Warning to Corporate America: Brace for a surge in bribery accusations.

The whistleblower provisions of the financial regulation bill signed by President Obama on Wednesday could lead to an increase in enforcement of the Foreign Corrupt Practices Act (FCPA), says law firm Morrison & Foerster.

As Ron Fink noted earlier, the new financial reform bill has four provisions strengthening whistleblower rights, including financial incentives and legal protection against retaliation. http://www.cfozone.com/index.php/Compliance/Corporate-whistle-blowing-encouraged-by-financial-reform.html

Submitted by Francine McKenna, republished from Going Concern, Accounting News for Accountants and CFOs.

Do external auditors have a duty to detect fraud? How about the internal auditors? What price do internal auditors and other compliance employees pay for following up on suspicions of fraudulent or unethical activity?

These are two of the most contentious questions I write about. We've seen the debate over fraud detection by external auditors in the Koss, Overstock, Satyam, Huron, and Madoff feeder funds cases.