Sector / Industry
Accounting
Professional Accountants in Public Practice
Examples:
- External auditors accept advantages from clients for turning a blind eye to the irregularities and exceptions identified during audit.
- External auditors accept advantages from clients for reducing the sample size for vouching without justification.
- External auditors accept advantages from clients for freezing audit fee.
Professional Accountants in Business
Examples:
- Internal auditors accept advantages from colleagues for turning a blind eye to non-compliances.
- Financial accountants accept advantages from colleagues for processing claims with missing, insufficient or even fraudulent supporting documents.
- Management accountants accept advantages from outside parties for disclosing price-sensitive confidential information of his listed company.
Conflict of interest
Examples:
- Professional Accountants in Public Practice accept lavish or frequent meals and other entertainment during the course of audit.
- Professional Accountants in Public Practice accept part-time employment offers from existing clients.
- Professional Accountants in Business procure services or products from companies which are owned by their family members or close friends.
- Professional Accountants in Business disclose price-sensitive information of their publicly listed employers to friends/relatives before public announcement.
- Professional Accountants in Business approve certain company investments in which they have personal financial interests.