The Institute of Management Accountants' Statement of Ethical Professional Practice for management accountants includes the elements of:
A)Competence, confidentiality, integrity, and relevance.
B)Competence, confidentiality, integrity, and credibility.
C)Competence, confidentiality, independence, and objectivity.
D)Competence, accuracy, integrity, and independence.

Question

Quizplus · Accepted Answer

The correct elements included in the Institute of Management Accountants' Statement of Ethical Professional Practice are competence, confidentiality, integrity, and credibility. These elements ensure that management accountants maintain high ethical standards in their professional conduct. Competence ensures that management accountants have the necessary knowledge and skills to perform their duties. Confidentiality ensures that confidential information is not disclosed without authorization. Integrity ensures that management accountants are honest, truthful, and have strong moral principles. Finally, credibility ensures that management accountants are reliable and are perceived as trustworthy by their colleagues and stakeholders.