Accountants on the Front Line
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The Sarbanes-Oxley Act introduced many new issues and regulations into the management of public corporations. Although much of the regulation concerned the activities of financial accountants, it is the daily tasks of management accountants that are most effected. "Sarbanes-Oxley affects our members because they're on the front lines in terms of implementing the act's requirements" ("Looking into the Future with Institute of Management Accountants Chair Kim R. Wallin, CMA CFM, CPA," 2003). The challenge for the Institute of Managerial Accountants has been to advise its members on the best ethical courses of action while assuring that the government oversight of the financial accounting profession does not interfere with a management accountant's ability to perform his or her duties. The Standards of Ethical Conduct for members of the Institute of Management Accountants are outlined in SMA 1C. Thex include four main categories of ethical issues: competence, confidentiality, integrity, and objectivity. The IMA has also set up a member hotline, as well as becoming more involved in the business education process, to help IMA members know what to do when ethical issues arise. Competence is the first responsibility of a managerial accountant. Through continuing education, both formal and informal, members are to keep their knowledge current on issues such as laws, regulations, and accounting standards applicable to their field of busi
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Approximate Word count = 880
Approximate Pages = 4 (250 words per page)
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