multinational corporation
MNC At the simplest level, the term MNC refers to a corporation with activities in two or more countries. Alternative definitions include the following: (i) a corporation with "a worldwide view of production, the sourcing of raw materials and components, and final markets" (Radebaugh and Gray, 1997, 24); (ii) a corporation producing at least 25 percent of its output outside its country of origin (which may or may not be the country where the MNC is legally based). To bring coherence to their sprawling operations, and to manage the vast array of *risks they face, many MNCs introduce standardized internal procedures, as far as this is compatible with local laws, regulations, and cultural practices. The risk of contravention of the *Foreign Corrupt Practices Act is a major concern for U.S. MNCs. Factors such as these present unique challenges to MNCs’ internal and external auditors, who often play a key role in the verification of global *controls, *procedures, and risk management programs.

Auditor's dictionary. 2014.

Look at other dictionaries:

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