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Business Ethics- Chapter 6
Terms in this set (20)
The introduction of ____ place more effective controls over bribing practices and less obvious forms of payment to foreign officials and politicians by America publicly traded companies pursuing international growth.
Foreign Corrupt Practices Act
By passing the FCPA, Congress sent a message that U.S. companies should compete sole on the basis on ______ and _____ in overseas markets?
Price; product quality
Under _____, the FCPA requires corporations to fully disclose any and all transactions conducted with foreign officials and pelicans, in line with the SEC provisions.
Penalties under the books and record-keeping provisions of the FCPA can reach up to what for an individual and up to what for organizations?
$5 million and 20 years imprisonment; $25 million
What is a "bribe" under the FCPA:
The exclusion of any action taken by a foreign official in the decision to award new or continuing business
What are aggravating factors of the culpability score?
The organization willfully obstructed justice; the current offense violated a judicial order, injunction, or condition of probation; high-level personnel were involved in or tolerated the criminal activity
_____ was hailed as one of the most imprint pieces of legislation governing the behavior of accounting firms and financial markets since the SEC legislation of the 1930's?
The Sarbanes- Oxley Act
The creation of the ____ as independent oversight body attempted to re-establish the perceived independence of auditing companies.
____ requires senior auditors to rotate of an account every five years and junior auditors every seven years.
Title II of the Sarbanes-Oxley Act
The _____ of the Sarbanes- Oxley Act addresses issues relations to commission resources and authority.
The ____ is a government agency within the Federal Reserve that oversees financial products and services.
The Consumer Financial Protection Bureau
Legislation introduced to control bribery and other less obvious forms of payment to foreign officials and politicians by American publicly traded companies.
Foreign Corrupt Practices Act (FCPA)
The FCPA inclusion of wording from the Bank Secrecy Act and the Mail Fraud Act to prevent the movement of funds overseas for the express purpose of conducting a fraudulent scheme.
Payments that are acceptable (legal) provided they expedite or secure the performance of a routine governmental action.
Facilitation Payments (FCPA)
Any regular administrative process or procedure, excluding any actions taken by a foreign official in the decision to award new or continuing business.
Routine Governmental Actions (FCPA)
Chapter 8 of the guidelines that hold businesses liable for the criminal acts of their employees and agents.
Federal Sentencing Guidelines for Organizations (FSGO)
The calculation of a degree of blame or guilt that is yes as multiplier of up to 4 times the base fine. The culpability score can be adjusted according to aggravating or mitigating factors.
Culpability Score (FSGO)
A fine that is set high enough to match all the organization's assets- and basically put the organization out of business. This is warranted where the organization was operating primarily for a criminal purpose.
Death Penalty (FSGO)
A legislative response to the corporate accounting scandals of the early 2000s that covers the financial management of businesses.
Sarbanes- Oxley Act (SOX)
An indépendant oversight body for auditing companies.
Public Company Accounting Oversight Board (PCAOB)
THIS SET IS OFTEN IN FOLDERS WITH...
Business Ethics- Chapter 7
Business Ethics- Chapter 8
Business Ethics- Chapter 10
Business Ethics Now-Ch. 5
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