Which Act requires firms who engaged in international operations to have internal controls and an audit committee?
A) The Foreign Corrupt Practices Act of 1977
B) The Foreign Exchange Regulation Act of 1973
C) The Foreign Exchange Management Act of 1999
D) The Foreign Management Practices Act of 1977

Question

Quizplus · Accepted Answer

The Foreign Corrupt Practices Act of 1977 (FCPA) requires firms who engage in international operations to have internal controls and an audit committee. The FCPA was enacted to prevent bribery and corrupt practices by U.S. companies in foreign countries. The internal controls and audit committee requirements are designed to ensure that companies have effective mechanisms in place to detect and prevent any illegal activities.

Which Act Requires Firms Who Engaged in International Operations to Have