Term
1. I/C evaluation process should be integrated into the daily management practices/processes
2. Should not cause duplication
3. Plan for review when inadequate information exist
4. Continuous monitoring provides basic for annual Statement of Assurance |
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Definition
| Give two examples of how commanders and managers at every level of the Air Force implement the policies of the Internal control program. |
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Term
Assistant Secretary of the AF, FM & Comptroller
SAF/FM |
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Definition
| Who is responsible for ensuring that the evaluation, improvement, and reporting on the Air Force internal control system meets the requirements of law and DoD instructions? |
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Term
MAJCOMs
USAF Academy
ANG
AAFES |
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Definition
| Who are the primary reporting elements of the Air Force MIC program? |
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Term
establish, evaluate and report on I/Cs
and
Submit Statement of Assurance (SoA) to the
President & Congress |
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Definition
| In regards to the Managers' Internal Control Program, what are the requirements of the Federal Manager's Financial Integrity (FMFIA) to government agencies? |
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Term
Safeguard all funds, property and other assets against
waste, loss, unauthorized use and misappropriation |
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Definition
| What actions can Air Force personnel take to ensure that obligations and costs comply with applicable law? |
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Term
1. Control Environment
2. Risk Assessment
3. Control Activities
4. Information & Communication
5. Monitoring |
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Definition
| What are GAO Standards for Internal Control? |
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Term
Assistant Secretary, Financial Management & Comptroller
SAF/FM |
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Definition
| Who is the senior responsible official for the internal management control program? |
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Term
1. Manage the MICP within their function
2. Ensure the MICP evaluations are performed completely, accurately, and adequately support the Yr End Statement
3. Report MICP activity to the program OPR as required
4. Actively follow-up on & correct internal control weaknesses identified by the MICP |
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Definition
| Give three responsibilities of the Functional Office of Primary Responsibility at the assessable unit level. |
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Term
1. Must have clear limits or boundaries & identifiable to a specific responsible manager
2. Small enough to allow observations
3. Large enough that any detected material weakness might impair the mission |
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Definition
| Name three ideal characteristics of an assessable unit? |
|
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Term
Determine whether
I/C techniques exist & implemented
&
I/C systems are working effectively |
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Definition
| Why are internal controls evaluations performed/implemented? |
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Term
Under Secretary of Defense, Comptroller
SAF/FM issues call letters to primary reporting elements |
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Definition
| Who issues the reporting guidelines and formats for all required reports for the MICP? |
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Term
Based on general assessment of the effectiveness of AF internal controls
(inputs from all bases, MAJCOMs, FOAs, etc.)
Reports:
Unqualified Qualified Negative Statment |
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Definition
| When SAF/FM prepares the AF Statement of Assurance, what would be the basis for the statement of assurance report? |
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Term
Assessable Unit Manager
AUM |
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Definition
| Who should be reporting the noncompliance with existing I/Cs or ineffective I/Cs to more senior management? |
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Term
Material enough to warrant the attention of more senior management
or
Required the participation of more senior management to resolve |
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Definition
| When must subordinate managers report deficiencies that are to be resolved? |
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Term
- I/C reporting category
- Narrative description of the problem
- Corrective action milestone chart
- Name of the responsible official or POC for corrective action progress |
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Definition
| List the information included in the weakness tracking system. |
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Term
- Audits
- Inspections
- Investigations
- Management Assessment
- Creditable information of non-governmental orgin, staff meetings, and internal control evaluations
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Definition
| What are the possible sources in identifying potential material weaknesses? |
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Term
| All levels of AF management |
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Definition
| Who must maintain adequate document of their I/C program activity? |
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Term
Ensure that I/C systems:
- achieve their objectives
- are adequately documented
- identify & report material weaknesses
- corrective actions are tested to ensure their effectiveness
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Definition
| Describe the implementation of quality control for material weakness. |
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Term
AF Inspective General (IG)
The offices of the IG |
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Definition
| Who may perform special internal control reviews, studies, or other analyses at the request of the commander or their own initiative? |
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Term
Improve the government financial management
Outlined standards of financial performance
&
Disclosure |
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Definition
What is the purpose of the Chief Financial Offices (CFO) and Federal Financial Reform Act of 1990?
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Term
| Provides guidance on management's responsibility for assessing controls & implementing FMFIA, improve the effectiveness of managers control. |
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Definition
| What is OMB Circular A-123 |
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Term
1. Commitments
2. Comply with public law
3. Ensure resources used properly - best to accomplish mission |
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Definition
| AF organizations use cost-effective I/Cs to fulfill what? |
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