samueltheodoris
This 1 question with other items. Thank you. – Which of the…
This 1 question with other items. Thank you.
– Which of the following defines the purpose of the FIAR Program?
1. To ensure that all financial statements are correct in all aspects
2. To ensure managers are held accountable and liable for all funds, statements, and audits
3. To provide auditors with a checklist to guide them through an audit
4. To provide maximize the potential for successful financial statement audits to assess financial statement accuracy in accordance with auditing standards
– Defense Contract Management Agency (DCMA) is responsible for:
1. The Agency provides contract administration services for the Department of Defense other federal organizations and international partners and is an essential part of the acquisition process from pre-award to sustainment
2. Contract surveillance of non-DoD contracts / 3. Auditing all contracts within the DoD
4. Contract adjudication issues for Congress
– Program Submission (PS) is a DAVE capability that enables users to view or create submissions as:
1. Middle Tier of Acquisition (MTA) Program Identification Data (PID) submissions only
2. Acquisition Program Baseline (APB) submissions, Program Progress Submissions (PPS) only
Provides reports to assist in audit readiness reporting to the DoD
Acquisition Program Baseline (APB) submission, Program Progress Submissions (PPS), Middle Tier of Acquisition (MTA) Program Identification Data (PID) submissions
– Which law requires agencies to ensure that the systems that impact financial reporting comply with applicable federal accounting standards and to report whether those financial systems comply? Better assist management in controlling their organization and to provide directors the ability to oversee internal control in operations reporting and compliance for internal users and external customers suppliers and other state holders such as Congress and investors?
1. Federal Financial Management Improvement Act of 1996 (FFMIA)
2. Committee of Sponsoring Organizations Act of 1987 (COSO)
3. Federal Information Security Management Act of 2002 (FISMA) and Federal Information Security Modernization Act of 2014 (FISMA)
4. Federal Managers’ Financial Integrity Act of 1982 (FMFIA)
– Which funding document is considered a Reimbursable Order?
1. Request for Contractual Procurement (RCP) / 2. Military Interdepartmental Procurement Request (MIPR) / 3. Funding Authorization Document (FAD) / 4. NAVCOMT Form 2275 – Order for Work and Services
– Which appropriation category should be used to fund the purchase of 100 heavy-lift transport aircraft?
1. Military Construction / 2. Military Personnel / 3. Procurement / 4. Research, Development, Test and Evaluation
– Identify the five tasks associated with the Internal Control Phase of an Audit.
1. Compile Systems Documentation, Compile Process Documentation, Coordinate Systems Compliance Testing, Fulfill Ad Hoc Internal control requests and Coordinate Intra departmental Internal control review.
2. Compile Systems Documentation, Compile Process Documentation, Coordinate Systems Compliance Testing, Fulfill Ad Hoc Internal control requests only.
3. Conduct Interviews of all Key Personnel to ensure Organizational Duties and Responsibilities are Independent, Coordinate Systems Compliance Testing, Fulfill Ad Hoc Internal control requests and Coordinate Intra Departmental Internal control review.
4. Conduct Interview of all Key Personnel to ensure Organizational Duties and Responsibilities are Independent, Compile Systems Documentation, Coordinate Systems Compliance Testing, Fulfill Ad Hoc Internal control requests and Coordinate Intra Departmental Internal control review.
– Which three (3) of the following should be considered in the preparation of an obligation plan?
1. Ability of the contracting office to process and award contract
2. Likely delays in the appropriation and apportion of fundings
3. Contractors’ Statement of Work (SOW) and priorities / 4. OSD and Service “benchmarks”
– The Selected Acquisition Report (SAR) is submitted to Congress for all ACAT I programs.
1. True / 2. False
– A program is likely to have its budget request adjusted during the Budgeting Phase of the PPBE if it has repeatedly
1. Failed to obligate at least 80% of its Procurement funds by the end of the first year of execution
2. Failed to expend at least 80% of its Procurement funds by the end of the first year of
3. Failed to expend at least 95% of it RDT&E funds by the end of the first year of execution
4. Failed to obligate 60% of it RDT&E funds by the end of the first year of execution
– Which of the following statements is FALSE regarding rescissions?
1. Congress must pass a rescission bill within 45 days (about 1 and half months) of continuous session after receipt of the rescission request
2. If Congress does not pass a rescission bill the President must release the funds for execution
3. A rescission is a permanent impoundment (i.e. cancellation) of funding
4. If Congress does nothing, the rescission is in force and the funds are cancelled
– The last 10 digits of the account symbol represents the _
1. Object Classification / 2. Authorized Accounting Activity / 3. Bureau Control Number (BCN) / 4. Cost Code
– Below-threshold reprogramming actions are approved by:
1. Program Managers / 2. Individual DoD Components (e.g., the Army, Navy, etc.)
3. Congress / 4. Office of Reprogramming, Undersecretary of Defense (Comptroller)
– The Brainiac Corp. won a competition to perform 23 months of maintenance effort for the Air Force’s Smart Missile program during FY 2014 and FY 2015. Because the squadron decided to delay two other maintenance projects originally scheduled for FY 2014, the entire 23 months of the Brainiac Corp. effort was funded with FY 2014 O&M funds. This action most likely: (select one)
1. Violated the Antideficiency Act / 2. Violated the Purpose Statute / 3. Violated the Bona Fide Needs Rule / 4. Did note violate any fiscal laws
– Labor expenses incurred as part of the production of a weapon system are categorized as investment costs.
1. True / 2. False
– Fiscal law is governed by Congress who has enacted fiscal controls. Violations of these fiscal controls may subject the offender to: Select Two (2).
1. Possible Criminal Penalties / 2. Congressional Hearings / 3. Receipt of a Performance Award / 4. Adverse Personnel Actions
– The five financial statement assertions that auditors have discretion to combine and disaggregate are:
1. Existence, current and accurate, valuation, presentation, disclosure, rights and obligations
2. Existence, completeness, valuation, presentation and disclosure, rights and obligations
3. Existence, completeness, valuation, presentation, disclosure, rights and expenditures
4. Existence, completeness, net book value, presentation, disclosure, rights, and obligation
– The Scope and Methodology section of the audit report should discuss the limitations of the audit and describe how the objectives were accomplished.
1. True / 2. False
– This law states that an employee of the U.S. Government may not make or authorize an obligation or expenditure exceeding an amount available in an appropriation.
1. Anti-deficiency Act / 2. Purpose Statute / Bona Fide Needs Rule
– Which of the following is responsible for the oversight and accountability of DoD reporting entity Financial Improvement Plans (FIPs)?
1. Deputy Chief Management Officer (DCMO) / 2. FIAR Committee / 3. FIAR Governance Board / 4. FIAR Working Group
– List four of the assertion work products that may be required in an audit.
1. Systems Inventory List, Executive Summary, and Decisional Recommendations
2. Electronic Detail Populations and Reconciliations, Test Plans and Test Results and Decisional Recommendations
3. Process and Systems Documentation, Electronic Detail Populations and Executive Summary
4. Systems Inventory List, Test Plans and Test Results, To-be Process Flows and Narratives
– Which of the following is NOT part of the apportionment process?
1. Authorization / 2. Apportionment / 3. Allocation / 4. Allotment
– What appropriation category(ies) can be used to fund the manufacture and installation of the modification kit regardless of whether the modification increases performance?
1. O&M / 2. Procurement; O&M / 3. O&M and RDT&E / 4. RDT&E
– Use of the appropriate type (color) of funds is usually verified in which step of the funding execution process?
1. Anti-deficiency Act review / 2. Funds certification / 3. Invoice certification / 4. None of these are correct
– What provides the Defense senior leadership with current situational awareness of the execution of MDAP and Special Interest Programs?
1. The Defense Acquisition Executive Summary (DAES) / 2. Defense Acquisition Management Information Retrieval (DAMIR) / 4. The Unit Cost Report (UCR)
– What does the Unit Cost Report (UCR) provide? (Select three (3)
1. Current estimate of the Program Acquisition Unit Cost (PAUC)
2. Contract agreements for each major contract on ACAT I and ACAT II programs
3. The Average Procurement Unit Cost (APUC) / 4. Total cost and schedule variances
– How do key controls support business systems?
1. Must be used only in emergency basis by “Key” personnel with the highest systems access.
2. Allow management to prevent or detect misstatement or errors and allow the auditor to reduce the extent of testing performed by focusing his/her efforts on key controls
3. Are preventative controls in an IT system
4. Are a specific set of IT “Key” software programs that are used to unlock and view IT system code and functions
– What are the responsibilities of the FM during Execution Reviews? Select three.
1. Identify dormant commitments and unliquidated obligations that are eligible for close out
2. Reconcile contract payments and incomplete travel orders
3. Provide data on Unfulfilled Customer Orders (UFCO) and accounts receivable
4. Review and reconcile accounts payable balances
– Corrective actions plans should include only the following data elements at a minimum (per the Implementation Guide for OMB Circular A-123):
1. Only a summary description of the deficiency, the year first identified the targeted corrective action date (date of management follow-up) the agency official responsible for monitoring progress the indicators statistics or metrics used to gauge resolution progress to validate the resolution of the deficiency and the quantifiable target or otherwise qualitative characteristic (e.g. milestone) that reports how resolution activities are progressing
2. Only a summary description of the deficiency the resolution of the deficiency and the quantifiable target or otherwise qualitative characteristic (e.g. milestone) that reports how resolution activities are progressing
3. A summary description of the deficiency the year first identified the targeted corrective action date (date of management follow-up) the agency official responsible for monitoring progress the indicators, statistics or metrics used to gauge resolution progress to validate the resolution of the deficiency and the quantifiable target or otherwise qualitative characteristic (e.g. Milestone) that reports how resolution activities are progressing
4. Only the year first identified the targeted corrective action date (date of management follow-up) the agency official responsible for monitoring progress and the quantifiable target or otherwise (e.g. Milestone) that reports how resolution activities are progressing
DAU BFM 1000 MOD 7-9
