Internal Controls(Micp)Correct Answers Latest 2023

Internal Controls(MICP)CORRECT ANSWERS LATEST 2023Assessable Unit (AU) Basic segment for which internal controls are evaluated.... capable of being evaluated by internal control assessment procedures Internal Control 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 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) a written plan that details the AU's inventory and is updated annually Managers' Internal Control Program (MICP) the formal effort of an organization to ensure that internal control systems are working effectively Reasonable Assurance judgment that an organization's systems of management control are operating in a manner that achieves FMFIA objectives Statement of Assurance (SoA) 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 ".....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) Financial Managers Financial Integrity Act (FMFIA) of 1982 What does Financial Managers Financial Integrity Act (FMFIA) require? 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 Financial Managers Financial Integrity Act (FMFIA) All levels of the Air Force