IT Governance, Risk, and Compliance

Jun 16 2009   7:06PM GMT

Application Protection – Part II

Robert Davis Robert Davis Profile: Robert Davis

The FCPA codifies bribery of foreign officials as a criminal offense for U.S. publicly held companies, requires accurate financial-transactions accounting, and amends the Securities Exchange Act of 1934. With regard to accounting, FCPA Section 78m (b) (2) documents managerial responsibility for generating and retaining financial information while presenting transactions accurately and fairly, as well as deploying a “system of internal accounting controls.” Furthermore, FCPA Section 78m (b) (5) has been interpreted as requiring U.S. businesses to create and sustain adequate internal accounting controls regardless of an organization’s cost-benefit analysis ratio. This section of the FCPA therefore decrees preventive and detective controls to avoid financial statement fraud or misrepresentation.

“View Part I of the Application Protection series here

 Comment on this Post

 
There was an error processing your information. Please try again later.
Thanks. We'll let you know when a new response is added.
Send me notifications when other members comment.

REGISTER or login:

Forgot Password?
By submitting you agree to receive email from TechTarget and its partners. If you reside outside of the United States, you consent to having your personal data transferred to and processed in the United States. Privacy

Forgot Password

No problem! Submit your e-mail address below. We'll send you an e-mail containing your password.

Your password has been sent to: