Nobody downloaded yet

Information Tectnology Audit Requirements Comparative Analysis of the Foreign Corrupt Practices Act (FCPA) and the Sarbanes- Oxley Act (SOX) - Term Paper Example

Comments (0) Cite this document
Summary
The late 20th and early 21st centuries witnessed increasing affront on the integrity and reputation of the United States of America due to endless rise in cases of corporate scandals and wanton corruption in the business sector. During this period, the corporate America…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER95.6% of users find it useful
Information Tectnology Audit Requirements Comparative Analysis of the Foreign Corrupt Practices Act (FCPA) and the Sarbanes- Oxley Act (SOX)
Read TextPreview

Extract of sample "Information Tectnology Audit Requirements Comparative Analysis of the Foreign Corrupt Practices Act (FCPA) and the Sarbanes- Oxley Act (SOX)"

Download file to see previous pages n response to the increased cases of bribery and other economic scandals of a national proportion, the Congress passed into law two critical Acts, the Foreign Corrupt Practices Act of 1977 (FCPA) and Sarbanes-Oxley Act of 2002 (SOX). The Foreign Corrupt Practices Act 1977 was enacted to enforce precise companies’ record keeping systems, increase accuracy in financial recording, and to reduce bribery and corruption loopholes in the business system. The Sarbanes Oxley Act, 2002 was passed twenty years after the Foreign Corrupt Practice Act with the core objective of reducing bribery and corruption in the America cooperate sector1.
Sarbanes-Oxley Act 2002 was projected to ensure that all chief finance officers and public companies’ chief executive officers provide an accurate financial report while Foreign Corrupt Practice Act, 1977 was designed to ensure that, all business financial information was recorded in accordance to the existing financial provisions. In the first twenty years after the enactment of the Foreign Corrupt Practice Act 1977, the American Security and Exchange Commission and the America Department of Justice did very little investigations to necessitate a helpful enforcement of the Act, reducing its impacts in countering corporate bribery and other business malpractices.
However, after the WorldCom scandal and Enron scandal in 2002, the United States of American government was forced by the prevailing state of affairs to enact Sarbanes-Oxley Act 2002 to offset the ever-increasing cases of cooperate malpractices as well as to advance global awareness on the harmful impacts of business bribery and other malpractices. The enactment of Sarbanes-Oxley Act 2002 was at that time intended to make bribery penalties extremely severe and to increase public awareness on the need for an accurate financial accounting and record keeping in business operations. Taking into account the level and nature of the outcomes of bribery in global economy, especially ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Information Tectnology Audit Requirements Comparative Analysis of the Term Paper”, n.d.)
Retrieved from https://studentshare.org/miscellaneous/1606503-information-tectnology-audit-requirements-comparative-analysis-of-the-foreign-corrupt-practices-act-fcpa-and-the-sarbanes-oxley-act-sox
(Information Tectnology Audit Requirements Comparative Analysis of the Term Paper)
https://studentshare.org/miscellaneous/1606503-information-tectnology-audit-requirements-comparative-analysis-of-the-foreign-corrupt-practices-act-fcpa-and-the-sarbanes-oxley-act-sox.
“Information Tectnology Audit Requirements Comparative Analysis of the Term Paper”, n.d. https://studentshare.org/miscellaneous/1606503-information-tectnology-audit-requirements-comparative-analysis-of-the-foreign-corrupt-practices-act-fcpa-and-the-sarbanes-oxley-act-sox.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Information Tectnology Audit Requirements Comparative Analysis of the Foreign Corrupt Practices Act (FCPA) and the Sarbanes- Oxley Act (SOX)

U.S. foreign corrupt practices act

...? U.S. Foreign Corrupt Practices Act Inserts His/Her Inserts Grade Inserts 13 April Martin Biegelman (2010) emphasized bribery should not be included in the marketing process. The research focuses on determining if bribery should be included in the company policy. The research focuses on the product, price, place, and promotion marketing strategies. The U.S. Foreign Corrupt Practices Act must be implemented within the United States and Outside the United States because bribery is unprofitable in the long run. The Foreign Corrupt Practices...
2 Pages(500 words)Assignment

Sarbanes-oxley act 2002

...which act as auditors of different public companies. Sarbanes Oxley Act 2002 is more of a Rules-Based approach where non-compliance would lead to heavy penalties (including some criminal prosecution as well). It is a requirement under the US stock exchange regulation to comply with SOX and a publicly held company needs to follow the act (private companies are exempt from its application). Although Private companies are exempt from the application of the Sarbanes-Oxley Act, some of them usually follow the act to show their commitment towards good...
2 Pages(500 words)Essay

The Foreign Corrupt Practices Act

.../3325b9a8-b3b6-40ff-8bc8-0c10c119c649/Presentation/PublicationAttachment/d375c9ee-6a11-4d25-9c30-0d797661b5ff/FCPA%20Overview.pdf> (accessed 23 November 2011) Howard, D. & Wiygul, E. 2010. FCPA Compliance: The Vanishing “Facilitating Payments” Exception? Dechert LLP. (accessed 24 November 2011) Krakoff, D., Akowuah, K., Balsanek, K. & Galgay, C. 2008. FCPA: Handling Increased Global Anti-Corruption Enforcement. Mayer Brown (accessed 23 November 2011) Kress, L. 2009. How the...
7 Pages(1750 words)Research Paper

Sarbanes-Oxley Act Article Analysis

...information technology in all its component domains with the assistance of the Information Technology Institute (ITGI) that directly deals with the corporate in handling specific domains. To enable it to cater for more specific control of information systems, ITGI divides security into further branches namely: security policies and standards, access and authentication, network security, monitoring, segregation of duties and physical security (Holt, 2008). How the Sarbanes-Oxley Act affects the internal control an organization. The outstanding aspect of this Act, auditing, affects the internal control of...
3 Pages(750 words)Essay

Sarbanes Oxley Act

.... There are several weaknesses in the corporate governance, internal and auditing which are leading to an increase in the corporate scandals in United States. The degree of disclosure of financial information is also a main reason. Mostly the corporate running bodies do not find them answerable in front of any regulatory body; therefore they keep on trying 'innovative' ideas for which others have to pay. (Maclean, 2005) Financial information in the form of audited accounts can prevent the system slipping into corruption (Sunlight is the best detergent), but it is not clear why, for example, a superior US financial reporting infrastructure did not help us...
8 Pages(2000 words)Essay

Foreign Corrupt Practices Act

... with forethought and prudent judgment. The initial loss of US sales has been far outweighed by the long-term positive effects of the FCPA. Works Cited Bandolino, John, and David Luna. "Addressing Corruption Through International Treaties and Commitments." e-Journal USA . 21 June 2007 . "Foreign Corrupt Practices Act Antibribery Provisions." US Government Advisory. Business Information Service for the Newly Independent States. 21 June 2007 . Johnson, O T. "International Law & Practice: Foreign Corrupt Practices Act." American Bar Association. Jan. 1996. American Bar Association. 21 June 2007 FCPA Paper For the last century the US government has made efforts to curtail and eliminate corrupt...
5 Pages(1250 words)Essay

Sarbanes-Oxley Act Article Analysis

...With the collapse of many huge organizations such as Enron, there was a great need of proper Corporate Governance. Governance is about the strategic direction of a company and how that company is controlled. It is the system by which companies are directed and controlled in the interests of shareholders and other stakeholders. To address to such major collapses and other issues, the U.S came up with Sarbanes-Oxley Act. It is more of a Rules-Based approach where non-compliance would lead to heavy penalties. The Sarbanes-Oxley Act looks upon many different aspects of a company and internal control reporting is one of the main area which is...
3 Pages(750 words)Research Paper

Foreign Corrupt Practices Act

...Foreign Corrupt Practices Act 20 AUG FCPA PAPER The increased number of corruption scandals during the early 1970s led to the enactment of Foreign Corrupt Practices Act of 1977. FCPA is a United States Federal Law and prohibits the bribery of foreign officials by U.S. citizens, U.S. companies or any person residing in the U.S. It bans the offering of money or anything that might be valuable to a foreign official, in return for granting the permission to start or retain a business. According to the rules of...
4 Pages(1000 words)Research Paper

THE FOREIGN CORRUPT PRACTICES ACT

...in regular assistance of US multinationals like advocacy support, pertinent resources like websites with crucial FCPA information, and commitment with country diplomats to tackle company requirements connected to corruption. The Federal Bureau of investigations or FBI participates in FCPA enforcement through probing prospective FCPA violations both on nationalized and global levels. The department of justice retains compulsive obedience on issuers and everyone acting on their behalf (Darrough, 2010). The civil and criminal enforcement capacity of DOJ extends to involve residents and nationals within US, businesses and...
3 Pages(750 words)Essay

U.S. Foreign Corrupt Practices Act (FCPA)

...no international ventures, and would like to go international, there are several key factors that require their attention. Such factors include the availability of adequate financial resources, human and social capital. In additional, for a new employer to get focused internationally, there is the first need to go through the domestic market entry barriers and gather the opportunities that lead to higher purchasing power of consumers from the developed economies. The employer must also carry out market analysis to ensure that it has fully engaged the domestic market enough before moving to the international market. It goes without saying that one major factor that would push an employer to the...
4 Pages(1000 words)Essay
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Term Paper on topic Information Tectnology Audit Requirements Comparative Analysis of the Foreign Corrupt Practices Act (FCPA) and the Sarbanes- Oxley Act (SOX) for FREE!

Contact Us