internal accounting control and recordkeeping requirements
German translation: Anforderungen an die interne Rechnungslegungkontrolle und Aufbewahrung von Unterlagen
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16:43 Feb 13, 2005
English to German translations [PRO] Bus/Financial - Accounting
English term or phrase:internal accounting control and recordkeeping requirements
The Foreign Corrupt Practices Act
The Foreign Corrupt Practices Act (the “Act”) makes it unlawful to offer, promise or pay anything of value to a foreign government official in order to obtain, retain or direct business to achieve an improper advantage. Governmental officials include national, local or municipal officials, as well as a political party or candidate for a government office or officials of international organizations. It also includes officers and employees of government-owned companies. The Company cannot use a middleman or intermediary to do what it cannot do directly.
Offers or promises of corrupt "bribe-like" payments will be a violation, even if the bribe does not succeed in its purpose. In the event that a person subject to the Act knows that an action is corrupt and turns a blind eye ("Don't tell me, I don't want to know") or acts in conscious disregard of facts that would lead a reasonable business person to conclude that there is a high probability that improper action was occurring, that person will be acting in violation of the Act. "Corrupt" means that the person making or authorizing the payment intends to induce the recipient to misuse his or her official position in order to wrongfully influence business dealings.
A company may be found liable for a violation of the Act even though all of the prohibited activities took place outside of the United States. The parent corporation located in the United States may be found liable for the acts of the foreign subsidiary that it controls. The Act also imposes liability under United States law directly on the foreign subsidiary and its officers and directors when the foreign subsidiary (acting through its directors, officers or employees) violates the Act and commits an act in the United States in connection with that violation. This can be something as simple as sending a fax or making a telephone call to the United States in furtherance of the violation. In brief, violations of the foreign bribery laws by foreign subsidiaries and their employees may also result in their liability under the Act.
The Act also imposes significant ****internal accounting control and recordkeeping requirements****. All Company Personnel must follow the Company's procedures for accurately recording and reporting business transactions. No Company Personnel may create or maintain secret or unrecorded funds or assets for any purpose. You may not make any false, incomplete or misleading entry in any Company accounting records or engage in any transaction that requires or contemplates making false, incomplete or misleading entries. Even permissible payments to government officials must be properly recorded.