Day 4 of One Month to More Effective Internal Controls-Internal Controls in International Locations

Thomas Fox - Compliance Evangelist
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Next, I want to consider some of the issues around internal controls outside the US and why your company’s internal controls might require changes for different countries across the globe. However, this provides an opportunity to further operationalize your compliance program through internal controls more narrowly tailored to mirror your business practices.

Every Chief Compliance Officer (CCO) should consider your entity-wide internal See more +

Next, I want to consider some of the issues around internal controls outside the US and why your company’s internal controls might require changes for different countries across the globe. However, this provides an opportunity to further operationalize your compliance program through internal controls more narrowly tailored to mirror your business practices.

Every Chief Compliance Officer (CCO) should consider your entity-wide internal controls for a company. Under the FCPA accounting provisions, issuers can be held liable for the conduct of their foreign subsidiaries, even though the improper conduct occurred outside of the US. The scope of liability is based on the issuer’s incorporation of the subsidiary’s financial statements in its own records and Securities and Exchange Commission (SEC) filings. So, as with the use of third party distributors to sell product, FCPA enforcement looks past the structure of the transaction and makes enforcement decisions based upon the substance.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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