Chartered Institute of Management Accountants
Member | Established: 1919 | Member since 1977
Chartered Institute of Management Accountants (CIMA) is a voluntary membership organization for management accountants that was founded in 1919. CIMA provides continuing professional development services, funds academic research, develops thought leadership, maintains a code of ethics for its members, and monitors professional standards. CIMA is not a UK Recognized Supervisory Body (RSB) or Recognized Qualifying Body and, therefore, its members are not authorized to conduct statutory audits unless they are also registered with an RSB. CIMA is a Prescribed Accountancy Body in Ireland under the Irish Companies Act (2003). The Institute is a member of Fédération des Experts-Comptables Europeéns and the Consultative Committee of Accountancy Bodies—Ireland.
Statements of Membership Obligations (SMOs)
The Statements of Membership Obligations form the basis of the IFAC Member Compliance Program. They serve as a framework for credible and high-quality professional accountancy organizations focused on serving the public interest by adopting, or otherwise incorporating, and supporting implementation of international standards and maintaining adequate enforcement mechanisms to ensure the professional behavior of their individual members.
CIMA does not have any responsibility for the quality assurance (QA) review system in the UK, and its members who conduct audits are subject to QA review by the Recognized Supervisory Body with which they are registered. Nevertheless, it has established a QA scheme for its members.
CIMA has been engaged in a process of updating the QA scheme that it introduced in 2012 with respect to its members’ compliance with professional standards established for management accountants. It conducts a review of members’ compliance with licensing requirements via its online licensing platform and amended its practice rules and guidelines, as well as the Membership Handbook. CIMA disseminates updated material online to support its members’ compliance with applicable rules and guidelines and with the requirements of other non-audit regulatory bodies, such as Anti-Money Laundering regulations issued by the UK Treasury. CIMA also provides relevant continuing professional development courses for its members.
CIMA is not a Recognized Qualifying Body but it is responsible for the education and certification of its members. CIMA reports that its initial professional development and continuing professional development (CPD) requirements are compliant with the International Education Standards.
To fulfill its obligations under SMO 2, CIMA focuses on the syllabus for various courses, the examination process, and CPD. A new competency framework was developed that led to a comprehensive syllabus revision in 2015. The institute’s review of its examination processes that started in 2009 is ongoing. In addition, CIMA provides an array of CPD resources to support member’s compliance with the CIMA Professional Development Cycle and disseminates information to raise members’ awareness of CPD requirements.
CIMA is encouraged to report on its activities, if any, to participate in the international standard-setting process through the provision of comments on Exposure Drafts and Discussions Papers issued by the IAESB.
CIMA has no direct responsibility for the adoption and implementation of ISA in the UK. The institute supports the implementation of ISA through the provision of information on standard-related topics and news. It prepares a monthly summary for members in which it presents highlights of key pronouncements issued by the International Auditing and Assurance Standards Board. It also disseminates occasional articles on audit-related topics in its online journal and in its magazine. In addition, CIMA provides opportunities for discussion of audit issues that are relevant to its members in its online community.
CIMA is responsible for adoption and implementation of an appropriate Code of Ethics (Code) for its members. Having developed and adopted a Code based on the IESBA Code of Ethics, it supports compliance with the Code through a variety of mechanisms.
CIMA publicizes the Code extensively to members and students in CIMA publications. It also publishes guidance to assist members and regularly updates resources, which it makes available online. The body has an Ethics initial professional development (CPD) e-learning tool and makes other CPD Ethics learning material available. In addition, CIMA has an Ethics helpline to further assist members.
CIMA collaborates with other organizations to participate in research and to produce ethics knowledge products.
CIMA is encouraged to include information in its Action Plan about its activities to participate in the international standard-setting process by providing comments on Exposure Drafts and Discussion Papers issued by the IESBA.
CIMA, with no direct responsibility for the adoption of accounting standards in the public sector, supports the implementations of applicable standards through the dissemination of information about public sector accounting standards to its members online and in the CIMA magazine. It maintains an online forum for reporting on, and promoting discussion on, new public sector reporting issues. CIMA reports that it carries out extensive work with the UK public sector to embed performance management and finance professionalism.
CIMA is encouraged to include additional information or references within in its Action Plan to demonstrate examples of the extensive work it performs with the public sector.
CIMA is responsible for establishing and implementing an I&D system for its members. Its system is subject to mutually agreed upon oversight by the Financial Reporting Council (FRC). CIMA is in an ongoing process to review and modify by-laws and regulation in accordance with recommendations from the FRC and the requirements of SMO 6, Investigation and Discipline; nevertheless, it reports that its I&D system is compliant with SMO 6 (revised 2012).
CIMA raises awareness of its members and registered students about the professional conduct and ethics requirements through the provision of applicable regulations, including revisions and updates. It also cooperates with the FRC on issues related to public interest entities.
CIMA, having no direct responsibility for the adoption of IFRS in the UK, supports the implementation of the standards through publication of the IFRS on its website. It also disseminates information on IFRS via articles published in the Institutes’ online journal and the CIMA magazine.
CIMA is encouraged to include in its Action Plan information about the content it offers on IFRS or other standard-related topics in its course offerings and educational material to interested members.
IFAC bears no responsibility for the information provided in the SMO Action Plans prepared by IFAC member organizations. Please see our full Disclaimer for additional information.