1.3

Question 1

What is the name of the Department’s internal control effort?

Answer 1

Manger’s Internal Control Program

Question 2

The purposes of the Federal Mangers’ Financial Integrity Act of 1982 are to prevent waste or misuse of agency funds or property and to assure the accountability of what?

Answer 2

Assets

Question 3

What do internal controls reasonably ensure?

Answer 3

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

Question 4

What agency issues “Standards for Internal Control in the Federal Government”?

Answer 4

Government Accountability Office

Question 5

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

Answer 5

Control Activities

Question 6

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

Answer 6

It’s a management judgment 

Question 7

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

Answer 7

Material weakness

Question 8

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

Answer 8

Correction validation 

Question 9

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

Answer 9

Three

Question 10

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

Answer 10

Five

Question 11

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

Answer 11

DOD managers internal control program

Question 12

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 12

Reasonable assurance

Question 13

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

Answer 13

Risk 

Question 14

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

Answer 14

Material