The Foreign Corrupt Practices Act Questions
ANSWER
- What happened that resulted in the news story? In cases like these, news stories usually arise when a company is suspected or found to be involved in corrupt practices, such as bribery of foreign governmental officials. The news stories often highlight the alleged misconduct, investigations, legal actions, and penalties faced by the company under the FCPA.
- Specifics of the Company’s actions that led to this penalty: The specifics of the actions leading to penalties can vary widely, but they often involve instances where a company or its employees are accused of providing improper payments or incentives to foreign officials in exchange for business favors or advantages. This could include providing monetary bribes, gifts, or other benefits to secure contracts, permits, or favorable treatment.
- Direct bribes involved: Direct bribes can indeed be involved in FCPA-related cases. The FCPA prohibits offering, promising, authorizing, or making payments (monetary or non-monetary) to foreign officials or their intermediaries to obtain or retain business or to secure an improper advantage. These bribes can be in the form of cash, gifts, travel, entertainment, or any other benefit.
- Issue related to “accounting records and internal controls”: The FCPA also has provisions related to accounting and internal controls. This means that companies must maintain accurate and transparent records of their financial transactions, including those related to foreign business activities. Companies are required to have effective internal controls to prevent and detect improper payments. If a company fails to maintain accurate books and records, or if its internal controls are deemed inadequate, it can face additional legal consequences.
For specific details about the Polycom case and its implications under the FCPA, I recommend looking up recent news articles, official statements from the company, or any relevant regulatory agencies. You can search for sources that discuss the case and provide detailed insights into the alleged misconduct, investigations, penalties, and lessons learned from the situation. Always make sure to rely on credible and reliable sources when researching such topics.
Question Description
Need help with my Accounting question – I’m studying for my class.
The Foreign Corrupt Practices Act was enacted by Congress to prohibit bribes to foreign governmental officials – and it also put in place laws to require an effective system of internal controls.
Recently acompany, Polycom and its subsidiary in China was in the news related to FCPA.Based on your independent research answer the following questions:
- What happened that resulted in the news story?
- What can you find about the specifics of the Company’s actions that led to this penalty?
- Were there direct bribes involved in this activity?
- Was there an issue related to “accounting records and internal controls?”
Fill in the order form and submit all your files, including instructions, rubrics, and other information given to you by your instructor.
Once you complete filling the forms, complete your payment. We will get the order and assign it to a writer.
When your order is completed, it’s assigned to an editor for approval. The editor approves the order.
Once approved, we will upload the order to your account for you to download. You can rate your writer or give your customer review.
