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ICMAI Releases Exposure Draft of Revised Code of Ethics for Members
The Institute of Cost Accountants of India (ICMAI), through its Cost Auditing and Assurance Standards Board (CAASB), has released an Exposure Draft of the Code of Ethics for members of the Institute (including independence standards). This draft represents a comprehensive revision aimed at strengthening ethical practices among Cost and Management Accountants (CMAs) and aligning them with international standards, while reinforcing the profession's duty to act in the public interest.
The Exposure Draft defines five fundamental principles of professional ethics—integrity, objectivity, professional competence and due care, confidentiality, and professional behaviour—as the foundation of ethical conduct. It introduces a robust conceptual framework requiring CMAs to identify, evaluate, and address threats to ethical compliance and, where applicable, uphold independence in audit and assurance engagements.
Key highlights of the draft include revised sections on conflicts of interest, ethical challenges related to technology use, responding to non-compliance with laws and regulations (NOCLAR), and the application of professional skepticism. The draft also distinguishes between the ethical expectations for CMAs in business and CMAs in practice, providing relevant guidance for both contexts.
The CAASB has invited comments and suggestions from stakeholders, members, and the public. The last date for submitting feedback is April 2, 2025. The Exposure Draft is available for review on the ICMAI website, and responses can be sent to [email protected].
Click here to read the full Exposure Draft
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