Answered: Is payment of bribes an unacceptable…

Contemporary Auditing

11th Edition

ISBN:9781337650380

Author:KNAPP

Publisher:KNAPP

Chapter3: Internal Control Issues

Section3.3: Avon Products, Inc.

Problem 7Q

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2. If payment of bribes is an acceptable business practice in a foreign country, how should a U.S. based parent company react to such practices when doing business in the foreigncountry? Defend your answer.
Contrast the concept (how they are similar or different from each other) Illegal appropriation vs. corruption corruption vs. Fraud in the states Fraud in the states vs. illegal appropriation explain the concept illegal appropriation Corruption Financial Statement Fraud
Which two adjustments are made to the fraud triangle to accommodate predators? • a. The fraud triangle is not meant to differentiate between accidental and predator fraudsters. • b. Criminal mindset and arrogance substitute for pressure and rationalization. • c. Predators have less pressure because they are more likely to be involved in international money laundering and setting up shell companies, particularly in foreign countries. O d. Criminal mindset and opportunity substitute for pressure and rationalization
Why was the Foreign Corrupt Practices Act created? Please explain.
Under the Foreign Corrupt Practices Act of 1977 (FCPA): a. No US person or company that has securities listed on US markets may make a payment to a foreign officical for the purpose of obtaining or retaining business (pay a bribe) b. Companies that have securities listed on U. S. markets must make and keep financial records that accurately and fairly reflect transactions of the company and must design and maintain an adequate system of internal accounting controls. c. Certain payments to foreign officials known as “grease payments” made to an official to expedite the performance of duties that the official would already be bound to perform are permitted. d. only A and B are included in the FCPA e. A, B, and C are included in the FCPA
Confronting Corruption & Resource Guide to FCPA Answer these questions: 1. Who are covered by the anti-bribery provisions? Who are covered by the accounting provisions? 2. What is the difference between grease payment and bribery? Is grease payment legal per FCPA and per the law of all other countries? 3. What should an MNC do to prevent bribery?
Indeed, there is the view that market abuse and insider dealing are not immoral and are victimless crimes. Others stated that insider trading had the capacity to significantly undermine the integrity and efficiency of the relevant securities markets. Do you think that insider trading should be regulated or not by the Government? Do you think that insider trading is occurring in Antigua and Barbuda? Critically discuss.
Watch the video and share with us your thoughts about the below questions:How do you define "ethics"?If you, as an American, are doing business in a country where bribery is not illegal, or unethical, how would you justify your decision to either proceed with bribery or not proceed with using bribery?
Do you think the new revenue recognition standard introduced by the FASB-IASB can reduce the likelihood of similar fraud cases caused by improper revenue recognition?
Tax evasion is defined as a willful attempt to defraud the government. What are some examples of an attempt to commit fraud? In many cases, there is a fine line between tax avoidance and tax evasion. In a situation where the distinction between the two is not clear, professional judgment must be used. Other tools can also be used. What tools can be used to distinguish between tax avoidance and tax evasion?

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Is payment of bribes an unacceptable business practice within the U.S.? Justify your answer with supporting evidence.