Quality Assurance & Compliance Flashcards

Under GPRA Modernization Act of 2010, agencies are required to publish strategic plans, annual performance plans, and annual performance reports. Which entity reviews and approves agency priority goals?

Answer: The Office of Management and Budget (OMB)

OMB coordinates with agencies to establish Agency Priority Goals (APGs) and cross-agency priority goals, which are reviewed and approved as part of the GPRA Modernization Act implementation.

Which audit standard requires federal auditors to consider an agency's compliance with laws and regulations as part of a financial statement audit?

Answer: Government Auditing Standards (Yellow Book)

Government Auditing Standards (GAS), commonly called the Yellow Book, requires federal auditors to consider compliance with laws and regulations that have a direct and material effect on financial statements.

An agency's internal auditors identify a pattern of split purchases designed to avoid the simplified acquisition threshold. This most likely indicates:

Answer: Potential circumvention of competitive bidding requirements

Splitting purchases to stay below acquisition thresholds is a prohibited practice that circumvents competition requirements and represents a significant compliance violation.

What is the primary distinction between a 'significant deficiency' and a 'material weakness' in internal controls?

Answer: A material weakness is more severe and poses a higher risk of material financial misstatement

A material weakness represents a more severe control deficiency than a significant deficiency, as it creates a reasonable possibility that a material misstatement will not be prevented or detected timely.

When must an agency report an Antideficiency Act violation to the President and Congress?

Answer: Within 30 days of discovery

31 U.S.C. § 1351 requires agencies to report Antideficiency Act violations to the President and Congress within 30 days of discovering the violation.

Which type of federal appropriation is available for obligation for a specific period greater than one fiscal year but less than no-year funds?

Answer: Multi-year appropriation

Multi-year appropriations are available for obligation for a specific period spanning more than one fiscal year, such as a two-year or three-year appropriation.

In federal budget compliance, 'reprogramming' refers to:

Answer: Shifting funds between programs within the same appropriation account

Reprogramming involves realigning funds between programs, projects, or activities within the same appropriation account, typically requiring congressional notification.