CDFM A - Study guides, Class notes & Summaries

Appendix A to A - 123 Ans Internal Control Over Financial Reporting Control Activities Examples Include: Ans 1) Separation of duties 2) Periodic password changes 3) Access to and accountability of resources 4) Restricting data access to essential personnel 5) Separate storage of cash and sensitive documents Control Environment Factors include: Ans 1) Integrity and ethical values of management/staff 2) Management's commitment to competence 3) The manner in which the agency delegates ...

Bona fide need - reminder Ans FY appropriation may only be obligated to meet bona fide need arising in FY need arose. Does not apply to no-year, just multi/annual Can cost estimates be used if historical value is unknown? Ans Yes - deemed cost Define PP&E Ans Asset with two years or more useful life Not intended for sale Tangible Cap thresholds established by each department Intended to be used or available for use by entity Describe a deposit fund Ans Not included in the bu...

____ is no longer available for adjustments or payments. Any adjustments will be charged to current same appropriation (1% max). Ans Cancelled ____ is the probable or potentially adverse effects from inadequate management controls that may result in the loss of Government resources or cause an agency to fail to accomplish significant mission objectives through fraud, error, or mismanagement. Ans Risk _____ is the shift from one purpose or activity to another within different appropriations...

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** Appropriateness refers to Ans the quality of evidence (relevance, validity and reliability) ** GAGAS requires auditors to prepare written or electronic audits reports that Ans Comply with standards for form, content and distribution. ** Key function of the DoD IG Ans Conducts, supervises, monitors and initiates audits and investigations related to DoD programs and operations **An Audit Review of Internal Control can be useful in what regards Ans It is useful in designing the nature, ...

3.1.11 The ____ is the basic authority for the use of public monies? Ans US Constitution 3.1.12 ______ conveys the responsibility of PHYSICAL CONTROL of the monies entrusted to the care of an accountable official of the Government. Ans Pecuniary 3.1.12 Are there relief for a Pecuniary Certifier who losses case or miscertification when certain conditions are met? Ans Yes 3.1.12 Disbursing officers, cashiers, and collecting officers are examples of what type of certifier? Ans Pecuniary Ce...

CDFM Module 2.2 Questions with verified answers

_______________ must grant relief is __________________ determines that relief is appropriate given the criteria specified in these two sections of the US Code (31 USC 3527 and 3528). Ans CG; SecDef __________________ is one of the few agencies having authority to accept and keep gifts in what two situations? Ans DoD 1. First, DoD may accept contributions of money or real property from any person, foreign Government, or international organization. The proceeds from the sale of property are c...

___ ___ is the amount by which the Government's budget outlays exceed its budget receipts for any given period. Ans Budget Deficit ___ ____ is spending that is controlled by laws other than appropriations acts (including spending for entitlement programs and spending for the food stamp program). Ans Mandatory Spending ____ ____ are estimates transmitted to Congress that amend (revise) budget estimates transmitted previously and on which Congress has not completed action. Ans Budget Amen...

Can an auditor claim cost savings if their recommendation leads to reduction of approved program? Ans Yes do auditors verify computer based data is accurate? Ans Yes - they should obtain evidence that it is accurate. Often done by performing physical inventory. Indepdent verification necessary regardless of whether date are provided to aduditors or if auditors extract them ^^ will be scenario trust but verify is common theme here (3.4.26) do performance audit objectives differ based ...