MICP - GAO Standards for Internal Controls solved

MICP - GAO Standards for Internal Controls solvedInternal Control is a continuous built in component of operations. True. There are ________ GAO internal control standards. Five. A ___________is the foundation for all other standards. Positive control environment. Risk identification methods include: All of the above: Qualitative and quantitative ranking activities, Management conferences, & Forecasting and strategic planning. Control activities include a wide range of diverse activities such as: Approvals, authorizations, verifications, reconciliations, performance reviews, maintenance of security, creation and maintenance of related records. True. Information should be recorded and communicated to management and others within the entity that needs it. Program managers need both _________ and _________data to determine if they are meeting goals and achieving compliance. Operational and financial. Internal control monitoring should assess the quality of performance over time and ensure that the findings of audits and other reviews are promptly resolved. Monitoring should: All of the above: Occur in the course of normal operations, Be performed continually, & Be engrained in the agency's operations. Adhering to the GAO standards provides absolute assurance that organizational objectives regarding efficiency and effectiveness are being achieved. False. Management sets objectives, puts control mechanisms and activities in place, and monitors and evaluates controls. All other personnel have no role in the internal control process. False. The GAO standards define the minimum level of quality acceptable for internal control in government and provide the basis against which internal control is to be evaluated. The standards apply only to financial compliance. False.