Anti-Bribery and Corruption Compliance: The Role of Transactional Testing and Accounting Controls in a Proactive Environment
The United States Department of Justice (DOJ) and the United States Securities and Exchange Commission (SEC) brought a total of 27 U.S. Foreign Corrupt Practices Act (FCPA) enforcement actions in 2013 against both corporations and individuals. This is an increase from the 23 enforcement actions brought by the DOJ and SEC in 2012. This escalating trend shows that U.S. regulators continue to place a high priority on the enforcement of the FCPA. As a result, there has been exhaustive guidance from law firms, accounting firms, consultants, and government entities on how organizations can create an effective compliance program. According to the DOJ and the SEC, the hallmarks of an effective FCPA compliance program include, among other things:
-commitment from senior management
-a clearly articulated policy against corruption, a code of conduct, compliance policies and procedures
-ongoing training and advice, and
-continuous improvement in the form of periodic testing and review.
When performed proactively, periodic transactional testing can meet the expectations of regulators, and can serve as an organization’s best defense against a violation of the FCPA by one of its employees.
This webinar will feature perspectives on what can be done to create an appropriate internal controls environment, develop and implement an effective transactional testing plan, and establish accounting- related initiatives to minimize risk and maximize the chances of a successful anti-bribery compliance program.
Evaluating anti-bribery and corruption internal controls through risk-based testing of accounting transactions is fundamental to a strong compliance program. Transaction testing and the establishment of a robust internal controls environment can expose gaps and identify weaknesses, and can serve as an early-warning system to the company that an employee or employees may be violating regulatory requirements and internal compliance policies. It can also show regulators that an organization is committed to the highest levels of anti-bribery compliance.
Elliott Leary, Managing Director, Freeh Group International Solutions, LLC
Gregory A. Paw, Partner in the White-Collar Litigation and Investigations Group, Pepper Hamilton LLP
Steve Szaroleta, Director, Freeh Group International Solutions, LLC See less -