As a trainee auditor, I have experienced many occasions where conflict of interest was violated. During the audit, we witnessed when perusing supporting documents regarding financial transactions that many clients violated the conflict of interest during their usual cause of business.

During the audit, we realized that purchasing managers engaged in several purchasing contracts without disclosing the relationship between the contractors. Even though several favorable biddings were available, which were beneficial for the company, despite everything, such a person was granted the opportunity to obtain an advantage from the transactions. Due to the company owners having a close relationship with the purchasing manager, so they did not involve him in his affairs.

This is one of many occasions we have encountered in the workplace where conflict of interest has been violated. Even though it goes unnoticed, many employees use company properties for their usage. We performed a surprise cash count in the petty cash float as an audit procedure. We suddenly realized that a considerable amount had gone missing, ultimately resulting in the person losing employment.

As a potential audit practitioner, a code of conduct was available in our profession to avoid such situations and what types of safeguards could be obtained to protect ourselves. However, it is crucial to implement internal controls in the organization to prevent such malpractices. The company's internal policies should be communicated, and employees should be held responsible for their cause of action, irrespective of their position. Occasionally, companies could conduct internal audits to ensure all policies are practiced at the workplace.

These trainee auditor experiences emphasized the vital role of ethics and mindfulness in maintaining the accounting profession's standards and guaranteeing honest work culture in the organization.