conflict of interest

conflict of interest
An incompatibility between an individual’s rights and responsibilities. *Rewards gained by an individual from a conflict of interest are generally regarded as unethical, and they may also breach legislation or Regulations. For example, an employee of an organization who negotiates raw material *prices with a family-related *vendor faces a potential conflict of interest between (i) minimizing costs to the employer and (ii) maximizing returns to the family member. External auditors are particularly sensitive to accusations of conflicts of interest that may impair the ability to give an independent and objective *audit opinion. The supply of lucrative *management advisory services to an *auditee and personal investments in an *auditee’s business are aspects of external auditor regulation in most countries.

Auditor's dictionary. 2014.

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  • conflict of interest — con·flict of interest / kän ˌflikt / 1: a conflict between the private interests and the official or professional responsibilities of a person in a position of trust 2: a conflict between competing duties (as in an attorney s representation of… …   Law dictionary

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  • conflict of interest — n. a conflict between one s obligation to the public good and one s self interest, as in the case of a public officeholder who owns stock in a company seeking government contracts …   English World dictionary

  • conflict of interest — The circumstance of a person who finds that one of his activities, interests, etc. may have a contrary interest on another of his interests or activities. (Dictionary of Canadian Bankruptcy Terms) United Glossary of Bankruptcy Terms 2012 …   Glossary of Bankruptcy

  • Conflict of interest — For other uses, see Conflict of Interest (disambiguation). A conflict of interest (COI) occurs when an individual or organization is involved in multiple interests, one of which could possibly corrupt the motivation for an act in the other. A… …   Wikipedia

  • conflict of interest — noun a situation in which a public official s decisions are influenced by the official s personal interests • Hypernyms: ↑situation * * * : a conflict between the private interests and the official responsibilities of a person in a position of… …   Useful english dictionary

  • conflict of interest — Term used in connection with public officials and fiduciaries and their relationship to matters of private interest or gain to them. Ethical problems connected therewith are covered by statutes in most jurisdictions and by federal statutes on the …   Black's law dictionary

  • conflict of interest — Term used in connection with public officials and fiduciaries and their relationship to matters of private interest or gain to them. Ethical problems connected therewith are covered by statutes in most jurisdictions and by federal statutes on the …   Black's law dictionary

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  • Conflict Of Interest — A situation where a professional, or a corporation, has a vested interest which may make them an unreliable source. The interest could be money, status, knowledge or reputation for example. When such a situation arises, the party is usually asked …   Investment dictionary

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