Research from ACCA (the Association of
Chartered Accountants) shows 59% of SMEs and their advisers
globally are concerned over impact of bribery and corruption on
their business
NEW
YORK, May 15, 2024 /PRNewswire/ -- A new ACCA
report, Bribery and corruption: The hidden social evil on your
doorstep, highlights the impact bribery and corruption can have
on small and medium sized enterprises (SMEs) across the world,
highlighting the pressing need for enhanced transparency and robust
regulatory frameworks.
The survey shows business owners and their financial advisors
have deep concerns about the damaging impact of bribery and
corruption, with 59% believing that standing up to bribery and
corruption will cost them business trade or opportunities.
But the survey also reveals a strong understanding of the
benefits of standing up to bribery and corruption. 77% agree that
having a strong anti-bribery policy boosts customer confidence in
their business, and 68% say it increases their chances of getting
lucrative contracts with big businesses and public sector
bodies.
Jillian Couse, Head of ACCA North
America, said: "Corruption is a poison; it distorts markets, stunts
economic growth, and deters investment. This survey has some stark
findings when looking at the global landscape, where a majority of
respondents say corruption is bad for business, yet 59% say that
businesses are likely to encounter it."
The report aims to arm businesses and regulators with the
necessary insights and tools to root out corruption and foster an
environment of transparency and trust. This could include the use
of the latest digital tools. Just as technology is being used by
criminals, so regulators and enforcement agencies should embrace it
in the battle to detect, prevent and respond to them.
Many small businesses don't have the bargaining power to refuse
when small bribes are demanded of them. Entrepreneurs have to
choose between paying the bribe or losing the business – and often
that is no choice at all for someone trying to support a
family.
Drawing from a broad spectrum of global data, expert opinions,
and real-world case studies, the report explores the multifaceted
impacts of corrupt practices on SMEs and economic development. It
highlights the severe consequences that businesses can face,
including legal penalties and severe damage to their
reputations.
The report also considers the effectiveness of current
anti-corruption laws and policies across different countries,
suggesting that while some progress has been made, much remains to
be done to align international efforts.
ACCA hopes this report will serve as a catalyst for change,
encouraging entities across all sectors to evaluate their practices
and align with the best standards of business conduct.
Read the report and the accompanying data slide deck here.
About ACCA
We are ACCA (the Association of Chartered Certified
Accountants), a globally recognised professional accountancy body
providing qualifications and advancing standards in accountancy
worldwide.
Founded in 1904 to widen access to the accountancy profession,
we've long championed inclusion and today proudly support a diverse
community of over 247,000 members and 526,000 future members in 181
countries.
Our forward-looking qualifications, continuous learning and
insights are respected and valued by employers in every sector.
They equip individuals with the business and finance expertise and
ethical judgment to create, protect, and report the sustainable
value delivered by organizations and economies.
Guided by our purpose and values, our vision is to develop the
accountancy profession the world needs. Partnering with
policymakers, standard setters, the donor community, educators and
other accountancy bodies, we're strengthening and building a
profession that drives a sustainable future for all.
Find out more at: www.accaglobal.com
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SOURCE ACCA: ASSOCIATION OF CHARTERED CERTIFIED ACCOUNTANTS
(USA CHAPTER) / ANAT GERSTEIN