Question

What is true about conflicts of interest?

Answer 1

Answer:

A conflict of interest can come in a situation where an individual has competing interests or loyalties because of their duties to more than one person or organization. A person with a conflict of interest can't do justice to the actual or potentially conflicting interests of both parties. For instance, if internal auditor, who is in a position of trust, has a competing professional or personal interest.

Another example is if a person have a loyalty to an employer and also loyalty to a family business. Each of these businesses expects the person to have its best interest first. Thus, the conflict .

Such competing interests can make it difficult to fulfill his or her duties impartially.

A conflict of interest exists even if no unethical or improper act results.