Impact of Foreign Corrupt Practices Act on U.S. Business
AFMD-81-34
Published: Mar 04, 1981. Publicly Released: Mar 04, 1981.
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Highlights
Congress enacted the Foreign Corrupt Practices Act in response to widespread questionable corporate payments. The law, which makes offering payments to foreign officials to obtain or influence business illegal, also contains significant internal accounting control objectives and recordkeeping requirements. GAO solicited information from 250 corporations regarding the Act's impact on corporate activities.
Recommendations
Matter for Congressional Consideration
| Matter | Status | Comments |
|---|---|---|
| Congress should closely monitor the status of U.S. efforts to reach an international antibribery agreement and that the Congress urge the President to actively pursue such an agreement. | GAO has no information on the actions taken in response to this recommendation. |
Recommendations for Executive Action
| Agency Affected | Recommendation | Status |
|---|---|---|
| Department of Justice | The Chairman of Security and Exchange Commission and the Department of Justice should develop alternatives to address the antibribery ambiguities. |
GAO has no information on the actions taken in response to this recommendation.
|
| United States Securities and Exchange Commission | The Chairman of Security and Exchange Commission and the Department of Justice should develop alternatives to address the antibribery ambiguities. |
GAO has no information on the actions taken in response to this recommendation.
|
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Topics
Accounting systemsFederal lawForeign corporationsIllegal corporate paymentsInternal auditsInternal controlsMultinational corporationsQuestionable foreign paymentsSurveysAudit materiality