Animation video promotes ethical accounting practices

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The Chartered Institute of Management Accountants (CIMA) launched an animation tool - an online animated video designed to remind members and students about their obligations to comply with the institute?s code of ethics and protect their professional standing - at the institute?s annual graduation ceremony in Midrand on 18 April.

This could not come at a better time for CIMA members and students, with current debates around ethics high on the agenda of South African business.

A total of 27 students qualified with the Certificate in Business Accounting, 102 with the Diploma in Management Accounting and 102 with the Advanced Diploma in Management Accounting.

Fourteen top students were recognised for being top performers in their exam results, while 22 new members were admitted to CIMA having completed the final requirements to receive their ACMA, CGMA designation. The event was sponsored by Network Finance, the University of Johannesburg, Fat Training and IBTC Professional Business Education and Manpower.

The welcome address by Debbie Tarr FCMA, CGMA and a CIMA board member focused on ethics in the profession.

Samantha Louis, CIMA Africa regional director said: "CIMA is committed to upholding the highest ethical and professional standards and maintaining public confidence in management accounting. The CIMA Code of Ethics is based on the International Federation of Accountants (IFAC) Handbook of the Code of Ethics for Professional Accountants, of the International Ethics Standards Board of Accountants (IESBA).

"CIMA requires all members to follow a strict code of ethics to ensure that the work they do on behalf of their companies and the public is of the utmost integrity.
"Since our first ethics survey in 2008, the emphasis on business ethics and sustainability has certainly intensified.

Notwithstanding current media attention on the critical importance of ethics, recent global events have reinforced this as well. Business leaders now know they have to consider corporate values, not only in relation to their brand and the public?s perception, but also to support long-term success. The last few years have highlighted the cost of acting unethically, with a spate of business failures, high public mistrust and increasing public protest, against financial misdemeanours across all sectors.

"However since our survey, and despite an increase in companies adopting ethical codes and training, current research suggests there is even greater pressure within companies to act unethically. There is certainly a "rhetoric v reality? gap as the majority of companies have a code of ethics, but few are actively monitoring and evaluating ethical performance.'

The animated video discussing how to cope with ethical situations in the workplace, as well as a comprehensive online library of CIMA resources including articles, blogs, webcasts and thought leadership, is available to CIMA members and students at www.cimaglobal.com/ethics.

Concludes Louis: "The animated video highlights that it is vital to act quickly when facing an ethical dilemma. The longer you leave it, the more chance there is for repercussions for the company, yourself, and indeed the standing of the profession. CIMA?s resources will help students and members to identify and deal with situations where professional integrity may not exist.'

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