The "Books and Records" Provisions of the Foreign Corrupt Practices

question 8

Multiple Choice

The "books and records" provisions of the Foreign Corrupt Practices Act:

• A) Potentially imposes criminal liability on internal auditors who fail to detect bribery or corruption in a firm's record-keeping system
• B) Potentially imposes criminal liability on external auditors who fail to detect bribery or corruption in a firm's record-keeping system
• C) Requires publicly-held companies to devise and maintain adequate internal controls over payments that constitute bribes
• D) Requires companies to document the amounts, purpose, and recipients of facilitation payments to ensure that their federal income tax reporting is accurate

Understand the role of opportunity cost in decision-making and trade-offs.

Identify the conditions under which individuals or entities would benefit from specialization and trade.

Explain the function of money as a medium of exchange in facilitating trade.

Understand the basics of barter system and its limitations compared to money-based trade.

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