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Industry accountants who are members of the Institute of Management Accountants are obligated to follow the IMA's Standards of Ethical Conduct for Management Accountants. These Standards require that Certified Management Accountants and other IMA members: possess the necessary competence to perform professional duties in accordance with relevant laws, regulations, and technical standards; carry out obligations with integrity and objectivity; and maintain the confidentiality of information acquired in the course of their work.(1)
The ethical obligations of management accountants who also are CPAs and members of the American Institute of CPAs (AICPA) were expanded in 1988 as a result of the revision of the Institute's Code of Professional Conduct. These accountants are now expected to adhere to the AICPA's rules of conduct. In particular, the rules described in Table 1 are applicable to management accountants in the performance of their professional services.(2)
The ethical requirements under these AICPA rules are similar to the requirements under the IMA Standards. However, three recently issued interpretations relating to AICPA Rules 102 and 203 clarify the management accountant's responsibilities for the fair presentation of financial information. These interpretations have the potential to affect significantly the relationship between the management accountant and the external accountant, as well as the role and responsibilities of the management accountant within the organization. My purpose here is to explore those relationships and the potential for conflict.
ROLE OF THE MANAGEMENT ACCOUNTANT
Management accountants encounter ethical dilemmas on the job because of their responsibility for record keeping and financial reporting. Pressure might exist to put the best face possible on the financial statements. The Report of the National Commission on Fraudulent Financial Reporting (Treadway Commission Report), issued in 1987, highlighted the importance of the role of the chief accounting officer in preventing the manipulation of financial statement information. According to the report, "The chief accounting officer is a member of top management who sets the tone of the organization's ethical conduct and thus is part of the control environment."(3)
In its follow-up report, "Internal Control--Integrated Framework," the Committee of Sponsoring Organizations (COSO) identified several factors of the control environment including the integrity, ethical values, and competence of the entity's people; management's philosophy and operating style; the way management assigns authority and responsibility and organizes and develops...