The Association 'kw Accountants. and Financial Professionals in BusinessIMA STATEMENT OF ETHICAL...

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The Association 'kw Accountants. and Financial Professionals in Business
IMA STATEMENT OF ETHICAL PROFESSIONAL PRACTICE
Members of IMA shall behave ethically. A commitment to ethical professional practice includes overarching principles that express our values, and standards that guide our conduct.
PRINCIPLES IMA's overarching ethical principles include: Honesty, Fairness, Objectivity, and Responsibility. Members shall act in accordance with these principles and shall encourage others within their organizations to adhere to them.
STANDARDS A member's failure to comply with the following standards may result in disciplinary action.
I. COMPETENCE Each member has a responsibility to:
1. Maintain an appropriate level of professional expertise by continually developing knowledge and skills. 2. Perform professional duties in accordance with relevant laws, regulations, and technical standards. 3. Provide decision support information and recommendations that are accurate, clear, concise, and timely. 4. Recognize and communicate professional limitations or other constraints that would preclude responsible judgment or successful performance of an activity.
II. CONFIDENTIALITY Each member has a responsibility to:
1. Keep information confidential except when disclosure is authorized or legally required. 2. Inform all relevant parties regarding appropriate use of confidential information. Monitor subordinates' activities to ensure compliance. 3. Refrain from using confidential information for unethical or illegal advantage.
III. INTEGRITY Each member has a responsibility to:
1. Mitigate actual conflicts of interest, regularly communicate with business associates to avoid apparent conflicts of interest. Advise all parties of any potential conflicts. 2. Refrain from engaging in any conduct that would prejudice carrying out duties ethically. 3. Abstain from engaging in or supporting any activity that might discredit the profession.
10 PARAGON DRIVE • MONTVALE, NJ 07645-1760 • TEL: 800-638-4427 • TEL: 201-573-9000 • FAX: 201-474-1600 • www.imanetorg

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Robert · Accepted Answer

ETHICAL PRINCIPLES
Honesty
Honesty is the quality or condition of being truthful, sincere, candid, and worthy of honor.
Fairness
He must be fair and must not allow prejudice or bias to override his objectivity. He should maintain an impartial attitude.
Objectivity
Objectivity refers to unbiased reporting of clients' financial information. Even though at times accountants may be pressured by clients, objectivity is essential in correct reporting of financial data for stakeholder decisions. 
STANDARDS
COMPETENCE
1) Maintain an appropriate of expertise by continually developing knowledge and skills
Competence means to be competent enough in order to carry on the assignments with 
quality. HE can gain such competence by continuously updating himself with the latest                 
announcement in the relevant statute and regulations. He needs to continuously develop his 
skills and knowledge by attending seminars, reading journals, etc  
2) Perform professional duties in accordance with the relevant laws and, regulations, and technical standards.
             The members of IMA should perform his duties in accordance and in limitation to the 
 relevant laws and regulations. Not abiding by the relevant statute would create legal hassles 
 in the future thereby posing threat to the company.
3) Provide decision support information and recommendations that are accurate, clear,

The Association 'kw Accountants. and Financial Professionals in Business IMA STATEMENT OF ETHICAL PROFESSIONAL PRACTICE Members of IMA shall behave ethically. A commitment to ethical professional...

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