Potential conflicts faced by Finance and Accounting Professional


Potential conflicts faced by Finance and Accounting Professional


a)   A Finance  & accounting professional  working   as  consultant/auditors  in  public  practice should  take adequate care to identify situation that could pose a conflict of interest. If not

followed, they may give rise to threat to comply with the fundamental principles.

b)  A Finance & accounting professional working  as an employer has professional obligation to comply with the fundamental principles laid down by the organization. At the same time, he

should also follow the regulation of the law & should ensure that whatever he does complies

with ethical code of conduct. However, there are situations when superiors or the top level of management apply pressure on the employees to perform activities which are:

ü   Contrary to law or regulation.

ü   Contrary to technical or professional standards.

ü   Unethical or facilitate illegal earnings management strategies.

ü   Associated with issue of financial or non financial report that materially misrepresents the facts, including statements in connection with financial statements, tax compliance, legal compliance or reports required by security regulators.


Like it? Share with your friends!

BMS Team

We, at BMS.co.in, believe in sharing knowledge and giving quality information to our BMS students. We are here to provide and update you with every details required by you BMSites! If you want to join us, please mail to [email protected]


Facebook comments:

Choose A Format
Personality quiz
Series of questions that intends to reveal something about the personality
Trivia quiz
Series of questions with right and wrong answers that intends to check knowledge
Voting to make decisions or determine opinions
Formatted Text with Embeds and Visuals
The Classic Internet Listicles
The Classic Internet Countdowns
Open List
Submit your own item and vote up for the best submission
Ranked List
Upvote or downvote to decide the best list item
Upload your own images to make custom memes
Youtube, Vimeo or Vine Embeds
Soundcloud or Mixcloud Embeds
Photo or GIF
GIF format