Conflict Of Interest
Submitted by chrisdega on September 27, 2011
- Category: Social Issues
- Words: 875
- Pages: 4
- Views: 55
- Popularity Rank: 4309
Conflict Of Interest
As it is customary, audits are performed within a ‘Chinese wall’ environment and auditors are bound by law not to disclose any information to third parties nor to other colleagues within the firm. Reason being, auditors have unrestricted access to sensitive financial information that can be used to front run markets.
One particular late Friday night, a couple of us were sitting at a bar close to the client’s Head Office and after a couple of drinks, Donald, a colleague and good old friend of mine working on the same audit asked me point blank whether I would entertain making use of the privileged information we held and buy shares before the company released its results,...
You must Login to view the entire paper.
If you are not a member yet, Sign Up for free!