Management Accounting Code Of Ethics - 1588 Words

Management Accountants’ Code of Ethics A code of ethics is necessary for the success of any type of business whether it be a professional service organization such as a law firm or an accounting firm, a manufacturing company such as Chrysler, Toyota, Apple or Microsoft, or a retail company such as Walmart or Target. Within each type of organization lie various types of services that are governed or controlled by a specific set of standards and code of ethics. Each set of standards and code of ethics is designed by a specific governing body. Management accounting is one such branch of service that is regulated by the Institute of Management Accountants (IMA) of the United States. As the regulating authority, the IMA has â€Å"adopted an ethical code called the Statement of Ethical Professional Practice that describes in some detail the ethical responsibilities of management accountants† (Garrison, Noreen, and Brewer, 2015, p.9). â€Å"The IMA Committee on Ethics enc ourages organizations and individuals to adopt, promote, and execute business practices consistent with high ethical standards, by providing valuable insight in response to our changing profession. The Committee upholds IMA’s Statement of Ethical Professional Practice and provides subject-matter expertise to members of IMA for resolution of ethical conflicts† (IMA Committee on Ethics). The success of an organization is dependent on the organization’s commitment to creating an environment based on strong ethicalShow MoreRelatedEthical Issues Faced by the Accountancy Profession Essay1747 Words   |  7 PagesEthics plays an essential and integral part in the accountancy profession. 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