MICP - GAO Standards for Internal
Controls questions with actual answers.
Internal Control is a continuous built in component of operations. ANS - True.
There are ________ GAO internal control standards. ANS - Five.
A ___________is the foundation for all other standards. ANS - Positive control environment.
Risk identification methods include: ANS - 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. ANS - 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. ANS - 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: ANS - 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. ANS - 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. ANS - False.
Controls questions with actual answers.
Internal Control is a continuous built in component of operations. ANS - True.
There are ________ GAO internal control standards. ANS - Five.
A ___________is the foundation for all other standards. ANS - Positive control environment.
Risk identification methods include: ANS - 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. ANS - 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. ANS - 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: ANS - 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. ANS - 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. ANS - False.
