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Due diligence, competence and conflicts of interest

SEE 3 Chapter 5 · IRS outline 1B6, 1B7

Theo's first big mistake would not be a wrong number; it would be a number he never thought to question. Due diligence, competence and conflicts are the habits that keep a practitioner out of trouble before trouble starts. This chapter follows Nadia as she checks a client's story, admits what she doesn't know, and decides whether she can represent two people who used to be married.

In this chapter

1. Due diligence as to accuracy
2. Relying on clients and on other people
3. Competence
4. Conflicts of interest: spotting one
5. Resolving a conflict: three conditions and written consent
6. Best practices: the gold standard

This chapter has 6 lessons and 50 practice MCQs with explanations, plus flashcards and a recall sheet.

What this chapter covers

• Diligence as to accuracy
• relying on others
• competence
• conflicts and written consent
• best practices

Chapter 4: Fees, advertising and the people you work with · Chapter 6: Written advice and tax return positions