New 1.3

Question 1

What is the name of the departments internal control effort?

Answer 1

Managers internal control program

Question 2

The purposes of the federal managers financial integrity act of 1982 are to prevent waist or miss use 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 waist, fraud, and miss management; 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

GAO

Question 5

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

Answer 5

Control activities

Question 6

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

Answer 6

Material weakness

Question 7

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

Answer 7

It is a management judgment

Question 8

What should be the last mile stone of the correct of 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

3

Question 10

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

Answer 10

Five (Crime)

Question 11

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

Answer 11

DOD’s managers internal control program

Question 12

When a DOD component had provide 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 in adequate 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 miss management?

Answer 13

Risk

Question 14

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

Answer 14

Material

Question 15

True or faults: the July 15, 2016 updated version of OMB circular a 123 requires CFO act agencies to hire a chief risk officer for the purpose of establishing an enterprise Grischy management capability within the agency

Answer 15

False

Question 16

What are the two major categories of a control areas included in Geos federal information system controls audit manual (FISCAM)?

Answer 16

General and business process application controls