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Hi…Can you explain “Conflict of interests” …I read it in ethics related to external auditor and clients smth…but I couldn’t get it….Thank you…
One more thing…Accountants should be reliable based on Confidentiality concept….Diclosure of information could harm client’s company…Question:How and what kind of information….What I’m saying is anyway financial statements will be open to everyone in the end…What’s the point of concealing information…Scenario between Auditor and Client….Thank you…
What is the correlation of ethics,law and regulation…How can I differentiate ethics from law…Difference between illegal and unethical practice carried out in the organisation…Thanks
Conflict of interest: eg helping both a buyer and a seller at the same time in the same transaction.
Confidentiality: eg disclosure of results before the financial statements are published could give an investor an advantage. Similarly, information about budgets can be very sensitive.
Public interest: you should not, in general, disclose information you obtain as an auditor, but what if you discover that the client is covering up results that imply a product of their’s is unsafe.
Law is law ie passed by a government. Ethics derives from moral outlooks or ethical codes.
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