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Audit Committee Brief — Navigating anti-corruption compliance (October 2013)

Published on: Sep 30, 2013

This edition discusses the audit committee's role in assessing whether management has developed and is maintaining an effective compliance program to address corruption risk.

The first half of 2013 saw a significant increase in Foreign Corrupt Practices Act (FCPA) enforcement actions and penalties, with a higher rate of cases brought by the Department of Justice and SEC than in 2012. The U.S. government continues to apply expansive jurisdictional concepts in enforcing the FCPA. Even a single international or interstate text or email can implicate U.S. or foreign organizations and individuals in activities occurring outside the United States. Similarly, foreign nationals and organizations that may have “aided and abetted” or acted as an agent of a U.S. issuer can be held liable under the FCPA. Audit committees are often directly involved in assessing whether management has developed and is maintaining an effective compliance program to address corruption risk.

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