An earpiece (100) and a method (640) for acoustic management of multiple microphones is provided. The method can include capturing an ambient acoustic signal from an Ambient Sound Microphone (ASM) to produce an electronic ambient signal, capturing in an ear canal an internal sound from an Ear Canal Microphone (ECM) to produce an electronic internal signal, measuring a background noise signal, and mixing the electronic ambient signal with the electronic internal signal in a ratio dependent on the background noise signal to produce a mixed signal. The mixing can adjust an internal gain of the electronic internal signal and an external gain of the electronic ambient signal based on the background noise characteristics. The mixing can account for an acoustic attenuation level and an audio content level of the earpiece. Other embodiments are provided.