Reference no: EM131351950
Read the given essay. check it grammatically. and proofread it.
Essay
Source: Globe Business Arena
Teva shareholder wants corruption disclosure.
The shareholder wants more information on the $500 million set aside for investigators related to violation of the US Foreign Practice Act.
The arrangement took place on November 15, 2016 in which Teva agreed to set aside the huge sum for future payment to with the US Department of justice and Securities and Exchange Commission (SEC). Investigation related to the violation of (FCPA).
It was discovered that Teva's violation has been found in Russia, Ukraine, and Mexico. A lawsuit was filed by Teva shareholder RA'abcca Technologies Ltd. Requested the Lod District information and documents, prior to the filing of derivatives against Teva. The shareholder felt like the Directors and executives are responsible for the damage sustained by Teva, and expected an answer for it to maintain a good reputation. The shareholder felt like if the Directors and Executives had put in place a type of control environment, this could have been prevented. This huge damage to Teva said the shareholder; huge fine has to be paid for corruption. This corruption process process was taken place for several years.
The shareholder requested documents that will help them gathering as much information as they can, but it has not been revealed yet and the request has not been answered which means Teva has something to hide. The real concern was mentioned. Teva executives were negligent regarding the whole situation, and turned on a blind eye they were aware of the information and failed to establish an effective anti -corruption and anti-bribery enforcement program to observe its implementation.
They were several suspicious transactions and alleged breach of trust by the executives, including conflict of interest which could have prevented Teva and general board members from receiving relevant information or receiving illicit benefits. Several unauthorized payment were made to doctors in Chile, graft to officials, including doctors in government hospital, insufficients oversight in Argentina, there were large numbers of Teva's consulting contracts with doctors in Argentina. (Possible bribery, of government official in Venezuela, overseas fund transfers, assistance with fraudulent payments). These were the violation of Foreign Corrupt Practice Act. Teva was linked to several countries.
Teva said the Securities and Exchange Commission has subpoenaed documents and is looking into its compliance with the Foreign Corrupt Practices Act, which makes it illegal for people or companies to make payments to officials of foreign governments in order to get or keep business.
In addition to the compliance program, Teva should have an internal audit team to oversee in any outgoing transaction, incoming transaction request, type of requests, what countries they conduct transactions with, make all the transactions are conducted with the proper authorization.
Teva should have established a compliance program to prevent such illegal conduct and oversight mechanism that would stop act of corruptions from several countries.
Audit approach in Teva: Questions all the payment made by Corporations to domestic and foreign government officials, make the accounting profession is formally addressed the auditor's responsibility to detect any illegal acts. Look carefully in the financial statement to ensure the amount is properly disclosed. The auditors must be consistent with every single document they are looking through.
Detect all material errors and irregularities in the financial statements, discover all illegal acts committed by the client, and ensure the financial statement is clear of errors.
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