IIA-Australia White Paper - Why People Do Not Accurately Disclose Their Conflicts Of Interest

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Author

Barry Davidow BCom, BAcc, MTaxLaw, ACA, CFE, CRMA, PFIIA, Advanced Diploma of Government (Management), Diplomas in Risk Management and Business Continuity, Government (Fraud Control), Government (Investigation) and International Financial Management.

Matthew Lyon B.Comm, CPA, MIAA

Date

 2023

Topics Explored

Risk Management

Format

White Paper

Extract/Description

Non-disclosure and inaccurate disclosure of conflicts of interest have been an issue for as long as disclosure has been required. There are many practical benefits from understanding why people underestimate their conflicts of interest.

Key Points

There are three significant ways in which people withhold information about conflicts of interest:

  1. People do not disclose conflicts of interest
  2. People only partially disclose conflicts of interest
  3. People give misleading disclosures that result in information being hidden

These are referred to in this White Paper as the sides of the ‘Conflict of Interest Bermuda Triangle’. Examining the reasons people do not make full disclosures of conflicts of interest will help us improve disclosure systems and internal controls over conflicts of interest.

Relevant Industries

All

Level of Assumed Knowledge

Intermediate