Though confident they can spot and handle a conflict of interest, most CPAs struggle with actually defining the term, according to Aon Insurance Services.
Typical examples of CPAs becoming ensnared in conflicts of interest can involve tax and financial planning advice for a married couple who later divorce, trustee services for a family for some members of which the CPA also does tax services, investment recommendations to high-net-worth clients that involve a business for which the firm also does consulting and tax planning, and, prep services to partnerships and to individuals within the partnership.
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