The IIA Code of Ethics Rules of Conduct Regarding Integrity

question 36

Multiple Choice

The IIA Code of Ethics Rules of Conduct regarding integrity include all of the following except:

• A) shall perform their work with honesty, diligence, and responsibility.
• B) shall observe the law and make disclosures expected by the law and the profession.
• C) shall not knowingly be a party to any illegal activity, or engage in acts that are discreditable to the profession of internal auditing or to the organization.
• D) shall be licensed by a governmental agency.
• E) shall respect and contribute to the legitimate and ethical objectives of the organization.

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Definitions:

Depreciation

A method of accounting that distributes the expense of a physical asset across its lifespan.

Fixed Asset

Long-term tangible property that a firm owns and uses in producing its income and is not expected to be consumed or converted into cash in short-term.

Market Value

Market value is the current price at which an asset or service can be bought or sold in the open market.

Prepaid Expense

An expense paid in advance of its due date, recorded as an asset on the balance sheet until the benefits are realized or the service period expires.