Internal Controls questions with correct
answers respectively.
Assessable Unit (AU) ANS - Basic segment for which internal controls are evaluated.... capable of being
evaluated by internal control assessment procedures
Internal Control ANS - the organization, policies, procedures, and instructions adopted by management
to reasonably ensure mission or operational objectives are met, programs achieve intended results, and
managers safeguard the integrity of their programs
**Successful mission accomplishment while protecting unit resources
Internal Control Assessment ANS - a documented review performed...to determine whether internal
control techniques are effectively implemented to accomplish administrative, operational, and mission
objectives
**Are unit ICs successfully accomplishing their purpose?
Management Control Plan (MCP) ANS - a written plan that details the AU's inventory and is updated
annually
Managers' Internal Control Program (MICP) ANS - the formal effort of an organization to ensure that
internal control systems are working effectively
Reasonable Assurance ANS - judgment that an organization's systems of management control are
operating in a manner that achieves FMFIA objectives
Statement of Assurance (SoA) ANS - An annual assessment that provides leader's explicit level of
assurance on whether the internal controls are effective
, Why we have Internal Controls:
OMB Circular A-123, Introduction ANS - ".....Federal employees must ensure that Federal programs
operate and resources are used consistently with agency missions, in compliance with laws and
regulations, and with minimal potential for waste, fraud, and mismanagement.
(and, also to meet FMFIA requirements)
MCIP - The key original legislative act
(Most regulations and successive legislative acts support or augment this original legislation) ANS -
Financial Managers Financial Integrity Act (FMFIA) of 1982
What does Financial Managers Financial Integrity Act (FMFIA) require? ANS - 1. Programs are efficiently
and effectively carried out according to applicable laws and management policies
2. Assets are safeguarded against waste, loss, unauthorized use, or misappropriation
3. Obligations and costs are in compliance with applicable laws
4. Revenues and expenditures are properly recorded and accounted for
Air Force Manager's Internal Control (MIC) program is prescribed to meet the requirements of
__________ and is implemented at ________ levels of the Air Force ANS - Financial Managers Financial
Integrity Act (FMFIA)
All levels of the Air Force
The five GAO Standards are: ANS - Control Environment
Risk Assessment
Control Activities
Information/Communication
Monitoring
answers respectively.
Assessable Unit (AU) ANS - Basic segment for which internal controls are evaluated.... capable of being
evaluated by internal control assessment procedures
Internal Control ANS - the organization, policies, procedures, and instructions adopted by management
to reasonably ensure mission or operational objectives are met, programs achieve intended results, and
managers safeguard the integrity of their programs
**Successful mission accomplishment while protecting unit resources
Internal Control Assessment ANS - a documented review performed...to determine whether internal
control techniques are effectively implemented to accomplish administrative, operational, and mission
objectives
**Are unit ICs successfully accomplishing their purpose?
Management Control Plan (MCP) ANS - a written plan that details the AU's inventory and is updated
annually
Managers' Internal Control Program (MICP) ANS - the formal effort of an organization to ensure that
internal control systems are working effectively
Reasonable Assurance ANS - judgment that an organization's systems of management control are
operating in a manner that achieves FMFIA objectives
Statement of Assurance (SoA) ANS - An annual assessment that provides leader's explicit level of
assurance on whether the internal controls are effective
, Why we have Internal Controls:
OMB Circular A-123, Introduction ANS - ".....Federal employees must ensure that Federal programs
operate and resources are used consistently with agency missions, in compliance with laws and
regulations, and with minimal potential for waste, fraud, and mismanagement.
(and, also to meet FMFIA requirements)
MCIP - The key original legislative act
(Most regulations and successive legislative acts support or augment this original legislation) ANS -
Financial Managers Financial Integrity Act (FMFIA) of 1982
What does Financial Managers Financial Integrity Act (FMFIA) require? ANS - 1. Programs are efficiently
and effectively carried out according to applicable laws and management policies
2. Assets are safeguarded against waste, loss, unauthorized use, or misappropriation
3. Obligations and costs are in compliance with applicable laws
4. Revenues and expenditures are properly recorded and accounted for
Air Force Manager's Internal Control (MIC) program is prescribed to meet the requirements of
__________ and is implemented at ________ levels of the Air Force ANS - Financial Managers Financial
Integrity Act (FMFIA)
All levels of the Air Force
The five GAO Standards are: ANS - Control Environment
Risk Assessment
Control Activities
Information/Communication
Monitoring
