A conflict of interest arises when an individual, such as a public official, faces a clash between their personal interests and their professional responsibilities. This situation can compromise their impartiality and decision-making capabilities.
Equitable refers to actions, processes, or outcomes that are marked by fair and impartial treatment, and which conform to principles of natural justice rather than strictly to technical legal rules.
A term used in the auditor's report to signify sufficient disclosure, reasonable detail, and absence of bias, ensuring the integrity and accuracy of financial statements.
