According to the CMA’s Code of Professional Ethics (Exhibit 1-6), management accountants should follow five standards: competence, independence, confidentiality, integrity, and credibility. Each of these standards contains specific responsibilities. Classify each of the following responsibilities according to the standard it addresses.
1. Keep information confidential except when disclosure is authorized or legally required.
2. Communicate information fairly and objectively.
3. Refrain from using confidential information for unethical or illegal advantage.
4. Inform all relevant parties regarding the appropriate use of confidential information.
Monitor subordinates’ activities to ensure compliance.
5. Mitigate actual conflicts of interest. Regularly communicate with business associates to avoid apparent conflicts of interest. Advise all parties of any potential conflicts.
6. Maintain an appropriate level of professional expertise by continually developing knowl-edge and skills.
7. Recognize and communicate professional limitations that would preclude responsible judgment or successful performance of an activity.
8. Disclose all relevant information that could reasonably be expected to influence an intended user’s understanding of the reports, analyses, or recommendations.
9. Disclose delays or deficiencies in information, timeliness, processing, or internal controls in conformance with organization policy and/or applicable law.
10. Perform professional duties in accordance with relevant laws, regulations, and technical standards.
11. Abstain from engaging in or supporting any activity that might discredit the profession.
12. Refrain from engaging in any conduct that would prejudice carrying out duties ethically.
13. Provide decision support information and recommendations that are accurate, clear, concise, and timely.