BCF 110 Module 10 EXECUTION EXAM PART 3: Reporting and Audit
Readiness | UPDATED Questions with 100% Verified Answers
Question:
____________ support significant business processes for various
DoD reporting entities and have contributed to longstanding
material weakness in financial reporting.
Answer:
-Enterprise Resource Systems (ERPs)
-Business Systems
-Financial Systems
-Legacy Systems
Question:
The development of ____________ is the responsibility of the
reporting entity and service provider mangers. These should
be developed for all material weaknesses and documentation
gaps.
Answer:
-Corrective Action Plans (CAPs)
-External Controls
-The Manager`s Internal Control Program (MICP)
-Financial Operation Plans (FOPs)
Question:
____________ establishes control standards, along with
comprehensive roles and responsibilities for all stakeholders
to use when completing their MICP deliverables.
Answer:
-Agency Statement of Assurance
-Risk Mitigation
-Financial Improvement Audit Readiness (FIAR)
-The Manager`s Internal Control Program (MICP) policy
, Question:
The financial statement audit consist of four phases. During
this phase, a significant amount of time and effort is devoted
to understanding the reporting entity and the environment in
which it operates:
Answer:
-Internal Control Phase
-Testing Phase
-Planning Phase
-Reporting Phase
Question:
True or False. The major focus of the Unit Cost Report (UCR) is
on variances in cost rather than on a variance of schedule or
performance.
Answer:
-True
-False
Question:
The Selected Acquisition Report (SAR) provides the status of
_____? (Select three)
Answer:
-Schedule
-Performance
-Resource/turn-over rates
-Total program cost
Question:
____________ provides audit and financial advisory services to
DoD.
Answer:
-Army Audit Agency (AAA)
-General Accounting Office (GAO)
Readiness | UPDATED Questions with 100% Verified Answers
Question:
____________ support significant business processes for various
DoD reporting entities and have contributed to longstanding
material weakness in financial reporting.
Answer:
-Enterprise Resource Systems (ERPs)
-Business Systems
-Financial Systems
-Legacy Systems
Question:
The development of ____________ is the responsibility of the
reporting entity and service provider mangers. These should
be developed for all material weaknesses and documentation
gaps.
Answer:
-Corrective Action Plans (CAPs)
-External Controls
-The Manager`s Internal Control Program (MICP)
-Financial Operation Plans (FOPs)
Question:
____________ establishes control standards, along with
comprehensive roles and responsibilities for all stakeholders
to use when completing their MICP deliverables.
Answer:
-Agency Statement of Assurance
-Risk Mitigation
-Financial Improvement Audit Readiness (FIAR)
-The Manager`s Internal Control Program (MICP) policy
, Question:
The financial statement audit consist of four phases. During
this phase, a significant amount of time and effort is devoted
to understanding the reporting entity and the environment in
which it operates:
Answer:
-Internal Control Phase
-Testing Phase
-Planning Phase
-Reporting Phase
Question:
True or False. The major focus of the Unit Cost Report (UCR) is
on variances in cost rather than on a variance of schedule or
performance.
Answer:
-True
-False
Question:
The Selected Acquisition Report (SAR) provides the status of
_____? (Select three)
Answer:
-Schedule
-Performance
-Resource/turn-over rates
-Total program cost
Question:
____________ provides audit and financial advisory services to
DoD.
Answer:
-Army Audit Agency (AAA)
-General Accounting Office (GAO)
