Bribery and Corruption case study
According to a report by Association of Certified Fraud Examiners (ACFE), corruption and bribery by companies represent the second most fraud cases (35.4% of all cases) with median loss of $200,000. In recent years, there is an increasing number of Australian businesses expanding their operations into countries that represent an increased likelihood of corruption risk. Incidents and allegations of corrupt practices by a corporation may adversely affect the strength, sustainability and even the success of the business. Particularly, a company embroiled in such events would often be characterised as a business with weak internal control, poor corporate governance and inability to effectively implement and monitor company’s code of conduct. Consequently, the company may face criticisms locally and abroad, considerable litigation expenses (costs that are ultimately borne by shareholders) and sharp decline in company share price.
Question: You are required to research on one corruption and bribery case by an Australian business. You have to (1) discuss the case (475 words);
(2) identify and discuss reasons behind their frauds (475 words);and
(3) provide your views on how the corruption and bribery behaviour could have been prevented (150 words).
Remind: In-text citations must include page numbers.