Internal Controls
What GAO standard of internal control that sets the foundation for all other standards?
Control Environment
An amended CFO Act that required a consolidated financial statement for the entire executive branch beginning FY97 and required 24 Agencies to submit audited financial statements?
1994 Government Management Reform Act (GMRA
Examine - available evidence
Compare to standard of measure
Answer a specific question
FM Systems:
Which function is central to Core Financial Management System
What was prescribed to meet the Federal Managers’ Financial Integrity ACT (FMFIA) that established the formal effort of an organization to ensure internal control systems are working effectively?
Who in charge of implementation of Federal Accounting Standards?
Office of Management and Budget (OMB) Government Accountability Office (GAO) Department of Treasury
Improve DoD’s FM operations, Help provide America’s Service men and women with the resources they need to carry out their mission, and improve our stewardship of resources entrusted to us by the taxpayers? FIAR Goals
What functions as a key, base‐level point of contact with MAJCOM FM and is the focal point for all FM mobility requirements?
Unit Deployment Manager (UDM
Type of funds that are established for continuous cycle and are no year appropriation?
What is Revolving funds?
The below are examples of what:
Self Inspection Program
Compliance Inspections
Operational Readiness Inspections
Staff Assistance Visits
AFAA, DoD IG, and GAO audits
What is Monitoring
What classification of funding describes: AF Directed (represent special interest areas)
What is administrative?
Identifies a potential capability focused on accomplishment of a specific mission that the military service provides?
Unit Type Code (UTC)
The SFIS data element related to the legacy EEIC?
What is Object class/Obj Sub-Class ?
According to the OMB Circular A-123 what should agency managers do to improve the effectiveness of internal controls?
Continuously monitor and improve internal controls & Perform an annual assessment and report
Budgetary Information
Proprietary accounting data and information
Mission critical asset information
Valuation
T/F UTC's requirements are rank specific
What Standardizes financial reporting, helps efficiencies financial systems?
SFIS (Standard Financial Information Structure)
Provides reasonable assurance internal controls are effective with exception of one or more material weaknesses?
Modified Statement of Assurance
OMB
GAO - Watchdog of Congress
Dept of Treasury
Can consist of manpower only, equipment (LOGDET) only, or both (currently there are no FM UTC that required both)?
Unit Type Code (UTC)
Name 4 of 6 major fund categories of the U.S. Treasury
General
Management and Consolidated Working Funds
Revolving Funds
Special funds
Deposit Funds
Trust Funds
What is Directive, Preventive, Detective and Corrective.
What is GAAP ( generally Accepted Accounting Principles)?
Standard Framework of guidelines for financial accounting and generally known as accounting standards.