119 The adoption of these measures shows that the European Union is placing greater accountability on companies to ensure that their financial audit reports are accurate. The SOX is increasing the responsibilities placed on companies by the FCPA, which in turn is increasing the regulation of corporate activities, and the international community is starting to follow a similar trend. 120 This of course is not to say that the enactment of international anti-corruption laws and accounting regulations are necessarily being enforced to their full extent, similar to the FCPA when it was first enacted. Rather these are small steps, in the right direction, towards ending corruption in the international community. As gradually more countries are recognizing that bribery and financial fraud are problems, it is likely that they will impose their regulations more aggressively. While it has taken a longer period of time for the international community to react, enact and enforce regulations that mirror the requirements of the FCPA and SOX, it appears as 116 Companies Act, supra note 114, at art. 8. 117 Id. at art. 9. 118 Council Directive 2006/43, Statutory Audits of Annual Accounts and Consolidated Accounts, 2006 O.J. (L 157) 87, available at . 119 Id. at art. 22. 120 Einhorn, supra note 113. 25
though the international community is starting to recognize the problems of corruption and anti- bribery that the U.S. initially discovered in 1977. The global adoption of some of the provisions of the SOX 121 indicate that requiring American companies to follow accounting standards under the FCPA is no longer putting these companies at a disadvantage when competing for business with international companies. Because the international community has taken numerous efforts towards combating bribery and regulating accounting requirements, American companies are able to compete more successfully for international contracts, while still following the anti- bribery and accounting and record-keeping provisions of the FCPA. With international countries slowly beginning to enforce their anti-corruption laws, it is no longer as much of a necessity for American companies to pay bribes in order to remain competitive. 122 In the past, American companies were losing overseas contracts because of inability to pay bribes to secure business. Now, in an almost complete reversal of situations, companies that have violated the FCPA may be excluded from even being considered for international transactions in the future. International non-profit organization Transparency International 123 performs assessments and opinion surveys on the perceived levels of corruption 121 . While the author notes that the implementation of the SOX was not necessarily the sole cause that the international community has developed more stringent corporate governance measures, he comments that the US
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