IMA Code Of Ethical Practice

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Ethical guidelines have been around in the accounting field for many years. In the past decade the accounting field has become more focused on ethics due to some unethical practices that have occurred. In the United States, there is a code of conduct that management accountants and financial professionals are expected to adhere. This code of conduct is the IMA Statement of Ethical Professional Practice. “The Principles that underlie the IMA code including honesty, fairness, objectivity, and responsibility, pertain to all professionals and closely relate to the Principles of Professional Conduct of the American Institute of CPAs.” (Sedaghat, Mintz, and Wright, 2011) There are four standards within this code of conduct. These standards are competence, confidentiality, integrity, and credibility. Competence The first standard a member of…show more content…
The IMA is rich in tradition to help further the careers of management accountants and financial professionals and promote the strengths of the profession. “IMA’s mission is to provide a forum for research, practice development, education, knowledge sharing, and the advocacy of the highest ethical and best business practices in management accounting and finance.” (IMA, n.d.) Through the promotion of these ethical values, the IMA is influencing the “codes and ethics on employee behavior in organizations.” (Somers 2001) “From a conceptual standpoint corporate codes of ethics are thought to highlight an organization's commitment to promoting ethical behavior thereby acting as part of a socialization process designed to ensure high standards of behavior.” (Somers 2001) This idea would further the belief that ethical standards for a professional membership organization would also ensure high standards of

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