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IMA Standards of Ethical Conduct for Management Accountants

Outline the Institute of Management Accountants (IMA) Standards of Ethical Conduct for Management Accountants. Describe in your own words each of the four major categories and describe a workplace example that might constitute a violation of each category.

Be sure to cite the sources you use in the preparation of this report.

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IMA Standards of Ethical Conduct for Management Accountants

In recognition of the obligation of management accountants to conduct themselves according to the highest standards of the ethical conduct, the Institute of Certified Management Accountant and the Institute of Management Accountants has adopted the following four standards of ethical conduct for management accountants:

1. Competence - management accountants have a responsibility to maintain a high level of professional competence by continuous development of their knowledge and skills. They also have an obligation to prepare complete and clear reports, after a full analysis of relevant and appropriate information, that are fully in accordance with existing laws, regulations, and technical standards. A management accountant deficient in knowledge of current regulations, unable to effectively offer appropriate guidance and direction to his or her client, could under such a standard be considered to be incompetent, and could through benign neglect bring damage to his or her own practice as well as to the entire management accounting ...

Solution Summary

In recognition of the obligation of management accountants to conduct themselves according to the highest standards of the ethical conduct, the Institute of Certified Management Accountant and the Institute of Management Accountants has adopted the following four standards of ethical conduct for management accountants:

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