CDFM - MODULE 3 EXAM (4 DIFFERENT SUB MODULE 3.1 - 3.4) QUESTIONS AND CORRECT ANSWERS EA, Exams of Nationality law

Download CDFM - MODULE 3 EXAM (4 DIFFERENT SUB MODULE 3.1 - 3.4) QUESTIONS AND CORRECT ANSWERS EA and more Exams Nationality law in PDF only on Docsity! CDFM - MODULE 3 EXAM (4 DIFFERENT SUB MODULE 3.1 - 3.4) QUESTIONS AND CORRECT ANSWERS EACH SUB MODULE CONTAINS 100 QUESTIONS AND ANSWERS LATEST 2023-2024 CDFM MODULE 3.1 What is the basic axiom of Fiscal Law? - ANSWER- The established rule is that the expenditure of public funds is proper only when authorized by Congress, not that public funds may be expended unless prohibited by Congress. U.S. vs McCollum (1976) "Where can the most authoritative source of information on the proper use of appropriated funds be found? Who is it published by?" - ANSWER- Principles of Federal Appropriations better known as the Red Book-- published by the GAO. What act created the General Accounting Office, GAO? - ANSWER- Budget and Accounting Act 1921 authorized the Comptroller General to audit the financial transactions of most 29 executive, legislative, and judicial agencies; and to prescribe, in consultation with the President and the Secretary of the Treasury, accounting principles, standards, and requirements for the executive agencies suitable to their needs. - ANSWER- Accounting and Auditing Act of 1950 In cases where violations of fiscal law statutes occur, agencies must do what? - ANSWER- "* Prepare reports to the President and Congress and * Make necessary improvements in accounting and administrative control systems to prevent future violations. " What term applies broadly to any law that permits a Government employee to spend money, not just to the regular appropriation bills. - ANSWER- Appropriation What are the Sources of Fiscal Law? - ANSWER- The Constitution, Authorization Acts, Appropriations Acts, General Statues, CG Decisions & Courts Fiscal Law is based on what premise? - ANSWER- that appropriations are only available for obligation and expenditure when specifically approved by Congress, not that appropriations may be used unless specifically prohibited by Congress. In _____ law, as long as there is no law that says you can't do something, you may legally do it. However, in _____ law, you can do only what the law authorizes you to do. - ANSWER- Common; Fiscal Laws and Regulations in Federal Financial Management - ANSWER- Budget and Accounting Act of 1921 Budget and Impoundment Control Act of 1974 Balanced Budget and Emergency Deficit Control Act of 1985 31 USC Sections 13 and 15 OMB Circular A-11 Article 1, Section 7, empower Congress to pass bills for ______________ and delineates how bill will pass from the Congress to the President for signature or veto. - ANSWER- Raising revenue Article 1, Section 8, empower Congress to _________ - ANSWER- collect taxes Article 1, Section 9, requires appropriations by law before money can be spent from the _______. - ANSWER- treasury The most authoritative source of information on the proper use of appropriated funds is a multi-volume treatise published by the GAO, called _____. It is available of the GAO website www.gao.gov in 3 volumes. - ANSWER- The Red Book This law governs the congressional budget process True or False: For a Disbursing officer, relief can not be given for loss of cash or miscertification under any conditions. " - ANSWER- False: Relief can be given if certain conditions are met. An _______ ________ possessing personal responsibility is presumed negligent when funds are missing or an erroneous payment is made and is thus presumed responsible for the loss unless/until he/she proves his/her innocence. - ANSWER- accountable official 3 Dimensions - Availability of Budgetary Resources - ANSWER- Purpose - 31 1517 Funds may be obligated and expended only for the purposes authorized in appropriations acts or other laws - ANSWER- Purpose Period of time during which budgetary resources may be used to incur new obligations is different from the period of time during which budgetary resources may be used in incur expenditures. - ANSWER- Time Budgetary resources available for incurring new obligations for one fiscal year or less are classified as _____ ____, - ANSWER- Annual authority Budgetary resources available for incurring new obligations in excess of one fiscal year are referred to as _____ ____. examples are: RDT&E, Procurement, MILCON - ANSWER- Multi Year Authority Budgetary resources available for new obligations for an indefinite period (until the purposes for which they were provided are carried out) are referred to as ___ ___ ___. - ANSWER- No Year Authority If the law does not specify an amount of budget authority available the amount is classified as indefinite authority examples include: - ANSWER- Entitlements retirement Interest on Debt If the law specifies an amount of budget authority available, the amount is classified as ________ authority. This type of authority includes authority as "not to exceed" as specified amount. Most DoD appropriations are this type. - ANSWER- definite If the law does not specify an amount of budget authority (if the amount is determined by specified variable factors or are interest on debt, Federal retirement, social security, and the Judgement Fund), the amount is classified as ___ ____. - ANSWER- indefinite authority ____ shall be applied only to the objects for which the appropriations were made except as otherwise provided by law. - ANSWER- Appropriations Which statute, originally enacted in 1809, leads to the greatest number of ADA violations and provides the primary control that Congress has over the Executive Branch. "Appropriations shall be applied only to the objects for which appropriations were made except as otherwise provided by law". - ANSWER- "Purpose 31 USC 1301" The various purposes for which funds are authorized are found in general and specific authorization bills passed by Congress and codified in _____. - ANSWER- statues All agencies receive general operating funds for ____. - ANSWER- day to day operations. _____ is a operating expense that can be paid from any available appropriation by 39 USC 3206 as a necessary expense of the appropriation or fund. - ANSWER- Postage ________ 5 USC 4503 authorizes an agency head to recognize superior performance with awards of cash, time off, or merchandise and to incur expenses determined necessary to enhance the recognition of the awardee. - ANSWER- Government Employee Incentive Awards Act Expenditure can be justified after meeting the three part test: Logical Relationship; Not prohibited by law; Not funded for elsewhere - ANSWER- Necessary Expense Doctrine defined in 6 Comp Gen 619 "Congress has the right to limit its appropriations to particular times as well as particular objects, as when it has clearly done so, its will expressed in the law should be implicitly followed." refers to ____. - ANSWER- Time statute Two basic uses of appropriations are ___ and ____. - ANSWER- obligations and expenditures legal reservations for which payments, or expenditures will be made in the future. - ANSWER- Obligations cash payments made to liquidate an obligation. - ANSWER- Expenditures 31 USC 1502 states in part, " the balance of a fixed term appropriation is available for payment of expenses properly incurred during _______ or to complete contracts properly made within that period. - ANSWER- period of availability A fiscal year appropriation may be obligated only to meet a legitimate or bona fide need arising in or in some cases arising prior to but continuing to exist in, the fiscal year for which the appropriation was made. 33 Comp Gen 57 - ANSWER- Bona Fide Need Rule a test to determine when to obligate and for how much consumption or effort the obligation should cover. - ANSWER- Bona Fide Need Rule does not prevent maintaining a legitimate inventory at reasonable and historical levels, the need being to maintain the inventory level so as to avoid disruption of operations. - ANSWER- Bona Fide Need Rule permits obligation in one fiscal year and delivery in a subsequent fiscal year if production lead-time of the material requires obligation in one fiscal year in order for the material to be available for installation in a later fiscal year. - ANSWER- Bona Fide Need Rule The Bona Fide Need Rule occurs when the order is _____ not when the goods or services are ______ . - ANSWER- placed, delivered This clause contained on documents before an appropriation is enacted. The vendor is not to perform on the contract until the appropriation is enacted or it would violate 31 USC 1341. - ANSWER- "Subject to the Availability of Funds" Government can terminate contracts for two reasons - ANSWER- Contractor Default and Convenience When a contract is terminated by default, may the government obligate the same year funds previously obligated for the replacement contract for an amount less, same or greater than the original contract even if the funds are in expired status? - ANSWER- "Yes, provided that 1. the bona fide need still exists; 2. same or lesser scope of work; 3. replacement contract is awarded in a timely manner. A voluntary act on the part of the agency to reduce the scope of a contract or terminate the contract for its own convenience ___ ___ entitle the agency to obligate expired funds to issue a replacement contract. - ANSWER- will not The KO has the authority to terminate a contract an re-award that contract with expired funds IF the KO has determined the original to be ______. - ANSWER- defective 3 types of Appropriation Life - ANSWER- 1. Single Year - expense 2. Multi year - Investment 3. No-year - Continuing Support Name two One Year appropriations - ANSWER- MILPERS and O&M This appropriation is for one year and funds the following: Day to Day Operations, civilian salaries, travel, fuel, Minor Construction up to $1,000,000; purchase of investment items up to $250,000; training, education, and recruiting - ANSWER- O&M This appropriation is for 2 years used for development of equipment, material or computer application software. Developmental Test and Evaluation. Initial Operation Test and Evaluation. Operational costs for R&D dedicated installations. - ANSWER- RDT&E This appropriation is for 3 years and is used to purchase major end items and defense systems; initial issue of spares, all costs necessary to deliver a useful end item intended for operational use or inventory - ANSWER- PROCUREMENT This appropriation is for 5 years and is used to fund: major military construction projects; construction of schools, military facilities and bases - ANSWER- MILCON This appropriation is for one year and is used to fund the following: pay and allowances of active duty and reserves; PCS moves; training in conjunction with PCS, subsistence, bonuses and retired pay accrual. - ANSWER- MILPERS What is the primary no-year appropriation used in DoD ? - ANSWER- Defense Working Capital Fund (DWCF) available without fiscal-year limitations; remain available until fully expended - ANSWER- No Year Appropriations No year appropriations would be closed or cancelled if: - ANSWER- "1. head of the agency or the President determines that the purpose for which the appropriation was made have been carried out 2. No disbursement has been made for two consecutive years" The _________ account is available for new obligations for 1 fiscal year, increase scope on existing obligations, payments, and adjustments. - ANSWER- Current Account (1-5 years) The _______ account is available for payments and adjustments (up to down) to existing obligations made when account was current. Not available for new obligations or increased scope on existing obligations. FY appropriation and line item identity remains to enable charging original obligation fund cite - ANSWER- Expired Account (5 years) The ______ account is no longer available for payments and obligations adjustments. Adjustments and payments are charged to currently available appropriations of the same type, up to lesser than 1% of currently available appropriation or unexpended balance of closed appropriation. FY, appropriation, and line item identity remain only for accounting purposes. - ANSWER- Closed/Cancelled > 10 years Budget Authority will remain on the agency's books for ___ years after an appropriation enters expired status, at which time all unobligated and un-liquidated balances will be cancelled and deposited into the Miscellaneous Receipts of the _______ and are no longer available to the agency for any purpose. 31 USC 1552 - ANSWER- 5 years, Treasury At the beginning of the first expired year, the expired unobligated balance is placed in an account titled, "_________"? - ANSWER- Unobligated Balance: Brought Forward October 1 31 USC 1553 requires that approval be sought from the head of the agency if obligations from an expired appropriation during a fiscal year exceed _______ for any program. - ANSWER- $4 Million 31 USC 1553 requires that approval be sought from the Authorization and Appropriation Committee if obligations from an expired appropriation during a fiscal year exceed _______ at the program level. Congress must be given ____ days notice. - ANSWER- $25 Million; 30 days notice After an appropriation is cancelled, any obligations or adjustments to obligations may be paid from ______? - ANSWER- current appropriations for the same purpose as the closed account A note should be appended to every apportionment that says: "Pursuant to 31 USC 1553(b), not to exceed ______ of the total appropriations for this account is apportioned for the purpose of paying legitimate obligations related to cancelled appropriations. - ANSWER- 1% statute that says an official receiving money for the Government from any source shall deposit the money in the Treasury as soon as practicable without deduction fro many charge or claim. - ANSWER- 31 USC 3302(b) Miscellaneous Receipts Statute If an agency recieves and retains funds from a private party for destruction of Government property, like a guardhouse or vehicle, the funds shoud go to _____? - ANSWER- the Treasury True or False: any gifts or donations accepted by an agency or employee must be deposited to the Miscellaneous Receipts account in the Treasury unless it has the statutory authority to keep the gift. - ANSWER- TRUE True or False: The DOD does not have the authority to accept and keep gifts. - ANSWER- False: The DOD is one of the few agencies having authority to keep gift under specific circumstances. 1. The proceeds from sale of property are credited to the Defense Cooperation Account in the Treasury. 2. May be accepted under a mutual defense or similar agreement for example foreign government contributions to defray the cost of war. 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 credited to which account in the Treasury? - ANSWER- Defense Cooperation True or False: DoD may not accept services, supplies, real property, or use of real property under a mutual defense or similar agreement? - ANSWER- False: The DoD may accept gifts or donations under a mutual defense agreement. Which act allowed Federal employees to retain travel promotional items, such as frequent flyer miles earned while on official travel? - ANSWER- National Defense Authorization Act for FY 2002 In accordance with 31 USC 1349 and 1518, an officer or employee violating 31 USC 1341(a) or 1517(a) "ADA Violation" shall be subject to appropriate administrative discipline including ___________, _______________ or _______________. - ANSWER- Written Reprimand, suspension from duty without pay, or removal from office. Criminal Penalties for an officer or employee convicted of willingly and knowingly violating 31 USC 1341(a), 1342, or 1517(a) "ADA Violations" shall be ____________, _____________, or ______. - ANSWER- fined not more than $5000, imprisonment for not more than 2 years, or both. What Joint Ethics Regulation covers gifts to an employee? - ANSWER- DoD 5500.7-R- Joint Ethics Regulation True or False: Federal employees are allowed to retain travel promotional items such as frequent flyer miles earned while on official travel. - ANSWER- TRUE Any suspected violation to the ADA must be reported to higher headquarters within ______ of discovery. - ANSWER- 10 days After reporting an ADA, the preliminary review should be completed within ________ from the date of initial discovery. - ANSWER- 14 weeks If investigation reveals an ADA violation has occurred, the __________ prepares a report to the President, through the OMB, the Congress, an the Comptroller General. - ANSWER- Under Secretary of Defense (Comptroller) USD(C) A preliminary review of an ADA violation should include: - ANSWER- Accounting classification Name and location of activity where occurred Name and location of activity issuing fund authorization Amount exceeded; Amount and nature of violation Date of violation; Means of discovery Description of facts Anticipated investigation completion dates Names and numbers of investigation team corrective action TRUE or FALSE: ADA Violations always depend on intent or willingness to complete the act. - ANSWER- FALSE: violations never depend on intent or lack of good faith on the part of the Government official who obligates or pay in excess or advance. Although intent may affect the degree of penalty, it never affects whether an ADA occurred. Who prepares the report to the President if an ADA investigation reveals a violation has occurred thru the OMB, the Congress, and the Comptroller General? - ANSWER- OUSD, C Where can instructions be found on how to report an ADA violation? - ANSWER- OMB Circular A-11 section 145.7 Where can information about ADA violations that Federal Agencies have reported since Fiscal Year 2005 be found? - ANSWER- GAO Website An ___________ is a legal duty of the US which constitutes a legal liability or which could mature into a legal liability by virtue of action on the part of the other party beyond the control of the US. - ANSWER- Obligation True or False: Recording of an obligation in financial records only evidences the obligation, it does not create it. If a transaction is not sufficient to constitute a valid obligation, recording it will not make it one. - ANSWER- TRUE A__________ is an appropriation act that permits an agency to continue operations of the previous year at a specific level of funding for a specific period of time and have been used as stop-gap funding measures since the late 1880's. - ANSWER- Continuing Resolution Continuing Resolution - ANSWER- Legislation enacted by Congress to provide budget authority for Federal agencies and/or specific activities to continue operations until regular appropriations are enacted. From 1962 to 2006, _____ of the appropriation bills for Federal agencies were enacted after the start of the fiscal year, thus necessitating a CR. - ANSWER- 90% Under a CR, it is the intent of Congress that an agency has no more funds in the current year, than was available ______. - ANSWER- in the prior year form of budget authority provided by law that permits Federal agencies to incur obligations and make payments out of the Treasury for specified purposes. - ANSWER- Appropriation An appropriation usually follows ____ of authorizing legislation. - ANSWER- enactment An appropriations act is the most common means of providing budget authority, but in some cases the authorizing legislation itself provides the ___ ____. - ANSWER- Budget Authority ________ is the basic substantive legislation enacted by Congress, which sets up or continues the legal operation of a Federal program or agency either indefinitely or for a specific period of time. Usually a prerequisite of appropriations. - ANSWER- Authorization may limit the amount of budget authority to be provided subsequently or may authorize the appropriation of "such sums as may be necessary". - ANSWER- Authorization The authority by Federal Law to incur financial obligations that will result in immediate or future outlays. May be classified by period of availability or nature of the authority. - ANSWER- Budget Authority the system that measures and controls the use of resources according to the purposes for which budget authority was enacted and that records receipts and other collections by source. - ANSWER- budgetary accounting used by Congress and the Executive Branch to set priorities, allocate resources amoung alternative uses, to finance these resources, and assess the economic implications of Federal financial activity at an aggregate level. - ANSWER- budgetary accounting specifies a maximum rate at which the agency can incur obligations, based on the rate of the prior year, the President's budget request, or an appropriation bill passed by either or both Houses of Congress. - ANSWER- Continuing Resolution permits an agency to obligate funds in advance of appropriations. Allows you to incur obligations in anticipation of the collection of receipts or offsetting collections that will be used to liquidate the obligation (41 USC 6301, Feed and Forage Act). - ANSWER- Contract Authority Who provides contract authority in an authorizing statute to allow you to incur obligations in anticipation of the collection of receipts or offsetting collections that will be used to liquidate the obligations (41 USC 6301, Feed and Forage Act). - ANSWER- Congress the dollar amount of appropriations used to fund goods and services received or benefits or grants provided. - ANSWER- Expended Appropriations outflows or other using up of assets or incurrences of liabilities during a period from providing goods, rendering services, or carrying out other activities related to the entity's programs and missions, the benefits from which do not extend beyond the present operating period. - ANSWER- Expense net amount of obligations in a given account for which payment has not been made. - ANSWER- Obligated balances _____ is the issuance of checks, disbursements of cash, or electronic transfer of funds made to liquidate a Federal Obligation. Also occur when interest on the Treasury debt held by the public accrues and when the Government issues bonds, notes, debentures, monetary credits, or other cash-equivalent instructions in order to liquidate obligations. - ANSWER- Outlay occur when interest on the Treasury debt held by the public accrues and when the Government issues bonds, notes, debentures, monetary credits, and other cash- equivalent instruments in order to liquidate obligations. - ANSWER- Outlay What is the term for anything produced by an organization that can be tabulated, calculated, or recorded and can be expressed in a quantitative or qualitative measure? - ANSWER- output process that supports accural accounting and financial reporting that attempts to show actual financial position and results of operations by accounting for assets, liabilities, net position, revenues, and expenses. - ANSWER- Proprietary Accounting (aka financial accounting) fund established to finance a cycle of operations through amounts received by the fund. Consists of a permanent appropriation and expenditure of collections, from both the public and other Govt agencies and accounts. - ANSWER- Revolving Fund official document that the Secretary of Treasury issues pursuant to law and that establishes the amount of monies authorized to be withdrawn from the central accounts that the Treasury maintains. - ANSWER- Treasury Warrant funds such as Social Security that are earmarked for a specific purposes and the associated expenditure of those receipts - ANSWER- Trust Funds CDFM MODULE 3.2 For undeliverable checks, the DO will attempt to deliver the check to the payee for a ___ period. - ANSWER- 60 day ________ are DoD military members and civilian personnel who are designated in writing and are not otherwise accountable under applicable law, who provide source information, data, or service to a certifying or disbursing officer in support of the payment process. - ANSWER- Departmental Accountable Officials Name the four functions of finance: - ANSWER- Entitlements -processing and certifying military pay, civilian pay, official travel and contract payments Payments - making disbursements for goods furnished or services rendered Collections - receiving funds on the behalf of the Government Control - relying on automated systems and accountable officials to ensure accountability of funds. Finance - ANSWER- _______ is the lifeblood of the DoD programs and operations and can be separated into four distinct functions: (1) Entitlements (2) Payments (3) Collections (4) Control of Public Funds. Certification = ____ + _____ - ANSWER- accountability + liability ______ include all personnel, military and civilian, who are departmental accountable officials (DAOs), certifying and disbursing officers. - ANSWER- Accountable Individuals Departmental Accountable Officials - ANSWER- ______ include all personnel, military and civilian, who are departmental accountable officials (DAOs), certifying and disbursing officers. Departmental Accountable Officials - ANSWER- __________ are responsible for ensuring that a system of internal procedures and controls for the portion of entitlement and/or payment, providing timely and accurate data, information, and/or service to ensure proper payments that are supportable, legal, and computed correctly. Who is determined to be accountable individuals in the Department of Defense? - ANSWER- Certifying and Disbursing Officers and Departmental Accountable Officials Who grants relief of liability to a certifying officer for erroneous or illegal payments in the DoD? - ANSWER- DFAS A _________________ who certifies a voucher is responsible for the information stated in the voucher and supporting records, the computations in the voucher, and the propriety of a proposed payment. - ANSWER- Certifying official ________ requires that COs shall always be personally liable for any wrong payment or over-payment of Government funds resulting from his or her negligent performance of duties. - ANSWER- National Defense Authorization Act of 1996 (Public Law 104-106) To promote professionalism and strengthen internal controls, a certifying officer should be a supervisor or team lead and have the following minimum qualifications: - ANSWER- (1) Knowledge of subject matter (2) Background or experience in the preparation of a voucher for payment (3) knowledge of appropriations and accounting classifications (4) knowledge of payment process Certifying Officer and defense accountable official appointments are documented on _________ and COs and DAOs must accept responsibility by countersigning the form. - ANSWER- DD Form 577 31 USC 3325 requires ____ within the Department that have pecuniary liability for erroneous payments. - ANSWER- Certifying Officers True or False: All bills are paid by the US Treasury? - ANSWER- TRUE When in doubt, the DO or certifying official may request an _______ from the General Counsel of the Department of Defense on the propriety of any prospective payment (FMR, Volume 5, Appx E) - ANSWER- Advance Decision True or False: a disbursing officer is eligible for appointment as a certifying officer and may appoint a certifying officer. - ANSWER- False As a representative of the US Treasury, the ___ is charged with the safekeeping of public funds and is also pecuniarily liable for any improper payments resulting from negligent performance. - ANSWER- Disbursing Officer (DO) True or False: the DO has the authority to refuse to make any payment that might be illegal or improper. - ANSWER- True DoD policy is that the _______ will insulate the disbursing officer or certifying officer from any liability associated with an erroneous payment. - ANSWER- General Counsel Decision any payment that should not have been made or that was made in an incorrect amount under statutory, contractual, administrative or legally applicable requirements. - ANSWER- Improper Payment The President signed into law the __________________ to ensure agencies are cutting down on waste, fraud and abuse. OMB has published implementing guidance and established a website to display agency reports is _____________. - ANSWER- Improper Payments Elimination and Recovery Act 2010 paymentaccuracy.gov A proper payment has four main attributes: - ANSWER- right recipient right amount right reason right time Examples of Nonmonetary losses to taxpayers: - ANSWER- Right individual received payment; however agency was unable to discern from documentation that the payment was accurate. Underpayments Examples of Monetary losses to taxpayers: - ANSWER- Duplicate payments payments for goods or services not received Payments to deceased individuals _____ required agencies to reduce waste, fraud and abuse and to increase the recovery of improper payments when they occur. - ANSWER- Improper Payments Elimination and Recovery Act The largest area of DoD improper payments is in _______ estimated at $263M or $5.3B in outlays. - ANSWER- Travel Pay Military members' pay is always calculated on a ________. - ANSWER- 30-day month. Military members can receive ________ duties on a particular position such as hazardous duty, medical, dental or submarine. - ANSWER- Special Pay Military members are entitled to ____ of leave per year. - ANSWER- 30 days If a military member dies on active duty, family members are entitled to remain in quarters or receive quarters allowance for ___ days after the death of the member. - ANSWER- 365 Days A military member can elect up to ____ discretionary allotments to include dependents, insurance, financial organizations. - ANSWER- 6 (3) Receipt of the product or service "receiving report" (4) Acceptance of the product or service "acceptance date" What ten items constitute a proper invoice? - ANSWER- 1. name and address of contractor 2. invoice date 3. contract # 4. Vendor Invoice # 5. Description, quantity, unit of measure, unit price 6. Shipping and payment terms 7. taxpayer Identification Number 8. Banking information 9. contact name, title, and phone 10. other documentation required by the contract. _______ is considered to take place under the Prompt Payment rules when acceptance documents have not been received in a timely manner. Unless otherwise specified in contract, is considered to take place not later than _____ calendar days after the delivery of goods or performance of service, unless there is a disagreement. - ANSWER- Constructive Acceptance; 7 calendar days For purchase card invoices, the payment date is ______ days from the invoice receipt date. - ANSWER- 30 days The _______ requires Executive departments and agencies to pay commercial obligations within certain time periods and to pay interest penalties when payments are late. - ANSWER- Prompt Payment Act of 1982 True or False: Under the Prompt Payment Act, agencies can make payment within 15 days of receipt of a proper invoice but without evidence that goods and services were received, in certain circumstances. - ANSWER- TRUE True or False: Agencies may accelerate payments for invoices under $2500, payments to small businesses, payment to related emergencies, disasters, and military deployments. - ANSWER- TRUE Purchase Order Date: June 15 Purchase Order Terms: 2/10 Net 30 Vendor's Invoice Date: July 17 Invoice receipt Date: July 18 Invoice Terms: 2/10 Net 30 Date Supplies received: July 15 Date Supplies Accepted: July 21 Amount of Invoice: $20,000 - ANSWER- 1. What is the due date for making a discount payment? Vendor Invoice Date + 10 days = July 27 2. How much would you pay the vendor if you take the discount? 20000*.98= $19,600 3. Assuming you are unable to take the discount, what is the due date for a net payment? July 21 + 30 days = Aug 20 The create Constructive Acceptance add ____ days to date goods or services were received. - ANSWER- 7 days Compare Constructive Acceptance and Actual Acceptance dates: take the earlier of the two and add ___ days to get the Due Date. - ANSWER- 30 days True or False: If a contract dispute causes a late payment; Interest does not accrue. - ANSWER- TRUE As the principle agency responsible for DoD finance, ____ has responsibility for performing and/or overseeing all disbursing functions. - ANSWER- DFAS Prompt payment rule states that the period available to an agency to make a timely payment without incurring an interest period begins _______. - ANSWER- on the date of receipt of a proper invoice. If an agency fails to annotate an invoice with the date received , what date used to determine the start date for the payment period? - ANSWER- date placed on invoice by the contractor A ____ is an identification number that indicates the authority to receive and disburse public civilian funds and issue checks on the Treasury of the U.S. This must appear on all documents and reports processed by that disbursing office - ANSWER- DSSN Annually, by Nov 15, agencies must report to _____ their performance of achieving their interest payment goals. - ANSWER- DFAS DSSN's are assigned by the Treasury to DFAS and include: - ANSWER- The location code of each specific office The disbursing office's identification A _______ is any tactical unit that is authorized to provide disbursing services under an assigned DSSN. - ANSWER- Tactical Disbursing Office As the principal agency responsible for DOD finance, ______ has the responsibility for performing and/or overseeing all disbursing functions. - ANSWER- DFAS, with the exception of any tactical unit A ______ is a payment to an individual or organization for goods furnished or services rendered. In some cases, it is to transfer funds from one appropriation or fund to another. - ANSWER- disbursement The disbursement _______ is the authority for a DO to make payments for Government obligations. They are consecutively numbered and prepared in permanent non erasable ink. - ANSWER- voucher ____ is the preferred method to transfer funds other than a transaction originated by cash, check, or similar payment instrument, that is initiated through an electronic terminal, telephone, computer, or magnetic tape for purpose of ordering instructing, or authorizing a financial institution or authorized payment agency to debit or credit an account. - ANSWER- EFT (Electronic Funds Transfer) The Automated Clearing House (ACH) network has determined that payments made by the Government-sponsored ________ are to be considered EFT. - ANSWER- charge card The Treasury's ___________ of the Department of Treasury is responsible for managing the Government's daily cash position. - ANSWER- Bureau of the Fiscal Service In accordance with Chapter 5 of the FMR, DO's disbursing $50 million or more in a single transaction, or in multiple transactions of a common nature, must report to Almost ____ of IPAC transactions pertain to buy/sell entries processed by Federal Agencies. - ANSWER- 90% ________ requires that any debt more than 180 days old and not in litigation be referred to the U.S. Treasury for action. - ANSWER- Debt Collection Improvement Act of 1996 (Public Law 104-134) Per DoD FMR Volume 16- Collection action can begin as early as ___ days from debt notification. - ANSWER- 60 days True or False: Treasury does charge a fee for their debt collection services. - ANSWER- TRUE For Collection of debt owed by a current military member or a civilian employee, DOD shall send one letter that explains how much is owed and why. This provides the person a opportunity to pay the amount due. If the amount is not paid or arrangements made then _______________. - ANSWER- an offset against accrued pay will automatically be made. For collection of debt owed by former military member and civilian employees, DOD shall send one letter that explains how much is owed and why and given the opportunity to repay the amount. If actions are unsuccessful matters are referred to _________ - ANSWER- DFAS Indianapolis Center for additional action. DFAS may proceed with collections actions allowed by law. ____ authorizes the IRS to collect past-due debts to Federal agencies. The federal agency sends debts that have been unable to collect but are still viable to the IRS for offset against tax refunds. - ANSWER- USC Title 31 Money and Finance Chapter 37 Section 3720A USC Title 26 Section 6402 The Federal Claims Collections Standards (FCCS) require the issuance of ___ debt notification letter to the debtor and can be initiated either by the KO or the Debt Collection Office (DCO). - ANSWER- 1 _____ are responsible for determining the amount of contract debt that are the result of overpayments or erroneous payments and initiating collection action on debts. - ANSWER- Payment Offices When a contract modification results in a reduced amount due to a contractor, but a disbursement has already been made for a higher amount, it is not considered an ______. The KO must ensure a demand letter is sent to the contractor for recovery of funds. - ANSWER- erroneous payment Referral of delinquent debt to the Debt Management Office (DMO) Thresholds are: - ANSWER- $25 or more if contractor has a Tax ID Number $100 or more if the contractor does not have a TIN Debts must be forwarded to the DMO no later than __ days following the debt repayment due date. - ANSWER- 90 The Debt Collection Improvement Act (1996) requires agencies to refer any eligible debt more than ___days delinquent to Fiscal Service for cross-servicing. - ANSWER- 180 days Federal agencies must notify Treasury Offset Program (TOP) of all nontax debts delinquent more than ___ days. - ANSWER- 120 ___ is responsible for the Do Not Pay (DNP) initiative including establishing a working system for repayment and pre-award review- and providing guidance, oversight, and assistance to agencies. - ANSWER- OMB ___ is a list of entities or peoples that should not be paid. - ANSWER- DNP (Do Not Pay) The DoD ___ (deputies, agents, cashiers, or other custodians of funds) are responsible for safeguarding public funds and the related instruments and documents with which they are entrusted. - ANSWER- DOs ___ means personal liability for the amount lost. - ANSWER- Pecuniary Liability _____ are pecuniary liable for erroneous payments that result from information, data, or service they negligently provide to the DO. - ANSWER- Certifying Officers Access to resources and records should be limited to _________ and accountability for the custody and use of resources should be assigned and maintained. - ANSWER- authorized individuals True or False: Each DO must be provided with a separate container, such as a safe, to secure funds. - ANSWER- TRUE At least ________, the DO shall make an inspection-- maintain a record of the inspection-- to ensure that office security measures are in place. Inspection will cover 18 different aspects of security detailed in DoD FMR Volume 5 Chapter 3. - ANSWER- semiannually Three types of irregularities in an account are: - ANSWER- Out of balance Check Issue Overdraft Check Underdraft ____ term that describes any irregularity in a financial accountability of a DO's account categorized as physical losses or overages of funds - ANSWER- Out of Balance This situation occurs when the amount of the check is greater than the amount reported by the DO or when the amount of the check is greater than the amount the payment voucher shows as due. - ANSWER- Check Issue Overdraft This situation occurs when the amount of the check is less than the amount reported by the DO or when the amount of the check is less than the amount the payment voucher shows as due. - ANSWER- Check Underdraft A check is determined _________ if after 60 days from the date of issue, it has been impossible to deliver. - ANSWER- undeliverable For undeliverable checks, the DO will attempt to deliver the check to the payee for a ___ period. - ANSWER- 60 day The US Standard General Ledger established the account structure (chart of account) The Federal Accounting structure chart number for Memorandum is _____________. - ANSWER- 8000 __________account for the receipt and expenditure of monies by the government for carrying out specific purposes and programs in accordance with the terms of a statute that designates the fund as a trust fund. - ANSWER- Trust Funds The Federal accounting framework includes three accounting systems ________, ________, &_______. - ANSWER- Budgetary accounting, financial accounting, & managerial cost accounting A MIPR maybe used as a __________ or__________ and __________cross fiscal years. - ANSWER- Project Orders, Economy Act Orders: may The US Standard General Ledger established the account structure (chart of account) The Federal Accounting structure chart number for assets is _____________. - ANSWER- 1000 The US Standard General Ledger established the account structure (chart of account) The Federal Accounting structure chart number for Net Position (Capital) is _____________. - ANSWER- 3000 The US Standard General Ledger established the account structure (chart of account) The Federal Accounting structure chart number for Liabilities is _____________. - ANSWER- 2000 The US Standard General Ledger established the account structure (chart of account) The Federal Accounting structure chart number for Revenues and Financing Sources is _____________. - ANSWER- 5000 __________consist of receipts for Federal fund receipts that laws have earmarked for specific purposes and associated appropriation accounts for the expenditure of the earmarked receipts. - ANSWER- Special Funds True or False? The Foreign Currency Fluctuation reports are the DD-Comp (1751) Foreign Currency Fluctuations, Construction Defense and DD-COMP (1506) Foreign Currency Fluctuations, Defense. - ANSWER- TRUE The ___________ assists the President in preparation (A11) and execution (A34) of the budget. - ANSWER- Office of Management & Budget The _________ is the federal government banker. They manage the balances and flow of funds required to support the government. - ANSWER- Department of the Treasury The Budgetary accounting equation is ________________. - ANSWER- Resources = Status of Resources The US Standard General Ledger established the account structure (chart of account) The Federal Accounting structure chart number for Gains and losses is _____________. - ANSWER- 7000 The Proprietary Accounting equation is___________. - ANSWER- Assets=Liabilities + Net Position Items intended to be used by entity, tangible assets and not intended for sale are considered_______. - ANSWER- Plant, Property & Equipment The process of accumulating, measuring, analyzing, interpreting and reporting cost is called_________. - ANSWER- Managerial Cost Accounting The measurement of an entity's ability to meet its current obligations is called________. It is a measure of liquidity. - ANSWER- Current Ratio The test of an entity's immediate solvency is made by comparing the sum of cash and accts receivable commonly known as the quick assets to current liabilities is known as ______________. It is also known as the acid-test. - ANSWER- Quick Ratio The quotient of two numbers which allows the manager to assess the behavior over a period of time is called__________. - ANSWER- Ratio analysis The ____________issues standards for state and local governmental, not for profit entities. - ANSWER- Government Accounting Standards Board The _________ is calculated by taking sales and subtracting the cost of goods sold. - ANSWER- Gross Margin The _________is calculated by taking sales and subtracting the cost of goods sold and dividing that amount by sales. - ANSWER- Gross Margin Profit Ratio The ____________ is calculated by taking net profit divided by sales. - ANSWER- Net Profit Margin Ratio When adequate written criteria is not available for the conduct of an audit it is not appropriate to develop criteria for the audit. - ANSWER- FALSE The ______ is the investigative arm of Congress. - ANSWER- General Accounting Office The _______ exists to support the Congress in meeting its Constitutional responsibilities and to help improve the performance and accountability of the federal government for the American people. They examine the use of public funds, evaluates federal programs and activities, and provides analyses, options, recommendations, and other assistance to help the Congress make effective oversight, policy, and funding decisions. - ANSWER- General Accounting Office The American Institute of Certified Public Accountants governing Council voted to recognize the ___________ as the standards-setting body for federal government entities. - ANSWER- Federal Accounting Standards Advisory Board (FASAB) ________ are the recovery of excess payments and are credited to _________. - ANSWER- Refunds; the appropriation that made the payment _______are amounts earned and collected from the selling of goods and services and must be approved by ____________. - ANSWER- Reimbursements; Under Secretary of Defense (Comptroller) The __________ shall be responsible to provide accounting and reporting support for the military departments, validate final reports, and provide certifications in support of DoD component customers. - ANSWER- Defense Finance and Accounting Service (DFAS) The Foreign Currency Fluctuations, Defense Appropriation is only available to fund___________. - ANSWER- A centrally managed account to cover net losses in foreign exchange rates in the selected currencies ________ are funds that conduct business-type operations primarily between government agencies. The budget records the collections and outlays in the same account. - ANSWER- Intra-Governmental Funds Physical inventories of DoD fixed assets shall be done every _____years and real property every ____years. - ANSWER- 3; 5 The ________discloses the basis for and reported the significant restrictions on the use of assets the amount and nature of significant contingent liabilities, and such explanatory information on the assets, liabilities, and equity as is necessary to fully and clearly disclose the financial position of the reporting entity. - ANSWER- Standard Form 220 (Report on Financial Position) The _______ and the _________ must be forwarded to the Treasury no later than the close of business of the eighth workday after the close of the reporting month. - ANSWER- Standard Form 1219 (Statement of Accountability) and DD Form 1329 (Statement of Transactions) The _____ and the ________ shall be submitted as of Sept 30th of each year. - ANSWER- Standard Form 221 (Report on Operations) and Standard Form 222 (Report on Cash Flows) The _________ reconciles the operation expenses and cash outlay for the fiscal year and is reported as of ___________of each year. - ANSWER- Standard Form 223 (Statement on Reconciliation). submitted as of Sept 30 of each year by the date established by the appropriate departmental-level accounting entity. The _______ requires that all monies collected must be deposited in the Treasury, unless another law specifies a different treatment. - ANSWER- Miscellaneous Receipts Law Any cost that can be identified specifically with handling cases or accounts during the debt collection process. (I.e., personnel, supplies, contract services) is a ________. - ANSWER- Direct Costs The ________ is the board/entity established to create generally accepted accounting principles for federal financial reporting entities. - ANSWER- Federal Accounting Standards Advisory Board The _________ is the board/entity established to establish and improve standards of state & local governmental accounting and financial reporting that will result in useful information on financial reports and guide and educate the public. - ANSWER- Governmental Accounting Standards Board The approved accounting principles announcements published by the Federal Accounting Standards Advisory Board are called__________. - ANSWER- Statements of Federal Financial Accounting Standards (SFFAS) The principle DoD cash account is its____________. - ANSWER- Amounts shown in the Fund Balance with the US Treasury Foreign currencies shall be accounted for in separate accounts from US Currency and shall be reported at the ____________. - ANSWER- current rate of the US dollar Fixed assets are those that are used in the production of other assets and have a useful life of more than __________ years. - ANSWER- 2 The ________shall establish appropriate internal controls to ensure that data provided to DFAS is accurate complete, and supportable. - ANSWER- DoD Components All debts and amounts resulting from the occurrence of any event for which a determination is made that money is owed to US government shall be as a __________________ - ANSWER- accounts receivable The ________shall establish procedures to ensure that the process for preparing financial reports is consistent, auditable, timely, and controls are in place to provide for the accuracy of the reports. - ANSWER- Director, Defense Finance and Accounting Service Any cost that can be identified specifically with the debt collection process and at least one other activity is a ___________________. - ANSWER- Indirect Costs As a rule, operating materials and supplies shall not exceed the amount expected to be used within a ________ time period unless properly justified. - ANSWER- 30 True or False? Advances and prepayments for goods and services are not authorized under any circumstances. - ANSWER- FALSE Normally, advance payments for services may not be made for more than a _______day period. - ANSWER- 90 Travel advances shall only be allowed absolutely necessary and shall not exceed_____ of estimated per diem costs. - ANSWER- 80% ________ is a technique that allocates the cost of an item as an operating expense over the period for which the asset is expected to provide benefits. - ANSWER- Depreciating Accounts receivable subsidiary records should be reconciled to the control accounts_______________ - ANSWER- at least monthly The _____ reconciles the operating expenses and cash outlays for the fiscal year and is reported by ___________ of each year. - ANSWER- Standard Form 223 (Statement on Reconciliation). submitted as of Sept 30 of each year by the date established by the appropriate departmental-level accounting entity. Which agency updates the US Standard General Ledger to accommodate any changes required by a new standard and makes changes to the financial statement crosswalks required by changes to 97-01 (Form and Content of Financial Statements)? - ANSWER- Dept of Treasury Which agency updates Title 2 to include new standards and formulates and implements Generally Accepted Government Auditing Standards (GAGAS) that are to be used by government auditors in performing financial statement audits. - ANSWER- GAO While the SFFASs cover most Federal transactions, agencies may encounter some transactions not clearly addressed by the standards. What is the hierarchy for determining the appropriate accounting interpretation? - ANSWER- 1) Standards published by OMB; 2) Interpretations of OMB's Circular A-134; 3) Requirements of OMB Form and Content Bulletin (97-01); 4) Accounting principles published by other authoritative standard -setting body What kind of appropriations usually provide for routine mission work, i.e. Operations & maintenance and Salaries and Expenses funding. - ANSWER- Annual Appropriations What kind of appropriations are funds for projects or programs that take longer than one fiscal year to complete. Research, Development, Test and Evaluation (RDT&E) funding is an example. - ANSWER- Multiyear Appropriations What kind of appropriations do not expire. Unless specified in the appropriation, there is no limit to the number of years for which the appropriation is available. - ANSWER- No-Year Appropriations Which appropriations are funds covered by basic laws that allow the Secretary of the Treasury to pay without further enactment by Congress. Examples are interest on debt, Federal retirement, Social Security. - ANSWER- Permanent (Indefinite) Appropriations What is the time limit in years for DoD appropriation for Shipbuilding and Conversion and Military Construction? - ANSWER- 5 year What is the time limit in years for DoD appropriation for Operation and Maintenance and Military Personnel? - ANSWER- 1 year What is the time limit in years for DoD appropriation for Research, Development, Test and Evaluation (RDT&E)? - ANSWER- 2 year What is the time limit in years for DoD appropriation for procurement (excluding SCN)? - ANSWER- 3 year CDFM MODULE 3.4 Initiated & conducted by basic legislative authority, or in response to a Congressional request. - ANSWER- Federal Audit Requires the Treasury to annually prepare & submit 2 the President & Congress an audited financial statement 4 the preceding fiscal year, covering all accounts & associated activates of the executive branch. - ANSWER- The Government Management reform Act of 1994 Audit organization within DoD. Performs all necessary contract audits, provides advisory services for contracts & subcontracts 2 all DoD Components responsible 4 procurement & contract administration. - ANSWER- The Defense Contract Audit Agency (DCAA) Financial Audit, Performance Audit, Attestation Engagements. - ANSWER- Types of Audits When expertise is not available to perform the audit or temporary assistance is required 2 meet audit reporting requirements mandated by law or DoD requirements. - ANSWER- The only time DoD can contract for non-Federal auditors 2 perform audit services on DoD projects or entities What type of audit: Auditors issue an examination, a review, or an agreed upon procedures report on a subject matter, or an assertion about a subject matter that is the responsibility of another party. - ANSWER- Attestation Engagements Types of Audit- objectives may & generally do differ for each audit, & are defined by the audit organization. - ANSWER- Performance Audit Type if Audit-objectives are predetermined & not defined by the audit organization. - ANSWER- Financial Audit Type of audit-The generic objective is to provide an opinion on whether the financial statements are presented fairly in all material respects. - ANSWER- Financial Audit Type of audit- A common generic objective is to assess the adequacy of performance, & if poor, appraise the consequences & determine the cause & actions that might be taken to improve performance. - ANSWER- Performance Audit Which audit is expected to determine whether the entity has financial information that is presented in accordance with established or stated criteria? - ANSWER- Financial Audit Within what audit type: the audit objectives vary widely & include assessments of program effectiveness, economy, & efficiency, internal control, compliance w/ applicable laws, public policy? - ANSWER- Performance Audit Of the 3 audit types, which one includes assessments of prospective analyses ( analysis or conclusions about information that is based on assumptions about events that occur that occur in the future along with possible actions that the audited entity may take in response to the future events? - ANSWER- Performance Audit Type of audit: adhered to specific financial compliance - ANSWER- Financial Audit Which Phase-Define audit's objectives & scope, Design methodology, consider materiality and internal control effectiveness on procedures. - ANSWER- Planning Phase Which phase? Gather audit evidence that is sufficient and appropriate. - ANSWER- Review Phase Which phase? Gather information to support their findings. - ANSWER- Review Phase Auditors should obtain __ and ___ evidence that computer processed data are valid and reliable when those data are significant to the auditors findings. Often performed by a physical inventory to verify computer generated listings. - ANSWER- Sufficient and appropriate True or false? When auditors use info gathered by officials as part of their evidence, they should determine what the officials did to obtain assurance over the reliability of the information. They may find it necessary to test management's procedures. - ANSWER- True Standards require that auditors document the evidence they gather in the form of audit documentation, formerly know as? - ANSWER- Audit Working papers The standards requires that the audit documentation be understandable to an experienced auditor with ___ involvement in the audit. - ANSWER- no prior Which phase? GAGAS requires auditors to prepare written or electronic audit reports. - ANSWER- Report Phase Which phase? GAGAS requires that results are communicated to management, make the audit information available for timely use by management, comply with standards for form, content and distribution. - ANSWER- Report Phase Which type of Audit Reports? AICIPA standards, audit reports must include: whether statements were in accordance with GAAP, inconsistencies with last year, whether informative disclosures were reasonable adequate. AND per yellow book, auditors need to follow GAO's added standards. - ANSWER- Financial Audit Reports How many types of opinions are there? - ANSWER- 4 What are these? Unqualified, qualified, disclaimer, adverse? - ANSWER- Types of opinions What are these? Unqualified - ANSWER- Best What are these? Qualified - ANSWER- Exception What are these? Disclaimer - ANSWER- Unable to render an opinion What are these? Adverse - ANSWER- Material misstatement of fact and failure to follow GAAP What types of audit reports are retrievable, suitable form? Contents- objectives, scope, methodology, Findings- control deficiencies, FWA, conclusion, recommendations, Compliance with Yellow Book, Distribution and quality elements. - ANSWER- Performance Audit Reports. An auditor's recommendation is often considered a _____ element. - ANSWER- Fifth An auditor's recommendation should address the ____. - ANSWER- Cause In addition to the Yellow Book reporting standards, guidance from GAO includes the _____ of timely, accurate, objective, convincing, clear, and concise. - ANSWER- Quality elements Auditors tend to use the word___ to identify the results they found. - ANSWER- Findings What are the elements of traditional/classical findings? - ANSWER- Condition, criteria, effect, cause While condition, criteria, effect, and cause are the traditional framework, they may or may not develop all these elements. It all depends on the ____ _____. - ANSWER- Audit Objective What is an essential element of public accountability and control. - ANSWER- Auditing What is a comprehensive assessment and report on the financial condition and/or results of the performance of a government entity, program, or related activity? - ANSWER- A Government Audit Auditing contributes to the ____ and ____ by lending credibility to information reported by others, by providing objective information about the information about the performance of government programs and services and, specifics about where improvements can be made and the impacts of those improvements. - ANSWER- Accountability, control Requires the audit of Federal organizations, programs, activities, and functions. - ANSWER- Federal Legislation Who issues audit requirements, policy and guidance? - ANSWER- Congress, GAO,OMB, and President's Council on Integrity and Efficiency. Who issues standards, the government auditing standards? - ANSWER- GAO Government Auditing standards are referred to as? - ANSWER- Generally Accepted Government Auditing Standards (GAGAS) or the Yellow Book True or False? GAGAS must be followed by GAO, IGs, other federal auditors, (Army, Navy, Air Force) IR groups, non-federal auditors with auditing federal organizations, program, activities, and functions. - ANSWER- True What is 1.auditors independence 2. auditor professional judgment 3. auditor competence 4. quality control & assurance - ANSWER- The four general standards that apply to all audits & attestation engagements. What is the AICPA? - ANSWER- American Institute of Certified Public Accountants True or False. For Field work standards when performing a financial audit, the Yellow Books incorporates three standards. Planning, consideration of internal control and the need for evidence to support the auditor's opinion. In addition, GAO adds 5 standards. - ANSWER- True True or false. In performing a performance audit. AICPA doe snot have separate standards. The Yellow Book include four field work standards related to planning. 1. consideration to internal control, evidence, supervising staff, audit documentation (AKA working papers) - ANSWER- True True or false. Attestation Engagements field work standards The Yellow Book incorporates 2 field work standards form the AICPA and adds 6 standards from GAO. - ANSWER- True What provides guidance for auditors to follow when WRITTING audit and attestations engagements reports? - ANSWER- Reporting standards What requires that Federal inspections generally comply with the Comptroller's General's standards for audits. - ANSWER- The inspector General Act of 1978. Who serves as an independent and objective official for DoD? - ANSWER- IG True or false. IG provides leadership, conducts, supervises, monitors, initiates audits & investigations, recommends policy for economy, efficiency, & effectiveness, recommends policies for prevention/detection of fraud and abuse. - ANSWER- True Who is 1. Office of Assistant Inspector General for Auditing 2. Army audit agency 3. Naval Audit Service 4. Air Force audit agency - ANSWER- DoD Internal Audit Organizations In addition to audits performed by DoD audit organizations, audits are also performed by the U.S. ___ ___ ___. - ANSWER- Government Accountability Office (GAO) GAO is the ________ branch and reports to Congress. - ANSWER- Legislative GAO is headed by ______ , who receives a _____ year appointment - ANSWER- Comptroller General, 15 _____ preforms a wide range of audits, mostly performance, on issues such as procurement, logistics, human resources, readiness, and other programs and functions. - ANSWER- GAO To ensure independence, DoD audit organizations should report directly to ___ or ____ ____ of the DoD Component. - ANSWER- Secretary, Under Secretary True or False. DoD can contract for non-federal auditors when expertise is not available with in DoD or when temporary assistance is needed. - ANSWER- True