Workplace Injustice: A Silent Killer of Employee Morale and Business Success - Small Business Trends

From<Workplace Injustice: A Silent Killer of Employee Morale and Business Success - Small Business Trends (smallbiztrends.com)>

 

Top Tips for Success as a Young Professional Featuring Patrick McKenna |...

From<Top Tips for Success as a Young Professional Featuring Patrick McKenna | Career Talks by Indeed (youtube.com)>

Telltale Hearts: A Public Health Doctor, His Patients, and the Power of Story: Schillinger MD, Dean-David

From<Telltale Hearts: A Public Health Doctor, His Patients, and the Power of Story: Schillinger MD, Dean-David: 9781541704206: Amazon.com: Books>

Conflict of Interest

Conflict of Interest

Some firms can run aground when it starts to move into uncharted areas or business gray areas of vertical business concerns. For example, suppose that a car dealer might want to advise a customer, you, further on importing three-wheel bikes from Brazil. It turns out these three-wheel bikes only come disassembled in the box. Worse than that, the wheels have to be ordered separately from the Far East. And further, all of a sudden, the price of the wheels has somewhat tripled over the next two days after receiving the first shipment of bikes from Brazil.

Now you are stuck with a container full of three-wheel bikes with no wheels to meet your initial pricing model. The car dealer had no way of knowing that crucial fact because he only has one three-wheeler that a customer traded in on a new car. Fact is, the car dealer did not do due diligent, or fact-finding on, the intricate details, of the importing of that particular three-wheeler brand at all. Owing to the advice you the customer jumped in with both feet on the investment – cost when to the roof. You the customer acquired a letter of credit from the local bank to cover, from FOB to the customer, of which there was a default on that particular note. Now, do you think you should sue the car dealer on the premise that he supplied you with bad advice?

The way to A.C.E. such conflicts of interest is to apply these three sounding boards:

"A = Awareness. The first tip to ACE conflicts of interest is “awareness.”
Be aware of areas where potential conflicts of interest may develop. These may include, but are not limited to:
* Providing services to clients in the same industry.
* Advising the client to invest in a business in which a member of the CPA firm has a financial interest; or
* Providing forensic investigation services to a client in anticipation of litigation against another CPA firm client.
C = Communications. “Communication” is an important safeguard to help ACE conflicts of interest and involves the three D’s–disclosure, decisions, and documentation.
E = Exit In many circumstances, the CPA firm can establish and implement safeguards to reduce the threat to integrity and objectivity to an acceptable level. In addition to communication, other examples of safeguards may include, but are not limited to:
* Implementing mechanisms to prevent unauthorized disclosure of confidential information, including the creation of separate engagement teams and physical and electronic separation of confidential information, including workpapers, of the clients at issue; and
* Having workpapers and deliverables reviewed by someone independent of the client services engagement team to assess whether key judgments and conclusions are appropriate."

In short, stay away from areas that do not pertain directly to your business model or function. Per example, you sold a car battery, now the customer wants you to go out in the parking lot and install the battery. Your major function is that of a salesperson – by moving forward with installing the battery you would be moving also into that of liability exposure. So, “do one thing and do it best,” is good advice.

By James Byrd, MBA

Source: 
Managing conflicts of interest.. (n.d.) >The Free Library. (2014). Retrieved Aug 12 2018 from https://www.thefreelibrary.com/Managing+conflicts+of+interest.-a0514405686

10 FREE Online Courses From Harvard University That Can Pay You US$6,000...

From<10 FREE Online Courses From Harvard University That Can Pay You US$6,000 A Month With A Side Hustle (youtube.com)>

Custom Item Types in Wrike

From<Custom Item Types in Wrike (youtube.com)>

[Webinar] How to Make Work More Human

From<[Webinar] How to Make Work More Human (youtube.com)>hu