BCF 110 Module 10 EXECUTION EXAM
PART 3: Reporting and Audit Readiness
And All Correct Answers.
____________ support significant business processes for various DoD reporting entities and
have contributed to longstanding material weakness in financial reporting. - Answer -
Enterprise Resource Systems (ERPs)
-Business Systems
-Financial Systems
-*Legacy Systems*
The development of ____________ is the responsibility of the reporting entity and service
provider mangers. These should be developed for all material weaknesses and documentation
gaps. - Answer -*Corrective Action Plans (CAPs)*
-External Controls
-The Manager`s Internal Control Program (MICP)
-Financial Operation Plans (FOPs)
____________ establishes control standards, along with comprehensive roles and
responsibilities for all stakeholders to use when completing their MICP deliverables. - Answer -
Agency Statement of Assurance
-Risk Mitigation
-Financial Improvement Audit Readiness (FIAR)
-*The Manager`s Internal Control Program (MICP) policy*
The financial statement audit consist of four phases. During this phase, a significant amount of
time and effort is devoted to understanding the reporting entity and the environment in which
it operates: - Answer -Internal Control Phase
-Testing Phase
-*Planning Phase*
-Reporting Phase
True or False. The major focus of the Unit Cost Report (UCR) is on variances in cost rather than
on a variance of schedule or performance. - Answer -*True*
PART 3: Reporting and Audit Readiness
And All Correct Answers.
____________ support significant business processes for various DoD reporting entities and
have contributed to longstanding material weakness in financial reporting. - Answer -
Enterprise Resource Systems (ERPs)
-Business Systems
-Financial Systems
-*Legacy Systems*
The development of ____________ is the responsibility of the reporting entity and service
provider mangers. These should be developed for all material weaknesses and documentation
gaps. - Answer -*Corrective Action Plans (CAPs)*
-External Controls
-The Manager`s Internal Control Program (MICP)
-Financial Operation Plans (FOPs)
____________ establishes control standards, along with comprehensive roles and
responsibilities for all stakeholders to use when completing their MICP deliverables. - Answer -
Agency Statement of Assurance
-Risk Mitigation
-Financial Improvement Audit Readiness (FIAR)
-*The Manager`s Internal Control Program (MICP) policy*
The financial statement audit consist of four phases. During this phase, a significant amount of
time and effort is devoted to understanding the reporting entity and the environment in which
it operates: - Answer -Internal Control Phase
-Testing Phase
-*Planning Phase*
-Reporting Phase
True or False. The major focus of the Unit Cost Report (UCR) is on variances in cost rather than
on a variance of schedule or performance. - Answer -*True*
