L22 Notes_Part_12 - Foreign Corrupt Practices Act(FCPA An...

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Sarbanes-Oxley Act of 2002 Most sweeping securities law since 1934 Creation of PCAOB Stricter independence rules Audits of internal controls Increased reporting responsibilities
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SEC and PCAOB Sanctions Suspend Practicing Privilege Impose Fines Remedial Measures
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Unformatted text preview: Foreign Corrupt Practices Act (FCPA) An auditor may be subject to administrative proceedings, civil liability, and civil penalties. Passed in 1977 in response to the discovery of bribery and other misconduct on the part of more than 300 American companies....
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