ICMAI Issues Revised Code of Ethics for CMAs Effective June 2025

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.

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