Definitions
Laws, Rules, & Regulations
Framework
Roles and Responsibilities
Potpourri
100
The organization, policies, procedures, and tools used to reasonably ensure that (a) programs achieve their intended results; (b) resources are used in accordance with the Agency's mission; (c) programs and resources are protected from waste, fraud, and mismanagement; (d) laws and regulations are followed; and, (e) reliable and timely information is obtained, maintained, reported, and used for decision making.
What is internal control?
100
Presents guidance on establishment, assessment, correction, and reporting on internal control in USAID
What is USAID's ADS Chapter 596?
100
(1) Identify organization’s objectives (2) Assess likelihood of occurrence of certain risks (3) Consider consequences if the risks do, in fact, occur
What is risk assessment?
100
Frequency of Management Control Review Committee (MCRC) meetings
What is semi-annually?
100
Responsible individual(s) for internal control at USAID
What is EVERYONE?
200
Subdivision of a functional component and part of the total internal control program structure. All missions, bureaus, and independent offices in USAID are __________.
What is assessable units?
200
Issued to amend the Accounting and Auditing Act of 1950 and requires executive agencies to establish and evaluate internal auditing and administrative controls. Resulted in GAO issuing its standards for internal control in the federal government.
What is Federal Managers Financial Integrity Act of 1982?
200
Policies, procedures, techniques, and mechanisms that help ensure that management’s directives are carried out
What are control activities?
200
Team charged with advising on the Internal Control over Financial Reporting process and chaired by M/CFO
What is Senior Assessment Team?
200
Three forms of Statements of Assurance
What are (1) unqualified, (2) qualified, and (3) no assurance?
300
A significant deficiency or combination of significant deficiencies that are reported outside USAID to the Congress and the president of the United States
What is material weakness?
300
This circular defines management's responsibility for internal control in federal agencies
What is OMB A-123?
300
A joint initiative of the five private sector organizations dedicated to providing thought leadership through the development of frameworks and guidance on enterprise risk management, internal control, and fraud deterrence
What is Committee of Sponsoring Organizations of the Treadway Commission (COSO)?
300
Group responsible for overseeing the implementation of assessing the acquisition function
What is Acquisition Assessment Team?
300
Regarding internal control management, USAID espouses a need for an ongoing consciousness about __________.
What is risk?
400
Process of identifying, controlling, and monitoring anything that could go wrong
What is risk management?
400
Requires agencies to review and identify programs and activities that may be susceptible to significant improper payments
What is Improper Payment Information Act (IPIA)?
400
Component which calls for an organization to establish and maintain a positive and supportive attitude toward internal control and conscientious management; "the tone at the top"
What is control environment?
400
Consolidates and analyzes FMFIA certifications to ensure control issues are brought to the attention of the next level of management. Develops and maintains agency policies and procedures on management’s responsibility for internal control and audit management.
What is Audit Performance and Compliance Division (M/CFO/APC)?
400
OMB Circular A-123 has __________ appendices that add specific requirements.
What is four?
500
Tracking method used to demonstrate how an organization will resolve identified significant deficiencies and material weaknesses
What is corrective action plan?
500
Requires agencies to have financial management systems that substantially comply with (1) the federal financial management systems requirements, (2) federal accounting standards, and (3) the U.S. Government Standard General Ledger at the transaction level.
What is Federal Financial Management Improvement Act (FFMIA)?
500
List the five interrelated components of the COSO framework
What is - Control environment - Risk assessment - Control activities - Information and communications - Monitoring
500
(1) Conducts or supervises investigations and audits of Agency programs and operations. (2) Provides advice to agency staff to facilitate corrective action for deficiencies in internal control. (3) Recommends improvements to internal controls to promote economy, efficiency, and effectiveness; and to prevent and detect fraud, waste, and abuse in Agency programs and operations.
What is Office of Inspector General?
500
There are three types of audits at federal government agencies, and audit objectives of performance audits vary greatly. However, the focus is usually on __________.
What is effectiveness of programs?
M
e
n
u