About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline

AFMD-81-34 1 (1981-03-04)

handle is hein.gao/gaobabbpb0001 and id is 1 raw text is: 




BY THE COMPTROLLER GENERAL



Report To The Congress


OF THE UNITED STATES





Impact Of Foreign Corrupt Practices

Act On U.S. Business




A GAO questionnaire survey of 250 compa-
nies randomly selected from the Fortune
1000 list of the largest U.S. industrial firms
shows that the Foreign Corrupt Practices Act
has brought about efforts to strengthen cor-
porate codes of conduct and systems of inter-
nal accounting controls.

There is, however, extensive dissatisfaction
with the clarity of the act's accounting pro-
visions. Controversy exists over whether the
provisions contain a materiality standard--a
threshold for financial disclosure that limits
management's reporting responsibilities to
only material items. The GAO survey shows
that business believes compliance is unreason-
able without a materiality standard.  The
act's antibribery provisions have also been
criticized as being vague and ambiguous.
Further, companies believe they are suf-
fering a competitive disadvantage due to
the lack of an international antibribery
agreement.

GAO recommends actions that the Congress
and appropriate Government agencies can
take to resolve issues caused by the act.







                                                                       AFMD-
                                                                    MARCH 4,

What Is HeinOnline?

HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.



Contact us for annual subscription options:

Already a HeinOnline Subscriber?

profiles profiles most