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#1
07-21-2007, 12:35 PM
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Auditing - Ethics & Independence - Conflict of Interest Question
I'll be working for a Big 4 company in london in a couple of months time, seeing as I'll be doing financial services auditing, and I own a bank account in the bank that is one of the audit clients to my company, does that mean I will have to change the bank that i deal with?
what about for my family?? do they also have to change their accounts? notsure if this belongs to this forum but i couldn't find abetter place to ask 
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#2
07-21-2007, 02:40 PM
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Re: Auditing - Ethics & Independence - Conflict of Interest Question
I think you should be fine if it's just a standard chequing or savings account, but if you're really concerned, you'd be better off asking an employee of the firm about their policies.
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#4
07-21-2007, 09:50 PM
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Re: Auditing - Ethics & Independence - Conflict of Interest Question
IIRC, you are most likely OK, as long as you dont have overdraft protection on it. I've been out of public for a couple of years, so I cant say for certain. Each firm will have its own policies, and you will be trained and trained and trained on ethics and independence. You can also check the AICPA website and see if there is any information there.
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#5
07-21-2007, 11:03 PM
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Re: Auditing - Ethics & Independence - Conflict of Interest Question
[ QUOTE ]
I'll be working for a Big 4 company in london in a couple of months time, seeing as I'll be doing financial services auditing, and I own a bank account in the bank that is one of the audit clients to my company, does that mean I will have to change the bank that i deal with? what about for my family?? do they also have to change their accounts? notsure if this belongs to this forum but i couldn't find abetter place to ask [/ QUOTE ] Speaking from experience as a Big 4 employee - You will most likely have to disclose this financial relationship via some kind of independence tracking system in place (at least, that's how it is where I work) and you just won't be able to be staffed on that client. Another factor, IIRC, is the amount you have in that bank account and its materiality to your net worth. Definitely read the firm's policy, as it may be different in the US and/or across different firms. I really don't think you'll have to change banks though. And I'm pretty sure your family won't have to either.
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