ICMAI Releases Exposure Draft Code of Ethics with Independence Standards; Members Called on to Suggest Changes

The Institute of Cost Accountants of India (ICMAI) has published an exposure draft of its revised Code of Ethics, incorporating independence standards in line with international norms. The draft outlines detailed ethical principles for cost accountants, emphasizing integrity, objectivity, professional competence, confidentiality, and professional behavior. It also includes guidance on dealing with conflicts of interest, non-compliance with laws and regulations (NOCLAR), and responsibilities to clients and stakeholders. Members and stakeholders have been invited to provide feedback and suggest improvements. The proposed amendments aim to align ICMAI’s ethical standards with the International Ethics Standards Board for Accountants (IESBA) Code, enhancing transparency and professionalism in the accounting sector.