Abstract
ABSTRACT The aim of this study is to investigate the adherence of Brazilian publicly listed companies to the parameters of the anti-corruption law compliance program as well as its association with internal controls implementation. In light of the accounting scandals and corporate frauds reported in several countries, including Brazil, Law n. 12,846, known as the anti-corruption law, was approved on August 1st, 2013, and Decree n. 8,420, approved on March 18, 2013, regulated this law and defined criteria for the functioning of compliance programs. Considering that compliance programs can affect internal controls, it is important to understand the adherence of companies to their parameters as well as identifying the internal controls derived from them. The findings show a substantial degree of adherence among listed companies to the parameters of the compliance program. Additionally, the results revealed the existence of new internal controls, such as the emergence of the “compliance officer” function. A survey in the form of a questionnaire was adopted. The questionnaire was sent to companies associated with ABRASCA (Brazilian Association of Publicly Listed Companies). The final sample included 32 publicly listed companies. Paraconsistent logic was applied to analyze the data. This paper contributes by empirically showing that, in Brazil, publicly listed companies are adherent to the anti-corruption law. Furthermore, this paper reveals that higher levels of adherence to compliance programs are associated with greater implementation of internal controls.
Highlights
Patricia Reis Castro, Juliana Ventura Amaral & Reinaldo GuerreiroCorporate fraud is a topic that raises concern among investors, both in relation to preserving invested assets and in relation to possible measures for protecting against fraudulent agents interested in getting rich on other people’s money
The objective that guides this study is to identify the perception of managers regarding the implementation of new internal controls resulting from adhesion to the compliance program established in Brazil’s anti-corruption law
The internal controls derived from the compliance program of the anti-corruption law contribute to minimizing errors and fraud
Summary
Corporate fraud is a topic that raises concern among investors, both in relation to preserving invested assets and in relation to possible measures for protecting against fraudulent agents interested in getting rich on other people’s money. It derives from flaws in internal controls and relates especially to the inappropriate use of accounting, corporate espionage, the manipulation of information, purchases for personal gain, the payment of bribes, and theft of assets (Wells, 2008). There began to emerge political pressure for other countries to combat corruption
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