Assignment # 5
1. Visit the IMA website www.imanet.org . List, describe, and evaluate the requirements to become a Certified Management Accountant. What topics are covered on the exam for certification? Would you be interested in a career as a management accountant?
In order to become Certified Management Accountant, the candidate need to be active member in the Institute of Management Accountants & Pay for the entrance fee. Candidate must complete the CMA certification within three years from the date of enrollment into the CMA Program. For the education requirements, the candidate need to have a bachelor’s degree from accredited college or university or a professional Certification. For experience requirements, the Candidate must have two …show more content…
Review the International Code of Ethics for Professional Accountants by creating a free account at www.ethicsboard.org/iesba-code
a. Who developed the code?
It was developed by the International Ethics Standards Board for Accountants (IESBA)
b. Compare Part A with the principles in the AICPA Code of Conduct. How are they similar or different?
The International Code is built on the foundation of 5 principles, which are very similar to the principles in AICPA Code of Conduct. Both talk about being honest and should not allow bias in making decision. In addition, both talks about having professional knowledge and skills at a level to make sure that a client receives the best professional service. Both explains that a professional accountants need to comply with the current rules, regulation, and laws. However, AICPA talk about how a member should act in a way to serve public interest. c. Compare the independence section from Part B of the International Code with Rule 101 of the AICPA Code of Conduct. How are they similar or different? Which provide better guidance?
Both explain how the auditor needs to be independent. Which means that the auditor should not accept employment with the corporation that they audited within last 12 months and make decisions
1. Visit the IMA website www.imanet.org . List, describe, and evaluate the requirements to become a Certified Management Accountant. What topics are covered on the exam for certification? Would you be interested in a career as a management accountant?
In order to become Certified Management Accountant, the candidate need to be active member in the Institute of Management Accountants & Pay for the entrance fee. Candidate must complete the CMA certification within three years from the date of enrollment into the CMA Program. For the education requirements, the candidate need to have a bachelor’s degree from accredited college or university or a professional Certification. For experience requirements, the Candidate must have two …show more content…
Review the International Code of Ethics for Professional Accountants by creating a free account at www.ethicsboard.org/iesba-code
a. Who developed the code?
It was developed by the International Ethics Standards Board for Accountants (IESBA)
b. Compare Part A with the principles in the AICPA Code of Conduct. How are they similar or different?
The International Code is built on the foundation of 5 principles, which are very similar to the principles in AICPA Code of Conduct. Both talk about being honest and should not allow bias in making decision. In addition, both talks about having professional knowledge and skills at a level to make sure that a client receives the best professional service. Both explains that a professional accountants need to comply with the current rules, regulation, and laws. However, AICPA talk about how a member should act in a way to serve public interest. c. Compare the independence section from Part B of the International Code with Rule 101 of the AICPA Code of Conduct. How are they similar or different? Which provide better guidance?
Both explain how the auditor needs to be independent. Which means that the auditor should not accept employment with the corporation that they audited within last 12 months and make decisions