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Cima code of ethics
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Lahiru Gunasekera
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What is the
CIMA
code
of
ethics?
A
set
of
ethical guidelines and principles that all CIMA members and registered students must adhere to
What are the
5
fundamental
principles
of the
CIMA code
of
ethics
?
Integrity
,
Objectivity
,
Professional Competence
and
Due Care
,
Confidentiality
,
Professional Behavior
What is the conceptual framework approach in the CIMA code of
ethics?
A process of identifying, evaluating, and applying safeguards to address threats to compliance with the fundamental principles
What are the key types of threats to the fundamental principles?
Self-interest
,
self-review
,
advocacy
,
familiarity
,
intimidation
Why is the CIMA code of ethics important?
Maintains public
trust
,
guides
decision-making, protects stakeholders, upholds professional standards, ensures compliance
What is the most severe consequence for violating the CIMA code of ethics?
Revocation
of
CIMA membership
How does the CIMA code of ethics benefit a company hiring a CIMA member?
Provides
assurance
about the ethical standards and
behavior
they can expect from the CIMA member
What is a familiarity threat in the CIMA code of ethics?
When a close
relationship
with a client or employer
compromises objectivity
Who created the CIMA code of ethics?
The
Chartered Institute of Management Accountants
(
CIMA
)
What is an intimidation threat in the CIMA code of ethics?
When a professional is
deterred
from acting objectively due to actual or
perceived
pressures
Essential concepts for CMA members
Reliability
Responsibility
Respect
Timeliness
Courtesy
Independence of
mind
Independence of
appearance
Professional
scepticism
Accountability
Social
responsibility
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Reliability
You should be
trustworthy
and
dependable
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Responsibility
You should take
ownership
for your actions and
decisions
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Respect
You should develop constructive
relationships
, and this involves
listening
and understanding other people's points of view
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Timeliness
Being able to work within
agreed
timeframes
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Courtesy
Conducting yourself with
courtesy
, consideration and
good manners
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Independence
of
mind
Being
able to act with integrity
and
professional scepticism
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Independence of appearance
Do
third parties
consider you to
be independent of mind
?
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Professional scepticism
Questioning the veracity of information provided to you,
challenging
management assertions and being alert to misstatements due to error or
fraud
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Accountability
Being responsible and
answerable
for your
actions
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Social responsibility
The individual as a
stakeholder
in society must behave with
integrity
, courtesy, respect and due care
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Responsible business
An organisation operating in an economic,
socially
and
environmentally
sustainable way
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Business ethics
The application of ethical values to
business behaviour
and all the business's strategic and
operational activities
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Ethical performance
The
extent
to which an organisation's actual behaviour
corresponds
to its ethical values and commitments
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Ethical management information
Information that allows the assessment of an organisation's ethical performance
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Integrated reporting
An approach to corporate reporting based on
integrating non-financial information
with
traditional financial information
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Ethical issues for organisations
Data
and
information security
Equality
and
discrimination
Human rights
Conflict
of
interest
Bribery
Supply
chain
management
Responsible
marketing
Remuneration policies
Whistleblowing
Employee
safety
and
security
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CIMA and the
Institute of Business Ethics
jointly produced guidance to help organisations form or embed an
ethical policy
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Embedding ethical values
A guide for
CMA
partners covering aspects of
ethical
behaviour
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Aspects covered in "Embedding ethical values"
Ensuring
business behaviour
reflects
ethical values
Why produce a
code
of
ethics
?
Is a
code
enough?
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Core values
Non-negotiable
foundations of the organisation's
ethical
standards
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Codes of ethics
Help prevent
misconduct
and show
employees
what is expected of them
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Good practices for a code of ethics
Base
the code in
core values
Code should be given to all
employees
Provide a system for reporting
breaches
Cover
ethical issues
in corporate training
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Bad practices for a code of ethics
Allowing exceptions
to be made
Just putting up a
copy
on a
noticeboard
Failing to investigate
reports
Failing to feature the code in
training
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CIMA and the
Institute of Business Ethics
produced a second guidance document, "
Business Ethics for SMEs
"
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Examples of ethical challenges
Whether to meet a customer
deadline
and supply
faulty
goods
How to get
employees
to
work
properly and ethically
Helping employees balance work and personal
obligations
Being told that a
payment
is required for a new contract
Whether to delay
payments
to suppliers when cash is
limited
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Benefits of making values explicit
Increased employee
loyalty
Improved
reputation
Attraction of
higher-calibre
staff
Open and innovative
culture
Goodwill
in local communities
Reduced
borrowing and
insurance
costs
Supports
ethical
behaviour
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Accountants should be aware that their work may affect their company's
stakeholders
or the
public
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Independence
An important quality for accountants to demonstrate when providing
assurance
services
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Two key elements of independence
Mind
and
appearance
Thought
and
appearance
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