i came across this article while i was researching another "security hole" i found with Simple Finder.
when you type a backslash ("/") into the address bar on Safari, it opens the system root. which, in turn, allows access to the full 'Applications' folder (among many other things).
combine this with what someone said above about Apple Help opening Safari even if it's disabled, and the "Managed Account" setting on OS X is effectively useless. and having or not having Office installed has absolutely nothing to do with it.
i can't have been the first one to figure this out?
Microsoft Provides Easy OS X Security Hack