Managing Conflict of Interest - Organisation for Economic Co ...

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162 Managing Conflict of Interestthat may not necessarily be illegal but would be considered unethical.All three emphasize the need to strike an appropriate balancebetween control mechanisms to limit misconduct and incentives toencourage good behavior.Their experiences support the argument that “good governanceequals good business” and demonstrate how codes ofconduct can be leveraged in the private sector to bridge the gapbetween doing what is legal or lawful and doing what is ethical andright to protect both public and private interests.ADB/OECD Anti-Corruption Initiative for Asia and the Pacific
Good corporate governance: Essential toprevent conflicts of interest and fraud—Learning from Pakistan’s experienceAsad Ali ShahPartner, Deloitte Pakistan, and Council Member of the Institute of CharteredAccountants, PakistanIntroductionThis paper outlines the implications of fraud for private sectororganizations and emphasizes the importance of establishingantifraud programs and controls to deter fraud as a prerequisitefor achieving core business objectives. The analysis is based onthe results of an international survey and Pakistan’s experience inaddressing fraud and conflict of interest in the private sector throughits corporate laws and governance frameworks.Overview of Fraud and Conflict of InterestA conflict of interest occurs when a person or organization actson behalf of another individual or organization, and has, or appearsto have, a hidden bias or self-interest in the activity undertaken. Thishidden bias or self-interest is actually or potentially adverse to theinterests of the individual or organization being represented andis not made known to the individual or organization being represented.When a person’s conflict of interest results in economic orfinancial loss to the individual or organization on whose behalf theperson is acting, then fraud has occurred. Conflict of interest canexist on its own, or can be an intricate part of other forms of fraudsuch as bribery and illegal gratuities. Actions resulting from conflictof interest generally constitute the most costly form of fraud, sincethese happen at a senior management level of governance.While the term “fraud” is not generally defined in most jurisdictionsnor specifically defined in criminal law, everybody seems toknow what it is (except those who commit it, and purport to have noidea that what they are doing is wrong!). It is like an elephant, easierto recognize than to define. The International Standard on AuditingADB/OECD Anti-Corruption Initiative for Asia and the Pacific
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ForewordThe Asian Development Bank
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AcknowledgmentsThe Asian Developmen
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AbbreviationsACFEADBAPSCEOCFOCOICRP
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Executive SummaryThere is growing c
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Executive Summary xvThe Organisatio
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Executive Summary xviiThe People’
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Keynote AddressesADB/OECD Anti-Corr
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Keynote Addresses xxiI, therefore,
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Keynote Addresses xxiiiConvention A
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Welcome RemarksTaufiequrachman Ruki
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Welcome RemarksArjun ThapanDirector
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Keynote Addresses xxixIt is also he
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Remarks at the Opening DinnerH. E.
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Keynote Addresses xxxiiibe struck b
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Keynote Addresses xxxvthe best huma
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Closing RemarksHidayat Nur WahidCha
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Keynote Addresses xxxixeasier than
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Chapter 1Defining conflict ofintere
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The United Nations Convention Again
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Page 225 and 226: Appendix 1: Seminar agendaADB/OECD
Page 227 and 228: Appendix 185The experience of asset
Page 229 and 230: Appendix 187Detecting conflict of i
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Page 233 and 234: Appendix 191Asad Ali SHAHPartner, D
Page 235 and 236: Appendix 193WaluyoDeputy of Prevent
Page 237 and 238: Appendix 195PALAUSecilil ELDEBECHEL
Page 239 and 240: Appendix 197Sandie HITOJOSenior Con
Page 241 and 242: Appendix 199TRANSPARENCY INTERNATIO
Page 243 and 244: Appendix 201Arie SISWANTOAssistant
Page 245: Secretariat 203ADB/OECD Anti-Corrup
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