Tip of the month: avoiding conflicts of interest.

• Position: CAMICO Insurance - Brief article

Consider all client situations carefully to identify potential or actual conflicts of interest, which may affect your objectivity or independence--even if you're not engaged to do attestation work.

Examine conflicts of interest from a broad point of view, considering the client's perspective as well, as those of other stakeholders such as owners, investors, partners, beneficiaries and spouses.

Troublesome scenarios can include a partnership breakup, a failed investment, bankruptcy, a trust, merger, divorce, family office services or anything else that can create opposing or disappointed factions. Claims are often triggered by CPAs advising two parties to a...