Explain the concepts of Integrity and Conflict of interest.

Integrity Integrity is the quality of being honest and having strong moral principles and character dealing with others. The term has been described judicially as connoting "moral soundness, rectitude, and steady adherence to an ethical code". It requires that members are impartial, independent and informed. For example: Displaying integrity includes: acting professionally in your business dealings; displaying a proper understanding and appreciation of your role and responsibilities; being respectful of others at all times; not accepting or offering improper gifts, hospitality or other inducements; avoiding conflicts of interest, or, where a conflict arises, making sure that everyone involved is aware of the interest; recognising and considering the ethical issues arising from, and the interests of the groups or; stakeholders who may be affected by, your choices, decisions and actions; avoiding involvement in any unethical, misleading, illegal or covert behaviour; not knowingly ignoring (or turning a blind eye to) unethical, misleading, illegal or obscure behaviour; and avoiding bringing the profession into disrepute. Conflict of Interest: A 'conflict of interest' exists where the interests or benefits of one person or entity conflict with the interests or benefits of the client. The professional must avoid situations involving actual or potential conflict of interest. Any situation that involves or may involve a conflict of interest must be promptly disclosed. No transaction, which involves an actual or potential conflict of interest, should be undertaken by professional. (Or)Alternative Answer to "Conflict of Interest": Conflict of Interest CSAS-1 (Auditing Standard on Audit Engagement) effective from 1st April, 2021, defines: "Conflict of Interest" The Auditor shall not have any substantial conflict of interest with the Auditee. Any conflict of interest, other than substantial conflict of interest, must be disclosed by the Auditor before accepting the Audit Engagement or as soon as the Auditor becomes aware of the same, as the case may be.