Code of Conduct
A member of the Institute shall be guilty of professional and other misconduct if he/she
- Places his/her professional service at the disposal of or enters into partnership with an unqualified person or persons in a position to obtain business of the nature in which (Cost and Management) Accountants engage by means which are not open to a member of the Institute;
- Allows any person to practice in his/her name as (a Cost and Management) Accountant in practice unless such person is also (a Cost and Management) Accountant and is in partnership with or employed by him/her;
- Pays or allows or agrees to pay or allows directly or indirectly a share, commission or brokerage in the fees or profits of his/her professional business to any person other than a member of the Institute or a partner or a retired partner or the legal representative or widow of a deceased partner;
- Accepts or agrees to accept any part of the profits of the professional work of a lawyer, income-tax, practitioner, auctioneer, broker or other agent or any other person other than a member of the Institute;
- Accepts a position as a (Cost and Management) Accountant in practice previously held by some other member without first communicating with him/her in writing
- Accepts an appointment as (a Cost and Management) Accountant with a concern without first ascertaining from it whether the legal requirements, if any, have been duly complied with;
- Accepts a position as (a Cost and Management) Accountant in practice previously held by some other member in such conditions as constitute under-cutting;
- Publishes or sanctions the publication of expressions of thanks or appreciation by clients or promotes in any way laudatory notices with regard to professional matters;
- Solicits clients or professional work either directly or indirectly by circular, advertisement, personal communication or interview or by any other means partaking of the nature of advertisement;
- Advertises his/her professional attainments of services or uses any designation or expressions other than (Cost and Management) Accountant on professional documents, visiting cards letter heads or sign boards unless it be a degree of a university established by law in Pakistan or recognized by the Federal Government or a title indicating membership of the (Institute of Cost and Management Accountants) or any other institution that has been recognized by the Federal Government or may be recognized by Council;
- Allows his/her name to be inserted in any directory, either in the main section or in classified list, whether printed or not so as to appear in leaded type or in any matter, which could be regarded as of an advertising character;
- Certifies or submits in his/her name or in the name of his/her firm a report of an examination of cost accounting and related statements, unless the examination of such statements has been made by him/her or by a partner or any employee in his/her firm or by another Cost and Management Accountant in practice;
- Permits his/her name or the name of his/her firm to be used in connection with an estimate of cost or earnings contingent upon future transactions in a manner which may lead to the belief that he/she vouches for the accuracy of the forecast;
Charges or offers to charge, accepts or offers to accept in respect of any professional employment fees which are used on a percentage of profits or which are contingent upon the findings or results of such employment;
- Engages in any business or occupation other than the profession of cost and management accountants unless permitted by the Council so to engage;
- Provided that nothing contained herein shall disentitle cost and management accountant from being director of a company unless he/her or any his partner is interested in such company as a Cost and Management Accountant in practice;
- Allows a person not being a member of the Institute or a member not being his/her partner to sign his/her behalf or on behalf of his/her firm any report of cost or pricing statement or any other document required by his/her client;
- Discloses information acquired in the course of his/her professional engagement to any person other than his/her client; without the consent of his/her client or other wise than as required by any law for the time being in force;
- Expresses his/her opinion on cost or pricing statements of any business or any enterprise in which he/she or his/her firm or a partner in his/her firm has a substantial interest, unless he/she discloses the interest also in his/her report;
Fails to disclose a material fact known to him/her, which is not disclosed in a cost or pricing statement but disclosure of which is necessary to make such statement not misleading;
- Fails to report a material misstatement known to
him/her to appear in a financial statement with which
he/she is concerned in professional capacity or fails
to invite attention to any material departure from
the generally accepted procedure of costing and pricing
applicable to the circumstances;
- Is grossly negligent in the conduct of his/her professional duties.
- Fails to obtain sufficient information to warrant the expression of an opinion or his/her qualification are sufficiently material to negate the expression of an opinion;
- Fails to keep money of his/her client in a separate banking account or to use such moneys for purposes for which they are intended;
- has been guilty of any act or default discreditable to a member of the Institute;
- Contravenes any of the provisions of the Act or
the Regulations made there under;
- Is guilty of such other act or omission as may be specified by the Council in this behalf, by notification in the Gazette of Pakistan.
- Not being a fellow member styles him/her self as a fellow;
- Does not supply the information called for by or does not comply with the directions of the Council or any of its committees.
- Includes any statement return or form to be submitted to the Council any particulars knowing them to be false;
- Does not pay money he/she is ordered to pay by the Tribunal, appointed under section 10.
- Adopts one or more of the practices specified in Regulation 49.