Internal Controls
What is Internal Controls
Any exceptions to procedure will require this prior to approval from the agency director.
What is a written approval.
What is the "Green Book".
Internal Controls help prevent different types of this
What is fraud.
There needs to be effective communications with external parties such as to insure information is correct.
Who are customers, suppliers, regulators and shareholders.
Who is responsible for the annual review and revision?
Who is the chief administrator of Auditing and Compliance.
This Act requires that federal agency executives periodically review and annual report on the agency's internal control system?
What is the Federal Managers Financial Integrity Act.
Record keeping and proper communication chains help prevent this from happing.
What is embezzlement
Division Finance Leaders will notify you this when it is time to perform quarters controls?
What is via email.
The Financial Internal Audit unit staff have a minimum of this many continuing professional education with mandatory Yellow Book and Ethics training to be in compliance with government auditing standards, Institute of Internal Auditors and American Institute of CPAs?
What is 40 hours.
Green book revisions undergo an extensive, deliberative process including publics comments and input from what Council?
What is the Green Book Advisory Council.
This is one of the most important task in business and it is important to keep it for 7 years according to the IRS.
What is record keeping.
This group is required to report financial reporting and for the system access review?
Who are Division Finance Leaders.
The audit team must provide notification to the facility/unity head within how many weeks of the financial internal audit?
What is two weeks.
The Green Book Advisory Council consist of highly qualified individuals with complementary skills that provide a strong knowledge base in internal controls from entries such as what?
What is federal, state and local governments, private sectors and academia.
This helps make sure a company is following law and regulations to avoid issues down the line.
What is Internal Controls.
What is Control Environment, Risk Assessment, Control Activities, Monitoring, and Information and Communication.
What are the Five Internal Controls.
Who is responsible for developing annual financial internal audit schedule, assigning audit team members to each financial internal audit, ensure the audit team members are monitored and provide notification to the facility?
Who is the audit team.
What year was the internal control standard first issued?
What is 1983.
This group of people are required to make good and sound decisions to help protect the company and tis employees.
Who are the board of directors.