Term
| Requires ongoing evaluations and reports of the adequacy of the systems of internal accounting and administrative control |
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Definition
| Federal Manager's Financial Integrity Act of 1982 |
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Term
| Establishes the legal framework for internal control in the Federal Government |
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Definition
| Federal Manager's Financial Integrity Act |
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Term
| Implements the FMFIA in the Executive Branch |
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Definition
OMB Circular A-123
Manager's Responsibility for Internal Control |
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Term
| Provides guidance to Federal Managers on improving the accountability and effectiveness of Federal programs. |
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Definition
OMB A - 123
Financial Management's Responsibility for Internal Control |
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Term
| Holds the criteria that management should apply when establishing internal control within their own agencies. |
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Definition
Green Book
Standards for Internal Control in the Federal Government |
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Term
| Implements the FMFIA in the DoD and gives guidance to DoD Management. |
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Definition
DoDI 5010.40
DoD Manager's Internal Control Program |
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Term
| Federal Manager's Integrity Act's main two points: |
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Definition
1. Prevent waste/misuse of property and funds
2. Assure Accountability of Assets |
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Term
| Which official establishes guidlines for executive agencies to apply when evaluating their systems of internal accounting and administrative control. |
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Definition
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Term
| FMFIA requires that material weakness be ___, ___, ____. |
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Definition
| Identified, Tracked, and Corrected |
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Term
| The Head of each agency must evaluate internal accounting and administrative control _____ and submit reports to ____ and ____. Which must be made public. |
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Definition
| annually, Congress, The President |
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Term
| A ___ ____ exists when a control necessary to meet the contol objective is missing or an existing control is not properly designed. |
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Definition
Control Deficiency type:
design deficiency |
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Term
| a ____ _____ exists when a properly designed control does not operate as designed or when the peron performing the contol is not qualified or properly skilled to perform the control effectively. |
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Definition
Control Deficiency type:
Operational deficiency |
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Term
| A ___ ____ is a control deficiency, or combination of control deficiencies, that adversely affects the entity. |
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Definition
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Term
| A ____ _____ in internal control is a reportable condition, or combination of reportable conditions, that results in more than a remote likilhood that a material misstatement will not be prevented or detected. |
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Definition
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Term
| Two Criteria for Material Weakness |
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Definition
1. Internal Controls do not provide reasonable assurance that objectives of the Internal Control Program are being met.
2. Issue is or should be of interest to the next higher level of management. |
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Term
| The DoD must issue its Annual Statement of Assurance by _______. The DoD includes this assurance statement in its annual _______. |
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Definition
November 15th each year
Performance Accountability Report (PAR) |
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Term
| The 3 forms of the statement of reasonable assurance submitted by the agency head. |
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Definition
1. Unqualified Statement of assurance
2. Qualified Statement of assurance
3. Statement of no assurance |
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Term
| Statement of reasonable assurance that reports no material weaknesses. |
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Definition
| Unqualified statement of assurance |
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Term
| Statement of reasonable assurance that reports one or more material weaknesses. |
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Definition
| Qualified Statement of Assurance |
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Term
| Statement of resonable assurance that reports no processes in place or pervasive material weaknesses. |
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Definition
| Statement of no assurance |
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Term
| Name the 5 Manager Internal Control Procedures required in the DoD instructions 5010.40 |
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Definition
1. Establish internal control procedures
2. Segment into assessable units
3. Evaluate effectiveness of internal controls
4. Correct Material Weaknesses
5. Report on internal control program |
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