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Burying Bribes in the Books and Records

Nov 10, 2014
From the Advisory Institute

PDF: Burying Bribes in the Books and Records

An article for  Today's General Counsel authored by Howard A. Scheck, KPMG LLP (U.S.)

Recent Foreign Corrupt Practices Act (FCPA) enforcement action paints a vivid picture of where in books and records the Securities and Exchange Commission (SEC) has found violations. Knowing where the SEC is looking can help a company assess its own bribery risks and design targeted data analytics to search books and records for potential corrupt payments.

This article offers a study of 70 SEC FCPA enforcement actions since 2009, including:

  • an analysis of the accounting classifications and key terms used to inaccurately record, falsify, and/or disguise improper payments
  • the kinds of benefits that companies have procured, or attempted to procure, through alleged bribery schemes 
  • typical internal controls allegations.

 

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