The growing number of enforcement actions and subsequent penalties by the Securities and Exchange Commission (SEC) and the U.S. Department of Justice has heightened the awareness of companies doing business outside the U.S. to take a much more proactive approach to mitigating Foreign Corrupt Practices Act (FCPA) and corruption related risks. FCPA violations, even for small dollar amounts, can lead to adverse publicity and heavy fines for the company, as well as individual liability for those involved. In addition, the passing of the U.K. Bribery Act has intensified pressure from foreign regulators to fight corruption and bribery issues.
FCPA prosecutions relate to bribery allegations (payments to a government official to influence discretion in the performance of their duties) and the failure to maintain accurate proper books and records. Therefore, many companies are addressing the numerous and complex issues associated with FCPA risk management, internal control compliance and FCPA training, as well as properly investigating allegations or indications of non-compliance.
Preventative measures, such as training, and reactive investigations are best conducted with legal counsel and accounting analysis. The government will often focus on proving books and records violations for problematic transactions rather than proving actual corruption. Therefore, accounting expertise, substantive testing and data analytics are often required to assist counsel in advising clients.
At StoneTurn, we offer a full spectrum of efficient, cost-effective consulting services to help clients identify, assess and minimize potential FCPA violations. Our FCPA practice includes professionals who have been retained on many FCPA matters. Additionally, the team includes a former SEC Accounting Branch Chief with significant experience in conducting FCPA investigations, former partners and professionals from global accounting firms and seasoned investigators, all supported by StoneTurn’s expert team of Certified Public Accountants, Certified Fraud Examiners, and computer forensic experts.
To enhance our global coverage and investigation capabilities, we have successfully partnered with independent investigative firms to provide local resources around the globe to assist in addressing foreign translation, cultural, political and document language issues. Together, our team provides accounting and investigative skill sets to efficiently and cost effectively advise our clients on bribery, corruption, FCPA and other international anti-corruption regulation matters.
Our FCPA professionals can assist you in four distinct service areas:
- FCPA Investigations
- FCPA Compliance and Risk Assessment
- Transactional Due Diligence
- Independent FCPA Monitoring