Factsheet - Conflicts of Interest

Factsheet

This is a members only resource.

Please login to access.

Author

IIA-Australia

Date

2022

Topics Explored

Governance, Ethics and Culture

Format

Factsheet

Extract/Description

A conflict of interest is a situation in which an individual has competing interests or loyalties. Conflicts of interest are a significant contributor to fraud and corruption, and should be handled appropriately by every organisation.

Key Points

1. Competing interests can make it difficult to fulfil duties impartially.

2. It is considered leading practice to implement policies, processes and governance structures to help assure conflict of interest situations are dealt with ethically and within accepted transparency principles.

Relevant Industries

All

Level of Assumed Knowledge

Expert

Aligned to Global Internal Audit Standards

No