been forced to devise their own means of counteracting threats to their businesses abroad. In Bribery and Corruption: Navigating the Global Risks, fraud experts Brian Loughman and Richard Sibery take an in-depth look at the problem, its implications, what anti-bribery and corruption conventions really do, and how to stay out of trouble. Beginning with an introduction to anti-bribery and corruption legislation both in the United States and around the world, the book focuses on the Foreign Corrupt Practices Act (FCPA)—which explicitly prohibits U.S. companies and those directly involved with them from bribing foreign officials in order to obtain business opportunities—as well as other pieces of legislation limiting foreign bribery and corruption, such as the UK Bribery Act. Looking at compliance programs, risk assessment, anti-corruption due diligence, and considerations for fraud risk on a region-by-region basis, the book provides a comprehensive look at anti-bribery and corruption policies. Presenting real-life examples of the challenges facing businesses abroad, as well as practical advice on how to respond, the book focuses on establishing an anti-corruption compliance program and fostering a strong ethical environment through focused internal controls, training, and monitoring. It discusses how to respond to common corruption challenges, appropriately investigate issues, and mitigate corruption concerns. Designed to help businesspeople understand relevant anti-bribery and corruption legislation, enforcement issues, and how to effectively manage the risks associated with doing business abroad, Bribery and Corruption explains how to stay out of trouble, identify threats, work with new regulations and practices, and keep bribery and corruption at bay. This publication contains summary information for general guidance only. Neither Ernst & Young LLP nor any other member of the global Ernst & Young organization shall be responsible for any loss resulting from action or inaction based upon this material. On any specific matter, consult your professional advisors. This publication contains summary information for general guidance only. Neither Ernst & Young LLP nor any other member of the global Ernst & Young organization shall be responsible for any loss resulting from action or inaction based upon this material. On any specific matter, consult your professional advisors. About Ernst & Young Ernst & Young is a global leader in assurance, tax, transaction, and advisory services. Worldwide, our 141,000 people are united by our shared values and an unwavering commitment to quality. We make a difference by helping our people, our clients, and our wider communities achieve their potential. Ernst & Young refers to the global organization of member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit www.ey.com. Ernst & Young LLP is a client-serving member firm of Ernst & Young Global Limited operating in the U.S.
Praise for BRIBERY AND CORRUPTION "Bribery and other forms of corruption are among the greatest risks concerning audit committee members and board members in general of multinational corporations. This book provides excellent, practical advice to those board members in overseeing effective risk management programs and dealing with specific problems when they occur." —Dennis R. Beresford, Professor of Accounting, University of Georgia, current or former audit committee chairman of five public corporations, and former Financial Accounting Standards Board Chairman "Bribery and Corruption: Navigating the Global Risks is an excellent resource for compliance, audit, and litigation support practitioners. The book provides an exceptional overview of relevant global anti-bribery and corruption laws and regulations as well as specific guidance to help ensure compliance with these laws. Additionally, the book provides comprehensive coverage of anti-corruption programs and controls, including policies and procedures, risk assessment processes, and effective due diligence programs. This book is a must-read for those involved with the prevention, detection, or investigation of bribery and corruption as the authors provide a practical approach to resolving such complex issues as the FCPA and commercial bribery, and other forms of corrupt activities." —Paul E. Zikmund, Senior Director, Forensic Audit, Tyco International "Bribery and Corruption: Navigating the Global Risks should be on the shelf of every CEO of a multinational company and every lawyer advising them. The authors provide excellent historical perspective on the recent anti-bribery mania, highly useful guidance for professionals designing compliance programs, and a road map for companies and their lawyers who are investigating possible corruption or considering an acquisition abroad. It's a very thoughtful resource." —Aaron R. Marcu, Partner, Freshfields Bruckhaus Deringer LLP, and former federal prosecutor "With ever increasing investment and development in the emerging markets, there is an inherent need for understanding the specific risks facing companies as they move across borders. The level of detail that Ernst & Young provides in this book on regional and country-specific trends and activity presents attorneys in varying jurisdictions with a powerful resource in guiding their clients into new geographies. As an attorney in an emerging market, I found the information extremely valuable and believe this book is an essential read for any anti-bribery and corruption practitioner." —Isabel Franco, Partner, KLA-Koury Lopes Advogados, São Paulo, Brazil
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