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 released the Exposure Draft Code of Ethics, including Independence Standards, and invited its constituent members to review and provide suggestions. The draft, made public through the Press Information Bureau (PIB) will remain open for feedback until the 2nd of April, 2025.

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The initiative undertaken by the ICMAI aligns with their interests of incorporating global best practices, particularly the practices recommended by the International Federation of Accountants (IFAC). To oversee the drafting process, the Chairman of the Cost Auditing and Assurance Standards Board (CAASB), CMA Ashwin G Dalwadi, led a Task Force to assess and revise the ethics framework. The team also included:

1. CMA Neeraj D Joshi, Council Member
2. CMA Rajendra Singh Bhati, Council Member
3. CMA Parvathy Venkatesh, PCMA Member
4. CMA Ravi Kumar Sahni, PCMA Member

The Task Force reviewed provisions of the IFAC Code of Ethics and ensured its alignment with Indian laws, including the Companies Act, 2013 and The Cost Accountants Act, 1959. After six virtual meetings and over 30 hours of deliberation, the draft was finalized and presented to the ICMAI Council.

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In its 358th meeting on February 24, 2025, the ICMAI Council granted in-principle approval to the draft Code of Ethics. Following this, the Council decided to make the document publicly available, inviting ICMAI members to submit their feedback before its final adoption.

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Members are encouraged to submit their suggestions via email to caasb@icmai.in, strictly adhering to the format below:

This is a crucial opportunity for professionals to shape the future ethical landscape of the profession, act now and pour in your suggestions and comments on the proposed Code.

Access the Exposure Draft Code of Ethics, including Independence Standards by clicking the Blue Button Below.

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