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.
Über den Autor
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.
Inhaltsverzeichnis
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
Klappentext
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.
