Pop Quiz

One of the "study aids" provided with the course are "test your knowledge" quizzes. I've been running through them so often that I've memorized where to click for the correct answer. Not what the correct answer actually is and why it is correct.

Oi. It is not helpful.

This one took me a few tries:

Which of the following is outside the scope of internal auditing?

a) assessing the organization's effectiveness.

b) verifying compliance with laws and regulations

c) safeguarding the organizations assets

d) reviewing the processes involved with producing internal financial reports.

The correct answer is 'c.' Because internal audit assesses the actions taken by management to safeguard the assets and is not reponsible for the actual safeguarding of assets.

'C' is correct because it is missing a verb. "Ensuring" is the verb that should be used.

Um, hey, we're accountants. We have a duty of care to our employers to act responsibly and a duty of trust to act morally and ethically, in accordance with the relevant governing bodies and professional associations.

So, if I'm not actually safeguarding the assets, I'm supposed to tattle on the accountant who isn't getting the job done?

Apparently so. No wonder we have such a bad reputation. We're assholes.