CIMA has revised its much sort after Code of Ethics (CoE) guideline for all qualified management accountants (why management accountants, I am certain it is very relevant to all professional accountants) and students of CIMA.
CIMA Code of Ethics 2020 comes with three parts. The first part is what most of the students would be studying and applying appropriately in their exams at all levels and case studies. In short, it is expected of them to live with Code of Ethics all through their journey in CIMA qualification.
Part 1 deals in depth the five fundamental principles (Sec.110) – Integrity (S.111), Objectivity (S.112), Professional Competence and Due Care (S.113), Confidentiality (S.114) and Professional Behaviour (S.115).
And there are two other parts to this code which are more relevant to the professional practitioners – Part 2 Professional Accountants in Business (Including CGMA designation holders) and Part 3 Professional Accountants in Public Sector.
I will be primarily focusing of Part 1 in my next few blogs so that students who are currently pursuing their qualification and this blog will be useful for their quick recall on this subject.
CIMA’s Code of Ethics is an integral part of all the nine subjects in the three levels and pillars as well as in all three case studies. Large amount of emphasis is given for ethical behavior in every phase of an accountant’s career, quite rightly so in today’s professional environment.
The new code is structured on strong conceptual framework that provides skill sets to identify, recognize and evaluate threats to organization’s and personal ethics and at the same time safeguard both by complying with fundamental principles.
More on the Code of Ethics for Students and Professional accountants to follow this soon.
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