The greatest impact of the Foreign Corrupt Practices Act on the accounting system is that it _____.

Question

Quizplus · Accepted Answer

The Foreign Corrupt Practices Act (FCPA) requires documentation of the adequacy of internal accounting controls in order to prevent bribery and other corrupt practices. Although the FCPA prohibits bribery, it does not specifically dictate how to account for transactions with foreign countries. It also does not solely prohibit unethical practices by foreign investors, but rather addresses the behavior of U.S. entities doing business internationally.

The Greatest Impact of the Foreign Corrupt Practices Act on the Accounting