Corporate Compliance Programs and Internal Controls
DEMING PLLC works with international and domestic companies, organizations, and audit committees to develop and implement effective corporate compliance programs and to design mechanisms to ensure that they are actively monitored, regularly updated, and consistently enforced. This includes developing policies and procedures, instituting training programs, establishing protocols for protecting whistleblowers and for providing means of protected communications for employees seeking guidance, setting standards for the conduct of due diligence, and ensuring the adequacy of internal controls. It also includes conducting due diligence and internal investigations.
Foreign Corrupt Practices Act
In 1977, the Foreign Corrupt Practices Act (FCPA) was adopted for prohibiting the payment of bribes to foreign officials and mandating certain accounting and record-keeping practices. In recent years, many countries have implemented and begun to enforce similar prohibitions on the payment of bribes to foreign officials. Active enforcement of the FCPA and similar legal regimes is expected to continue to grow at a dramatic pace. As a result, the implementation and active enforcement of an effective compliance program has become essential to the conduct of international business and other international activities.
Sarbanes-Oxley and Internal Controls
In the wake of corporate scandals such as Enron and WorldCom, the Sarbanes-Oxley Act was signed into law in 2002. In amending the FCPA, Sarbanes-Oxley sought to enhance oversight over corporate governance and to strengthen and ensure the effectiveness of accounting practices. In so doing, the role of compliance programs in ensuring the adequacy of internal controls has become even more crucial for publicly held companies.
The UK Bribery Act
In 2010, the United Kingdom adopted what is known as the UK Bribery Act. The implications for the worldwide operations of any company doing business in the United Kingdom will be dramatic. A failure to have an effective compliance program may expose a company to strict liability for a violation. In addition, the anti-bribery regimes of other countries are increasingly imposing other requirements that may expose a company to liability. Given its broad reach, it is essential that a compliance program takes into consideration the relevant aspects of the UK Bribery Act.
Canada’s Corruption of Foreign Public Officials Act
DEMING PLLC is well-acquainted with the various aspects of Canada’s Corruption of Foreign Public Officials Act (CFPOA). It works with companies, organizations, audit committees, and individuals to develop adequate procedures, including related compliance programs and internal controls, to facilitate compliance with the CFPOA. In designing and implementing compliance programs, DEMING PLLC understands the nuances of the CFPOA and how it may differ with the FCPA and the UK Bribery Act.
World Bank and Regional Development Banks
Consistent with the anti-corruption initiatives of the OECD, OAS, Council of Europe, the United Nations and other international organizations, the World Bank and regional development banks, including the Inter-American Development Bank (IDB), the European Bank for Reconstruction and Development (EBRD), the African Development Bank (AfDB) and the Asian Development Bank (ADB), enforce anti-corruption policies for anyone seeking financing or procurement opportunities. Having an effective compliance program has become essential for companies seeking financing from or procurement opportunities with the World Bank and other multilateral lending institutions.
Monitors and Independent Compliance Consultants
DEMING PLLC is well-equipped in terms of having the requisite background, skills and experience to serve as a monitor or independent compliance consultant for deferred or non-prosecution agreements involving the U.S. Department of Justice or the U.S. Securities and Exchange Commission (SEC), for the voluntary disclosure program of the World Bank, and in other contexts. Aside from being a leading authority and having an accounting background, Mr. Deming is highly regarded and understands the perspective of enforcement officials due to having served in various capacities with the Justice Department and with the SEC.