MICP - The Material Weakness Process correctly answered 2023

MICP - The Material Weakness Process correctly answered 2023The head of each executive agency is required to report __________ to the President and Congress on whether these internal controls comply with requirements of The Federal Managers' Financial Integrity Act (FMFIA). Annually. A material weakness is a significant deficiency, or combination of significant deficiencies, that result in a reasonable possibility that a material misstatement will not be prevented or detected. True. The absence or ineffectiveness of internal controls constitutes an internal control weakness. True. Many sources can be used to identify potential material weaknesses: All of the Above: Audit/Inspection Files, Management's general knowledge of operational problems, & Internal control evaluations. Audit and inspection reports often will recommend reporting specific problems as material weaknesses. These recommendations should be given careful consideration, but the determination to report a material weakness is ultimately a management judgment. True. Identifying and correcting deficiencies in internal controls is an ongoing responsibility of _________ and __________ at all levels. Commanders and Managers. Reporting of material weaknesses should be done in a timely manner, however, the frequency of reporting is: At the discretion of the command. Material weaknesses are reported to higher headquarters either because that level must be aware of the weakness or because it must take corrective action. True. Material weaknesses submitted to the OASA(FM&C) will be reviewed and forwarded to the appropriate HQDA Functional Proponent for evaluation. True. The _______must validate the effectiveness of corrective actions before an Army-level material weakness is closed. U. S. Army Audit Agency. Reporting organizations must retain documentation on material weaknesses in accordance with AR-25-400-2, The Army Records Information Management System (ARIMS). True. Statement of assurance records must be retained for three fiscal years after submission; if a material weakness is reported, the records must be retained for three years after the weakness is resolved and HQDA no longer requires reports on the status. True.