Final answer:
CMAs are required to adhere to a code of ethics set by the IMA, which ensures they maintain the highest ethical standards in their professional conduct.
Step-by-step explanation:
True, a Certified Management Accountant (CMA) is indeed expected to live by a code of ethics promulgated by the Institute of Management Accountants (IMA). The IMA's Code of Ethics for professional accountants outlines a framework of ethical conduct regarding areas such as competence, confidentiality, integrity, and credibility. These principles are designed to guide CMAs in their professional duties and decision-making processes, thereby ensuring that they perform their roles with the highest ethical standards.