Legal Practices: Accounting Abuses
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Some practices that are taken for granted as standard practices in some cultures may be viewed negatively in others.
Find an example of a business practice that is considered both legal and ethical in a particular country but considered illegal and unethical in the U.S (e.g. bribery, child labor).
Describe the business practice in detail. Compare the views of the country selected with that of the U.S. regarding the business practice. Why the business practice is considered illegal and unethical in the U.S. while it is considered legal and ethical in the selected country?
As a leader of a company, how can you deal with the difference in ethical and legal practices when transacting business with a country that has different standards?
Use articles as references (not just personal knowledge) and provide citations.
At least 600 words.
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Solution Summary
What issues are confronted by US companies when a foreign company with whom they work engages in business practices that are allowed in that country but are illegal in the US? This discusses this situation along with the problems that have to be addressed by the US companies.
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Legal Practices
With the growth of multinational business endeavors, US companies often have to be confronted with business practices that are legal, or at least allowed, in other countries, but are strictly illegal in their country. In 1977 the Federal Corrupt Practices Act was passed, addressing abuses related to accounting transparency and the bribery of officials. If a company followed the business practices of a country that allowed activities which are illegal in the US, it could find itself liable for very expensive fines and even the imprisonment of its officials. The Association of Corporate Counsel's site on FCPA compliance reported that as much as 161 million dollars in fines have been assessed against companies during only the first quarter of 2011 by the Department of Justice, which administers the provisions of the Act. (aac.com, 2013)
Recently there was an Argentine corruption scandal that reflected the difficulties that US and other countries' companies can find themselves.
Corruption scandals - involving Argentina, and another in Spain are examples of these. In Argentina there were revealed connections between Argentina and irregular ...
Education
- MEd, Grand Canyon University
- MBA, University of Phoenix
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