conflict of interest

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conflict of interest

n. pl. conflicts of interest
A conflict between a person's private interests and public obligations.
American Heritage® Dictionary of the English Language, Fifth Edition. Copyright © 2016 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

con′flict of in′terest


n.
the circumstance of a public officeholder, corporate officer, etc., whose personal interests might benefit from his or her official actions or influence.
[1950–55]
Random House Kernerman Webster's College Dictionary, © 2010 K Dictionaries Ltd. Copyright 2005, 1997, 1991 by Random House, Inc. All rights reserved.
ThesaurusAntonymsRelated WordsSynonymsLegend:
Noun1.conflict of interest - a situation in which a public official's decisions are influenced by the official's personal interests
situation - a complex or critical or unusual difficulty; "the dangerous situation developed suddenly"; "that's quite a situation"; "no human situation is simple"
Based on WordNet 3.0, Farlex clipart collection. © 2003-2012 Princeton University, Farlex Inc.
References in periodicals archive ?
Conflicts of interest involve dual relationships; one person in a position in one relationship and a relationship in another situation.
Arthur, Pakistan's head coach, and Azhar, the bowling coach, are both also coaches with Karachi Kings in the PSL, which has raised questions about potential conflicts of interest.
Amman, Aug.8 (Petra) -- A cabinet meeting, chaired by Prime Minister Omar Razzaz on Wednesday approved a Code of Conduct and the Disclosure of Conflicts of Interest for the Council of Ministers.
If the value that government places on conflicts of interest is expressed by toleration and lack of real consequence on those who violate public trust, then who cares?
Nearly a quarter of public speakers at meetings of a Food and Drug Administration advisory committee had conflicts of interest, about 20% of which are undisclosed, a study finds.
And, ironically, if the proposal were to be adopted as currently drafted, broker/dealers could find themselves complying with a best interest standard and addressing conflicts of interest in a manner consistent with what they intended to use to comply with the DOL’s rulemaking.
Being able to clearly identify and discuss conflicts of interest is essential in order to protect your organization from corruption.
Fortunately, CPAs can "ACE" conflicts of interest by considering these important areas:
THE Welsh Government failed to manage conflicts of interest involving a company that received PS810,000 towards the construction of a wind turbine in west Wales, the Auditor General for Wales has concluded.
The AICPA Professional Ethics Executive Committee (PEEC) recently approved two interpretations on conflicts of interest, Interpretation 102-2, "Conflicts of Interest for Members (CPAs) in Public Practice," and Interpretation 102-7, "Conflicts of Interest for Members (CPAs) in Business." These interpretations provide additional guidance for dealing with conflicts of interest, including a three-part framework: 1) identification, 2) evaluation, and 3) disclosure and consent.
Conflicts of interest are inherent risks to clients and businesses alike.