Small and midsized business owners and their financial advisors have deep concerns about the damaging impact of bribery and corruption, according to a new survey.
Over half (59%) believe that standing up to bribery and corruption will cost them business trade or opportunities, according to the
Among accountants who work in or with small or midsized enterprises, support for relaxing rules on small bribes outweighs opposition, and among those without professional qualifications the support is even higher. SMEs are concerned about bribery, and they're likely to encounter it, but they're also more likely to cover it up if they do get involved.
However, the survey also showed a strong understanding of the benefits of standing up to bribery and corruption, with more than three-fourths (77%) of respondents agreeing that having a strong anti-bribery policy boosts customer confidence in their business, and over two-thirds (68%) saying it increases their chances of getting lucrative contracts with big businesses and public sector bodies.
While the survey respondents were mostly confident they could identify bribery, confidence has declined globally since 2019, when the ACCA conducted a similar survey.
"Corruption is a poison; it distorts markets, stunts economic growth, and deters investment," said ACCA North America head Jillian Couse in a statement Wednesday. "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 discusses the effectiveness of anti-corruption laws and policies in various countries, acknowledging that while some progress has been made, more needs to be done to align international efforts. The ACCA hopes the report will provide a catalyst for change and is encouraging groups across all sectors to evaluate their practices and adopt better standards for business conduct.
