Question

BUSINESS AND SOCIETY
1 PAGE ESSAY QUESTION

(I'll give you thumbs up.)

Summarize any two of the four pieces of recent U.S. legislation listed below:
Foreign Corrupt Practices Act/1977, U.S. Federal Sentencing Guidelines/1991 & 2004, Sarbanes-Oxley Act-2002, Dodd-Frank Act 2010.

Answer 1

The Foreign Corrupt Practices Act of 1977, was mainly constituted for making some specific classes of individuals and entities to be unlawful for making some financial payments to the foreign government officers so that these officers can help the organization to obtain or maintain their business. Particularly the provision related to anti-bribery of this act restricts any cautious use of mails or any form of instrumentality of interstate transaction which is performed having the essence of corruption including any kind of offer, promise to pay, payment or any authorization of money payment or anything else which can some significant value for the person while having this information that either some portion or the entire money or the objects being offered, given or promised directly or indirectly to any officer of foreign government so that he or she can have some influence within her or his official capacity to perform any corrupt or unlawful act of facilitating improper advantage to the organization so that the organization will be able to win any business contract or o maintain it .

It is a United States federal law which is famous for mainly two provisions which address the accounting transparency which is mandatory as per the Securities Exchange Act of 1934 and other issue related to the bribing of an official of any foreign government.

The Sarbanes-Oxley Act of 2002 (SOX) can be seen as an act which is formed by US Congress in the year 2002 so that a protection can be provided to the investors from the fraudulent accounting activities which are performed by many business organizations. Due to this act, some very strict reformed were introduced so that the financial disclosure can be ensured from companies and o avoid any kind of accounting fraud. The main reason behind the formulation of this act was the prevailing accounting frauds in the country pre-2000s when public scandals were on its height such as Enron fraud, WorldCom fraud, and this situation required toe overhauling of different regulations.