Parts I and II of the Foreign Corrupt Practices Act
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Describe Parts I and II of the Foreign Corrupt Practices Act. What is the impact of this act on companies and public accountants? Explain.
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Solution Summary
The solution provides a detailed description of the Foreign Corrupt Practices Act, Part I and Part I. The solution further explains the impact of this Act on companies and public accountants.
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The Foreign Corrupt Practices Act is a law that was passed by the United States Congress and signed into law by President Jimmy Carter in December of 1977 (Justice.gov, 2013). The goal of the law is to end bribery with foreign entities and put all U.S. corporations on a level and fair playing field as they conduct business abroad. The law is essentially broken down into two parts.
The first part of the FCPA is aimed at eliminating bribery with U.S. corporations by prohibiting any act that involves paying, bribing, promising to pay, or offering anything of value to a foreign official aimed at trying to influence their capacity in the past, present, or future dealings with the organization (Justice.gov, 2013). One key provision of the law is the use of the language, "anything of value," which is ...
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