Public Sector Compliance and Regulations Flashcards
6 cards from real CGAP practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 6 Public Sector Compliance and Regulations flashcards as text
What is the primary purpose of the Inspector General Act of 1978?
Answer: To establish independent oversight bodies within federal agencies to detect and prevent fraud, waste, and abuse
The Inspector General Act created statutory Offices of Inspector General to conduct independent audits, investigations, and inspections within federal agencies.
Under the False Claims Act, who can bring a 'qui tam' lawsuit on behalf of the federal government?
Answer: Any private citizen (whistleblower) with knowledge of fraud against the government
The qui tam provision of the False Claims Act allows private individuals (relators) to file lawsuits alleging fraud against the government and share in recovered funds.
What does 'prompt payment' legislation require of federal agencies?
Answer: Agencies must pay vendors by a specified due date or pay interest on late payments
The Prompt Payment Act requires federal agencies to pay invoices by the due date or pay interest penalties to vendors for late payment.
Which concept in government compliance auditing refers to the totality of laws, regulations, and contracts that an audited entity must follow?
Answer: Legal and regulatory requirements
In government auditing, 'legal and regulatory requirements' encompasses the full set of laws, regulations, grant terms, and contracts binding the entity.
What is 'pass-through entity' responsibility under federal grant management?
Answer: The pass-through entity must monitor sub-recipients and ensure federal requirements flow down
Pass-through entities are responsible for monitoring sub-recipients, ensuring that federal compliance requirements are passed down, and reviewing sub-recipient audit findings.
What is the significance of the 'cognizant agency' concept in federal single audits?
Answer: It is the agency responsible for coordinating audit follow-up and resolution for an auditee
The cognizant agency is the federal agency assigned to coordinate oversight and audit resolution for a particular non-federal entity receiving federal funds.
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