CDFM Exam 1 Study Set questions with verified answers
1.4.25: Difference between Disparate Treatment and Adverse Impact? Ans✓✓✓
DT = Unfair application of a rule, policy or practice; AI= application of rule has a
negative impact on protected class)
1.4.26: 1991 Civ. Rights Act.....? Ans✓✓✓ provides for compensatory or damages
in EEO cases)
1.4.26: Average cost of EEO complaint - 1980 GAO study? Recent DoD study?
Ans✓✓✓ 20-40K)(100K)
1.4.26: What did the 1972 EEO Act do? Ans✓✓✓ brought fed gov in line with
1964 Civ Rights Act & required affirmative action plans)
1.4.28: Developing Affirm. Action programs is the responsibility of...? Ans✓✓✓
agency level)
1.4.32: First step to RIF is setting what two limits? Ans✓✓✓ organization &
Geographic; competitive level set by grade and occupation)
1.4.33: What % of salary contribution under CSRS and FERS? Ans✓✓✓ 7%
and .8% - both are matched)
1.4.36: What is DOPMA, what did it do? Ans✓✓✓ Def Officers Pers. Mngt Act;
limit 04-06 promotions)
,1.5.11: According to GAO standards, Internal Controls should include what 5
standards? Ans✓✓✓ CRIME: Control Activities - use the controls, Risk
Assessment - know threats, Information & Communications - record & distribute
feedback, Monitoring - is program working to improve, Environment - positive
attitude toward IC Program)
1.5.11: Of the 5 GAO IC Program standards, which is the foundation? Ans✓✓✓
Control Environment)
1.5.13: What are the two Financial Reporting Deficiencies? Ans✓✓✓ Significant
and Material)
1.5.13: What are the two general internal control deficiencies? Ans✓✓✓
Reportable Condition & Material Weakness) Which gets tracked internally and
which gets reported? (RC, MW respectively)
1.5.13: When should a deficiency be reported? Ans✓✓✓ if is/should be of
interest to higher authority)
1.5.14: Corrective action plans should be developed for __? Ans✓✓✓ all material
weaknesses)
1.5.14: To whom is the Annual Statement of Assurance submitted and when?
Ans✓✓✓ OMB, 45 days after end of the FY)
1.5.14: What 3 things are on the Annual Statement of Assurance? Ans✓✓✓
Statement of Assurance that controls are achieving results, Report on Mat.
Weaknesses, and assurance on ICOFR)
,1.5.15: DoD must submit annually a Stmt of Assurance for what three things?
Ans✓✓✓ Overall, Fin. Systems, & ICOFR)
1.5.15: What are the three choices for the Statement of Assurance? Ans✓✓✓
Unqualified, Qualified - exceptions explicitly noted, No Assurance)
1.5.16: Who makes the final determination if a weakness is material or not?
Ans✓✓✓ management)
1.5.19: Heads Ans✓✓✓ or Deputies) of DoD Components must submit
Statements of Assurance to the SECDEF by when? (October 1 - but OSD wants it
by 1 September)
1.5.20: The statement of assurance has what 4 elements? Ans✓✓✓ Cover memo
stating overall reliability of the IC Program - unqualified, qualified, No; 2.
description of how evaluation was conducted; 3. statement about uncorrected
weaknesses in CY and PY and plans to correct; 4. Statement on weakness
corrected in the CY - including those identified in PYs)
1.5.3: The Fed. Mngrs. Fin. Integrity Act of 1982 prevents ___ & assures ____
Ans✓✓✓ waste or misuse of funds or property; accountability of assets)
1.5.3: What agency issues the standards for internal controls? Ans✓✓✓ GAO)
1.5.3: What kind of weakness crosses components? Ans✓✓✓ systematic)
, 1.5.7: DoD est. the Internal Control Program to comply with___ and uses___ for
guidance? Ans✓✓✓ The FMFI Act of 1982; OMB Circ. A-123, GAO Standards;
DoDI 5010.40)
1.5.9: According to the FMFIA who est. guidelines for reviewing controls?
Ans✓✓✓ OMB)
1.5.9: The Internal Control reports to Congress must include as statement on the
conformance of accounting systems with standards set by Comptroller General.
Ans✓✓✓ T)
1.5.9: What is PAR, what are the three ratings, what mandates the PAR, and why?
Ans✓✓✓ Perf. & Accountability Report, 1. overall ICs, 2. Fin. Mngt Systems IC
evaluation, 3. ICOFR or Internal Controls over Fin. Reporting; FMFIA; to make
public the IC evaluation)
1.5.9: Who evaluates and submits reports to Congress? Ans✓✓✓ Agency Heads
or SECDEF/DEPSEC)
1.5.9: Who is responsible for Internal Controls? Ans✓✓✓ Everyone)
10: Armed Forces Ans✓✓✓ ...
18: Criminal Codes Ans✓✓✓ ...
2: Congress Ans✓✓✓ ...
1.4.25: Difference between Disparate Treatment and Adverse Impact? Ans✓✓✓
DT = Unfair application of a rule, policy or practice; AI= application of rule has a
negative impact on protected class)
1.4.26: 1991 Civ. Rights Act.....? Ans✓✓✓ provides for compensatory or damages
in EEO cases)
1.4.26: Average cost of EEO complaint - 1980 GAO study? Recent DoD study?
Ans✓✓✓ 20-40K)(100K)
1.4.26: What did the 1972 EEO Act do? Ans✓✓✓ brought fed gov in line with
1964 Civ Rights Act & required affirmative action plans)
1.4.28: Developing Affirm. Action programs is the responsibility of...? Ans✓✓✓
agency level)
1.4.32: First step to RIF is setting what two limits? Ans✓✓✓ organization &
Geographic; competitive level set by grade and occupation)
1.4.33: What % of salary contribution under CSRS and FERS? Ans✓✓✓ 7%
and .8% - both are matched)
1.4.36: What is DOPMA, what did it do? Ans✓✓✓ Def Officers Pers. Mngt Act;
limit 04-06 promotions)
,1.5.11: According to GAO standards, Internal Controls should include what 5
standards? Ans✓✓✓ CRIME: Control Activities - use the controls, Risk
Assessment - know threats, Information & Communications - record & distribute
feedback, Monitoring - is program working to improve, Environment - positive
attitude toward IC Program)
1.5.11: Of the 5 GAO IC Program standards, which is the foundation? Ans✓✓✓
Control Environment)
1.5.13: What are the two Financial Reporting Deficiencies? Ans✓✓✓ Significant
and Material)
1.5.13: What are the two general internal control deficiencies? Ans✓✓✓
Reportable Condition & Material Weakness) Which gets tracked internally and
which gets reported? (RC, MW respectively)
1.5.13: When should a deficiency be reported? Ans✓✓✓ if is/should be of
interest to higher authority)
1.5.14: Corrective action plans should be developed for __? Ans✓✓✓ all material
weaknesses)
1.5.14: To whom is the Annual Statement of Assurance submitted and when?
Ans✓✓✓ OMB, 45 days after end of the FY)
1.5.14: What 3 things are on the Annual Statement of Assurance? Ans✓✓✓
Statement of Assurance that controls are achieving results, Report on Mat.
Weaknesses, and assurance on ICOFR)
,1.5.15: DoD must submit annually a Stmt of Assurance for what three things?
Ans✓✓✓ Overall, Fin. Systems, & ICOFR)
1.5.15: What are the three choices for the Statement of Assurance? Ans✓✓✓
Unqualified, Qualified - exceptions explicitly noted, No Assurance)
1.5.16: Who makes the final determination if a weakness is material or not?
Ans✓✓✓ management)
1.5.19: Heads Ans✓✓✓ or Deputies) of DoD Components must submit
Statements of Assurance to the SECDEF by when? (October 1 - but OSD wants it
by 1 September)
1.5.20: The statement of assurance has what 4 elements? Ans✓✓✓ Cover memo
stating overall reliability of the IC Program - unqualified, qualified, No; 2.
description of how evaluation was conducted; 3. statement about uncorrected
weaknesses in CY and PY and plans to correct; 4. Statement on weakness
corrected in the CY - including those identified in PYs)
1.5.3: The Fed. Mngrs. Fin. Integrity Act of 1982 prevents ___ & assures ____
Ans✓✓✓ waste or misuse of funds or property; accountability of assets)
1.5.3: What agency issues the standards for internal controls? Ans✓✓✓ GAO)
1.5.3: What kind of weakness crosses components? Ans✓✓✓ systematic)
, 1.5.7: DoD est. the Internal Control Program to comply with___ and uses___ for
guidance? Ans✓✓✓ The FMFI Act of 1982; OMB Circ. A-123, GAO Standards;
DoDI 5010.40)
1.5.9: According to the FMFIA who est. guidelines for reviewing controls?
Ans✓✓✓ OMB)
1.5.9: The Internal Control reports to Congress must include as statement on the
conformance of accounting systems with standards set by Comptroller General.
Ans✓✓✓ T)
1.5.9: What is PAR, what are the three ratings, what mandates the PAR, and why?
Ans✓✓✓ Perf. & Accountability Report, 1. overall ICs, 2. Fin. Mngt Systems IC
evaluation, 3. ICOFR or Internal Controls over Fin. Reporting; FMFIA; to make
public the IC evaluation)
1.5.9: Who evaluates and submits reports to Congress? Ans✓✓✓ Agency Heads
or SECDEF/DEPSEC)
1.5.9: Who is responsible for Internal Controls? Ans✓✓✓ Everyone)
10: Armed Forces Ans✓✓✓ ...
18: Criminal Codes Ans✓✓✓ ...
2: Congress Ans✓✓✓ ...
