New survey shows small businesses believe that standing up to bribery and corruption will result in lost business opportunities

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 

SOURCE ACCA: ASSOCIATION OF CHARTERED CERTIFIED ACCOUNTANTS (USA CHAPTER) / ANAT GERSTEIN