Bribery and corruption are just as likely to affect SMEs (Small and Medium Sized Enterprises) as large companies, yet only one fifth of SMEs feel able to distinguish between bribery and corruption or corporate hospitality and facilitation fees. This is according to a new survey report, Bribery and Corruption: The Impact on UK SMEs, by the Association of Chartered Certified Accountants, a global association of accountancy professionals.
According to the study, which surveyed 558 ACCA members either working in SMEs as accountants or general managers or providing professional services to SMEs, over two-thirds (69%) of respondents agree that SMEs are likely to be confronted with bribery and corruption in the course of their business dealings, yet fewer than half thought that SMEs understand the law in this area, revealing a fundamental uncertainty about what bribery and corruption amounts to in practice.
Findings from the survey include:
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