Block lll Obj 1e (FM Questions)

Who issues the DoD Financial Management Regulation

There are 3 strategy waves?

Which is a strategy of FIAR?

FIAR Methodology defines tasks, detailed Activities and maximizes the potential for full financial audits by auditors.

Personnel should understand

Personnel should have a general understanding of fianacial management and related systems

Which is not a FIAR priority?

FIARs ______ is to improve the Department's financial management operations

Personnel participating in FIAR need to understand the _____ of financial audit statements.

Who issues the Generally Accepted Accounting Principles

Which is not a part of the FIAR Waves?

All F.M. members are responsible to ensure key processes, internal controls and documentation are audit ready.

Purpose of FIAR Guidance

You should have an general understanding of the system of internal control and its purpose?

What is the standard reference for all who are in the Department involved in audit readiness?

The Federal Financial Reform Act of 1995 requires all fed agencies to have prepared auditable financial statements

What is defined as having capabilities in place to allow for a full audit?

FIAR Guidance is a

Accounting Requirements are issued by who?

This is demonstrated through a financial statement audit performed by independent auditors