ICMAI Issues Revised Code of Ethics for CMAs Effective June 2025
- Blog|News|Account & Audit|
- 2 Min Read
- By Taxmann
- |
- Last Updated on 3 June, 2025
Latest from Taxmann
The Institute of Cost Accountants of India (ICMAI) has issued the Code of Ethics for the Members of the Institute, which will come into effect from 1st June 2025. This comprehensive document includes the latest Independence Standards and reflects a strong commitment to upholding professional values in a dynamic regulatory and business environment. Prior to its release, an Exposure Draft of the Code was issued on 21st March 2025 to seek comments from stakeholders, ensuring that the final version incorporated practical insights and professional feedback.
The updated Code reinforces the core ethical principles of integrity, objectivity, professional competence and due care, confidentiality, and professional behavior. A key feature of the new Code is the introduction of a conceptual framework that helps members identify evaluate and address threats to compliance with these principles. This approach provides flexibility while maintaining a high standard of ethical conduct across different professional settings.
The Code now includes dedicated sections on independence for audit and review engagements and for other assurance services. These standards are vital for safeguarding objectivity and reinforcing public trust in the work of cost and management accountants. The revised structure of the Code supports both members in business and those in practice offering relevant guidance tailored to each group.
Developed through extensive consultations and aligned with the International Federation of Accountants’ ethical framework, the Code represents a major step towards global convergence. The Cost Auditing and Assurance Standards Board led the drafting process and invited public comments to ensure the final version reflected practical realities and professional insights.
Members are encouraged to study the revised Code carefully and incorporate its principles into their daily professional responsibilities. The Institute welcomes constructive feedback to further strengthen the Code in future editions.
Click here to read the complete code of ethics
Click Here To Read The Full Story
Disclaimer: The content/information published on the website is only for general information of the user and shall not be construed as legal advice. While the Taxmann has exercised reasonable efforts to ensure the veracity of information/content published, Taxmann shall be under no liability in any manner whatsoever for incorrect information, if any.
Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of editor-in-chief Mr Rakesh Bhargava.
The Research and Editorial Team is responsible for developing reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in its publications and research platforms. The team ensures that the following publication guidelines are thoroughly followed while developing the content:
- The statutory material is obtained only from the authorized and reliable sources
- All the latest developments in the judicial and legislative fields are covered
- Prepare the analytical write-ups on current, controversial, and important issues to help the readers to understand the concept and its implications
- Every content published by Taxmann is complete, accurate and lucid
- All evidence-based statements are supported with proper reference to Section, Circular No., Notification No. or citations
- The golden rules of grammar, style and consistency are thoroughly followed
- Font and size that’s easy to read and remain consistent across all imprint and digital publications are applied
Everything on Tax and Corporate Laws of India
To subscribe to our weekly newsletter please log in/register on Taxmann.com
CA | CS | CMA
