be2le07h.Ch02 Question 1 of 1 Check My Work (2 remaining I oversee the internal

Question

be2le07h.Ch02 Question 1 of 1 Check My Work (2 remaining I oversee the internal audit function at my company. Although we always use a Big Four accounting firm, we have no loyalty to any one particular firm. We hold periodic bid competitions to get the lowest price we can. At the moment, we are using Firm A. Recently, one of the partners at A offered me box seats to a Red Sox game. I love the Red Sox, and even more importantly, I could have taken my father who, even though he has always been a big Sox fan, has never been to a game. However, I knew that we would soon be asking A to bid against the other Big Four firms for the right to do next year's audit. Needless to say, I was torn about what I should do. What pitfalls does this person face? Would something as minor as Red Sox tickets affect his decision about which audit firm to use? 2. If the narrator concluded that he should use the tickets to take his dad to his first game and thus maximize overall happiness, he would be adhering to Select 3. It is likely that the Red Sox tickets would influence him less than if Firm A had given him Select 4. If the narrator decides to go to the game but keep his decision a secret, his actions are not supported by Select Check My Work (2 remaining)

Explanation / Answer

1) conflict of interest, because it is a situation in which a person is in a position to derive personal benefit from actions or decisions made in their official capacity.

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