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115367 1 (1981-05-20)

handle is hein.gao/gaobadyss0001 and id is 1 raw text is: 



                                               115367

           UNITED STATES GENERAL ACCOUNTING OFFICE
                   WASHINGTON, D.C. 20548


                                     FOR RELEASE ON DELIVERY
                                     EXPECTED BY 10:00 AM EST
                                     WEDNESDAY, MAY 20, 1981




                        STATEMENT OF              lifll   l
                                                     115367
                    DONALD L. SCANTLEBURY
        DIVISION DIRECTOR AND CHIEF ACCOUNTANT OF GAO
        ACCOUNTING AND FINANCIAL MANAGEMENT DIVISION

                         BEFORE THE

   SENATE COMMITTEE ON BANKING, HOUSING, AND URBAN AFFAIRS

   SUBCOMMITTEE ON INTERNATIONAL FINANCE AND MONETARY POLICY

                            AND

                 SUBCOMMITTEE ON SECURITIES

                            ON

       THE IMPACT OF THE FOREIGN CORRUPT PRACTICES ACT
                      ON U.S. BUSINESS


Messrs. Chairmen and Members of the Committee:

     We are pleased to be here today to discuss our recent

report Impact of Foreign Corrupt Practices Act On

U.S. Business (AFMD-81-34, Mar. 4, 1981). The Foreign

Corrupt Practices Act was passed in December 1977 in re-

sponse to widespread disclosure of questionable corporate

payments. The law prohibits bribery of foreign officials

and also contains significant accounting requirements that

apply to all activities of companies registered with the

Securities and Exchange Commission (SEC).


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