The overarching principles in the IMA Statement of Ethical Professional Practice include all of the following EXCEPT:
A. fairness.
B. integrity.
C. objectivity.
D. responsibility.
The correct answer and explanation is :
The correct answer is: D. responsibility.
The Institute of Management Accountants (IMA) Statement of Ethical Professional Practice outlines important principles that guide ethical behavior for management accounting professionals. These principles serve as a foundation for ethical decision-making and maintaining public trust. The four overarching principles specifically listed in the IMA Statement are:
- Honesty
- Fairness
- Objectivity
- Responsibility
Wait—this list might seem confusing because responsibility is included here. However, let’s break it down carefully based on what the IMA emphasizes in its Statement of Ethical Professional Practice.
The IMA outlines four overarching principles:
- Honesty – Being truthful and transparent in all professional activities.
- Fairness – Acting equitably and impartially.
- Objectivity – Ensuring that personal biases do not influence professional judgments.
- Responsibility – Carrying out duties with accountability and in accordance with ethical standards.
Therefore, based on the actual content of the IMA Statement, responsibility IS an overarching principle, just like honesty, fairness, and objectivity.
However, integrity is a major concept within the IMA’s Standards, not the overarching principles. The IMA provides specific Standards that members must uphold, and these standards are:
- Competence
- Confidentiality
- Integrity
- Credibility
Thus, in the context of the question you provided — asking for which one is NOT an overarching principle — the correct answer would actually be B. integrity. Integrity is a standard, not an overarching principle.
To summarize:
| Category | Includes |
|---|---|
| Overarching Principles | Honesty, Fairness, Objectivity, Responsibility |
| Standards | Competence, Confidentiality, Integrity, Credibility |
Because integrity belongs to the standards section and not the principles section, B. integrity is the correct choice.