c. The final section, Resolution of Ethical Conflict, is especially significant and has been
the subject of many CMA examination questions over the years.
1) One of the most common questions asked deals with the individual to whom an
ethical challenge should be reported.
2) The IMA has an ethics hotline for members who wish to discuss ethical conflicts.
It is reached at 800-245-1383.
d. Adherence to these provisions is integral to achieving the objectives of management
accounting.
1) Management accountants shall not commit acts contrary to the Statement, nor
shall they condone the commission of such acts by others within their
organization.
2 SU 1: Ethics for Management Accountants

2. Conflicts of Interest
a. One of the provisions of the IMA Statement enjoins members to mitigate actual, and to
avoid apparent, conflicts of interest.
1) A conflict of interest is a conflict between the personal and the official
responsibilities of a person in a position of trust, sufficient to affect judgment,
independence, or objectivity in conducting the affairs of the business.
b. Examples of a conflict of interest include
1) Having a substantial financial interest in a supplier, customer, or distributor; and
2) Using privileged information gained from one’s official position to enter
transactions for personal gain.
c. Methods for control of a conflict of interest include the following:
1) Provide a code of conduct provision applying to conflicts of interest. The code of
conduct should say that employees are to refrain from engaging in any activity
that would prejudice their ability to carry out their duties ethically.
2) Require full financial disclosure by all managers.
3) Require prior notification of any transaction that may raise a question about a
possible conflict of interest. The Code says that all parties should be notified of
the potential conflict.
4) Prohibit financial ties to any supplier, customer, or distributor.

5) Encourage adherence to strong ethical behavior in corporate actions, policies,
and public communications.
6) Employees should refuse any gift, favor, or hospitality that would influence or
would appear to influence their actions.
a) For example, in one case, an auditor accepted a loan from an auditee. The
auditee was not trying to influence the auditor, but when it later was
discovered that the auditee had committed a fraud and the auditor had
not caught the fraud, the court’s conclusion was that the auditor was
guilty. To have refused the favor would have kept the auditor out of
prison, but once he accepted the favor, there was a perception that he
had allowed his judgment to be influenced.
3. Ethics on the CMA Exam
a. CMA candidates should essentially memorize the entire contents of IMA’s Statement
of Ethical Professional Practice and be able to apply its provisions in evaluating and
proposing resolutions for ethical issues, such as fraudulent reporting, manipulation of
financial analyses, financial statement results, and/or budgets.

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