INTHEBLACK October 2026 - Magazine - Page 53
P O D C AS T
Navigate conflicts
of interest
“Understanding what conflicts could arise and
managing them beforehand could actually save
you a lot of time and stress — and perhaps the
loss of some valuable clients.”
LISTEN
BELINDA ZOHRAB, CPA AUSTRALIA
to the full
podcast episode
In this INTHEBLACK podcast episode,
Dr Michelle Cull FCPA, head of discipline
in accounting and financial planning at
Western Sydney University, and Belinda Zohrab,
regulations and professional standards lead
at CPA Australia, discuss the growing
complexity of conflicts of interest and
the practical steps professionals can take
to navigate them.
just have to potentially walk away, recuse
yourself or suggest perhaps a client find
another adviser.”
Cull reinforces this, warning against treating
disclosure as a checkbox exercise.
“It is easy to think, oh well, if it has been
disclosed, you have ticked that box and you
have managed the conflict — but it does not really
manage the conflict, it is just a disclosure.”
KEEP ON THE LOOKOUT
MANAGE CONFLICTS OF INTEREST
Conflicts of interest are unavoidable, Zohrab
notes, “but that does not mean they cannot
necessarily be managed. In some circumstances,
they may not be manageable, but in others, they
can be just an anticipated and expected part
of doing business.”
Cull agrees. “There are inevitably going
to be times when there is a crossover between
personal and professional relationships or some
other type of conflict that you may not be
expecting, but we have to be on the lookout
for it.”
Cull introduces a structured ethical
decision-making tool called the PLUS
framework that can help professionals identify
if they need to take action in a situation or not.
“‘P’ stands for policies, ‘L’ stands for legal,
‘U’ for universal and ‘S’ for self. So, we look
at what sorts of policies are in place that can
help guide our decisions, what legal or what
laws there are that state what we must
do in certain situations. What are the universal
laws, such as the reasonable person tests?
And then what about yourself? If something
does not sit right, then you need to pay
attention,” she explains.
Zohrab advises professionals to get to know
their clients better, including the industries they
operate in and the risks they face. She believes
that anticipating conflicts before they arise
is key to prevention.
“Understanding what conflicts could arise
and managing them beforehand could actually
save you a lot of time and stress — and perhaps
the loss of some valuable clients.”
WHEN DISCLOSURE IS NOT ENOUGH
In situations where conflicts are managed
appropriately, the perception of bias can remain,
Zohrab notes.
“Even though the right safeguards are put
in place and disclosure is made and the relevant
parties involved are all fully informed and even
consent, there may still be the appearance
of bias, which may have negative consequences.
There are sometimes circumstances when you
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