Associate Member of Certified Financial & Management Advisor – ACFMA
A person may be admitted as an Associate Member upon passing the Certified Financial & Management Advisor Courses or upon fulfilling the conditions laid down in clauses 2(b), 3,4 and 5 of the membership of Association and shall be entitled to use the professional designatory letter (ACFMA).
Fellow Member of Certified Financial & Management Advisor -FCFMA
A Fellow member of the Society who has attained the practical experience described in clause 5 (a) of these presents aggregating to at least five years or more as associate membership shall be entitled to use designation Fellow to use the designatory letter (FCFMA).
CERTIFICATE OF PRACTISING (COP)
A Practicing Certificate from the Society may only be issued to a member who has completed a post-qualifying period of three years of professional experience with an accountant in Public Practice (i.e. a Practicing member of the Society or a Registered Certified Financial & Management Advisor)
Such practicing certificates, renewable annually, subject to certain conditions being satisfied to enable members to practice as Certified Financial & Management Advisor in the country where they obtained their post qualifying experience in Financial Accountancy.
Practicing Certificates enable members to act as Certified Financial & Management Advisor.
The Code of Ethics for a Certified Financial & Management Advisor (CFMA) Program
The Society of Accounting Education (SOAE
Members of SOAE shall behave ethically. A commitment to ethical professional practice includes overarching principles that express our values and standards that guide our conduct. Accounting is a professional industry that offers a variety of financial services to individuals and businesses. Two types of accounting exist in the business environment: CFMA is often found in the public accounting industry, public accountant are responsible for reviewing a company’s financial information to ensure it is accurate and valid. CFMA work for a company recording and reporting financial information. Ethics is an important element in both the financial and management accounting professions.
1-FACTS
CFMA have the unique responsibility of working for an employer / specific client while being responsible to the general public regarding company’s financial information. While this situation seems to create a conflict of interest, many accountants are bound to ethical and professional behavior based on their professional certification like Certified Financial & Management Advisor (CFMA). There are various accounting certifications, which an accountant can acquire to build and strengthen their career in accordance with the International Standards.
2-TECHNICAL STANDARDS
Most of us do not understand the legal regulations of the Country regarding our finances and taxes, this is why we hire a “Certified Financial & Management Advisor (CFMA)”. CFMA are responsible for knowing what they are doing, or as CFMA puts it they must “carry out professional services in accordance with the relevant technical and professional standards”.
3-CONFIDENTIALITY
Each member has a responsibility to:
- Keep information confidential except when disclosure is authorized or legally required.
- Inform all relevant parties regarding appropriate use of confidential information. Monitor subordinates’ activities to ensure compliance.
- Refrain from using confidential information for unethical or illegal advantage.
- The only exception is when they have a legal obligation to reveal certain confidential information.
4-OBJECTIVITY AND INDEPENDENCE
Objectivity and independence ensures that CFMA do not conduct too many accounting services in a single financial department. Ethical dilemmas arise when CFMA provide general accounting functions along with audit, tax or management advisory services. Accounting firms or individuals CFMAs who complete too many accounting services for one client can face objectivity and independence issues. Failing to maintain an independent opinion may allow accountants to manipulate a company’s financial information.
5-PROFESSIONAL BEHAVIOUR
CFMA should behave in a professional manager in their dealings. Basically, they should maintain the good reputation of the profession by “complying with relevant laws regulations”, while “avoiding any action they may bring discredit to the profession”.
6-INTEGRITY
It is necessary that CFMA be honest and straightforward in their dealings. This goes back to objectivity; if there is a conflict of interest or any reason that they can’t remain objective, they need to tell the client. They need to follow the law, not to mention the unwritten rules of their profession.
CFMA must ask themselves the question “Am I doing what normal person of integrity would do?” This question is often posed when accountants come across negative financial or business information that can create difficult business situations for a Company.
7-DUE CARE
Due care refers to the professional competence of CFMA. This is a profession that is constantly changing because laws and regulations are always changing. It is the responsibility of the CFMA to be up-to-date on the knowledge that affects their careers. They are responsible for reading, training and doing anything necessary to “ensure that an employer or client receives the advantage of competent professional service based on up-to-date developments in practice, legislation and techniques.”
8-EXPERT INSIGHT
The CFMAestablished a code of professional conduct, defining principles and responsibilities while the IFMA- Pakistan is a membership organization for licensed Certified Financial & Management Advisor, other accountants may adhere to this code. IFMA- Pakistan also offers an ethics course so CFMA can stay abreast various ethical situations or issues in the business environment.