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Code of Ethics

The IMA Statement of Ethical Professional Practice outlines four key principles for management accountants: competence, confidentiality, integrity, and objectivity. It states that management accountants must maintain expertise, perform duties according to regulations, keep information confidential, mitigate conflicts of interest, communicate information fairly and disclose all relevant information to users. The document also provides guidance on resolving ethical conflicts, recommending discussing issues with supervisors, consulting impartial advisors, and potentially resigning if a conflict cannot be resolved internally.

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66 views

Code of Ethics

The IMA Statement of Ethical Professional Practice outlines four key principles for management accountants: competence, confidentiality, integrity, and objectivity. It states that management accountants must maintain expertise, perform duties according to regulations, keep information confidential, mitigate conflicts of interest, communicate information fairly and disclose all relevant information to users. The document also provides guidance on resolving ethical conflicts, recommending discussing issues with supervisors, consulting impartial advisors, and potentially resigning if a conflict cannot be resolved internally.

Uploaded by

askmoko
Copyright
© © All Rights Reserved
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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The 

IMA Statement of Ethical Professional Practice has been revered as the central code of
ethics for management accountants.

1. Competence
 Maintain an appropriate level of professional expertise by continually developing
knowledge and skills.
 Perform professional duties in accordance with relevant laws, regulations, and
technical standards.
 Provide decision support information and recommendations that are accurate, clear,
concise, and timely.
 Recognize and communicate professional limitations or other constraints that would
preclude responsible judgment or successful performance of an activity.

2. Confidentiality
 Keep information confidential except when disclosure is authorized or legally
required.
 Inform all relevant parties regarding appropriate use of confidential information.
Monitor subordinates' activities to ensure compliance.
 Refrain from using confidential information for unethical or illegal advantage.

3. Integrity
 Mitigate actual conflicts of interest; regularly communicate with business associates
to avoid apparent conflicts of interest. Advise all parties of any potential conflicts.
 Refrain from engaging in any conduct that would prejudice carrying out duties
ethically.
 Abstain from engaging in or supporting any activity that might discredit the
profession.

4. Objectivity
 Communicate information fairly and objectively.
 Disclose all relevant information that could reasonably be expected to influence an
intended user's understanding of the reports, analyses, or recommendations.
 Disclose delays or deficiencies in information, timeliness, processing, or internal
controls in conformance with organization policy and/or applicable law

Resolution of Ethical Conflict


In applying the Standards of Ethical Professional Practice, you may encounter problems
identifying unethical behavior or resolving an ethical conflict. W
when faced with ethical issues, you should follow your organization's established policies on
the resolution of such conflict. If these policies do not resolve the ethical conflict, you should
consider the following courses of action:
 Discuss the issue with your immediate supervisor except when it appears that the
supervisor is involved. In that case, present the issue to the next level.

 If you cannot achieve a satisfactory resolution, submit the issue to the next
management level. If your immediate superior is the chief executive officer or
equivalent, the acceptable reviewing authority may be a group such as the audit
committee, executive committee, board of directors, board of trustees, or owners.
Contact with levels above the immediate superior should be initiated only with your
superior's knowledge, assuming he or she is not involved. Communication of such
problems to authorities or individuals not employed or engaged by the organization is
not considered appropriate, unless you believe there is a clear violation of the law.

 Clarify relevant ethical issues by initiating a confidential discussion with an IMA


Ethics Counselor or other impartial advisor to obtain a better understanding of
possible courses of action.

 Consult your own attorney as to legal obligations and rights concerning the ethical
conflict.

 If the ethical conflict still exists after exhausting all levels of internal review, there
may be no other recourse on significant matters than to resign from the organization
and to submit an informative memorandum to an appropriate representative of the
organization. After resignation, depending on the nature of the ethical conflict, it may
also be appropriate to notify other parties.

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