Mod 1.4 Knowledge Check

Question 0

The purpose of the federal managers financial integrity act of 1982 is to prevent waste or misuse of agency funds or property and to assure the accountability of what?

Answer 0

Assets

Question 1

What is the name of the departments internal control effort?

Answer 1

Managers internal control program

Question 2

Which do internal controls reasonably ensure?

Answer 2

Programs achieve intended results
Resources are used efficiently
Programs/resources are protected from waste fraud and mismanagement
Laws and regulations are followed
Financial reporting is reliable and accurate

Question 3

What agency issues standards for internal control in the federal government?

Answer 3

Government accountability office (GAO)

Question 4

Segregation of duties is a part of which internal control standard?

Answer 4

Control activities

Question 5

The integrity act report must include agency plans to correct what type of weakness?

Answer 5

Material weakness

Question 6

Who decides whether a weakness is material enough to warrant reporting as a material weakness to the next higher level?

Answer 6

It is the management judgment

Question 7

What should be the last milestone of the corrective action plan for each material weakness?

Answer 7

Correction validation

Question 8

The DOD component heads statement of assurance must take one of how many forms?

Answer 8

Three:

1. Unqualified statement of assurance
2. Qualified statement of assurance with the exceptions explicitly noted
3. Statement of no assurance

Question 9

How many standards are there in the GAO standards of internal control?

Answer 9

Five:
C Control environment
R risk assessment
I information and communications
M monitoring
E existing control activities

Question 10

For what program is the full scope of management responsibility defined in DOD instruction 5010.40?

Answer 10

DOD’s managers internal control program

Question 11

When a DOD component head provides a statement of assurance that the components controls are in place and achieving their intended objectives is this a statement of absolute assurance or reasonable assurance?

Answer 11

Reasonable assurance

Question 12

What is the term for the probable or potential adverse effects from inadequate internal control that may result in the loss of government resources or cause an agency to fail to accomplish significant mission objectives through fraud waste or mismanagement?

Answer 12

Risk

Question 13

What kind of a weakness significantly impairs the fulfillment of a DOD components mission?

Answer 13

Material