Question
SRS 353A.025 requires each agency to periodically review its system of internal accounting and administrative control. To meet the requirements of this statute, each agency is required to perform, at a minimum, a biennial internal control review and evaluation to identify potential areas of weaknesses and non-compliance. The review should include:
1. An evaluation of the agency's actual procedures by completing the "Self-Assessment Questionnaire" (SAQ) and comparing the agency's written procedures to the SAQ to ensure written procedures address all possible processes. This evaluation should include observation and interview of persons involved with each fiscal process.
2. A comparison of the actual procedures used by agency staff to the agency's written procedures.
3. A sample test of each type of transaction processed by the agency. Agencies may use the transaction testing checklist available on the Division's web page - Forms and Resources or an equivalent document.
4. The SAQ and the transaction testing checklist must be maintained by the agency but does not need to be submitted to the Division.
Upon completion of the above evaluations, each agency shall address any areas of weakness or noncompliance and document a corrective action plan. Findings and corrective action plans should be summarized on the Report on Internal Controls. For departments with multiple divisions or agencies, findings and corrective action plans for each division or agency should be summarized on one departmental Report on Internal Controls. Findings and corrective actions should by identified by individual agencies. The Report on Internal Controls should be submitted to the Director of the Governor's Finance Office on or before July 1 of each even-numbered calendar year. Submission of the report to the Administrator of the Division satisfies this requirement.
Some agencies use a centralized fiscal office to perform their fiscal and accounting services. A centralized fiscal office may complete one SAQ for all the agencies it assists as long as the procedures used by the centralized fiscal office are the same for all agencies for whom it provides services. Both the Department Director over the centralized fiscal office and the lead supervisor of the centralized fiscal office must sign the SAQ. An agency using a centralized fiscal office must still complete a SAQ for any procedures it performs directly and must coordinate with the centralized fiscal office to ensure all applicable questions are answered. The centralized fiscal office must make any agency for which it provides services aware of any non-compliance noted in the SAQ.
The Division summarizes agencies' findings and corrective action plans and identification of any agencies not submitting the Report of Internal Controls in a report issued per SRS 353A.025.
59. Which of the following is not required as part of the biennial internal control review and evaluation?
• a. Completion of the Self-Assessment Questionnaire (SAQ).
• b. A comparison of actual procedures used by agency staff to the agency's written procedures.
• c. A formal report detailing the observations and interviews of persons involved with each fiscal process.
• d. A sample test of each type of transaction processed by the agency.
60. For agencies that use a centralized fiscal office to perform their fiscal and accounting services, which of the following is true?
a. Both the Department Director over the centralized fiscal office and the lead supervisor of the centralized fiscal office must sign the SAQ.
b. An agency using a centralized fiscal office is not required to complete the SAQ for any procedures it performs directly.
c. The SAQ is required for all the agencies a centralized fiscal office assists.
d. The centralized fiscal office must submit their findings to the Director of the Governor's Finance Office on or before July 1 of each calendar year.
1. An evaluation of the agency's actual procedures by completing the "Self-Assessment Questionnaire" (SAQ) and comparing the agency's written procedures to the SAQ to ensure written procedures address all possible processes. This evaluation should include observation and interview of persons involved with each fiscal process.
2. A comparison of the actual procedures used by agency staff to the agency's written procedures.
3. A sample test of each type of transaction processed by the agency. Agencies may use the transaction testing checklist available on the Division's web page - Forms and Resources or an equivalent document.
4. The SAQ and the transaction testing checklist must be maintained by the agency but does not need to be submitted to the Division.
Upon completion of the above evaluations, each agency shall address any areas of weakness or noncompliance and document a corrective action plan. Findings and corrective action plans should be summarized on the Report on Internal Controls. For departments with multiple divisions or agencies, findings and corrective action plans for each division or agency should be summarized on one departmental Report on Internal Controls. Findings and corrective actions should by identified by individual agencies. The Report on Internal Controls should be submitted to the Director of the Governor's Finance Office on or before July 1 of each even-numbered calendar year. Submission of the report to the Administrator of the Division satisfies this requirement.
Some agencies use a centralized fiscal office to perform their fiscal and accounting services. A centralized fiscal office may complete one SAQ for all the agencies it assists as long as the procedures used by the centralized fiscal office are the same for all agencies for whom it provides services. Both the Department Director over the centralized fiscal office and the lead supervisor of the centralized fiscal office must sign the SAQ. An agency using a centralized fiscal office must still complete a SAQ for any procedures it performs directly and must coordinate with the centralized fiscal office to ensure all applicable questions are answered. The centralized fiscal office must make any agency for which it provides services aware of any non-compliance noted in the SAQ.
The Division summarizes agencies' findings and corrective action plans and identification of any agencies not submitting the Report of Internal Controls in a report issued per SRS 353A.025.
59. Which of the following is not required as part of the biennial internal control review and evaluation?
• a. Completion of the Self-Assessment Questionnaire (SAQ).
• b. A comparison of actual procedures used by agency staff to the agency's written procedures.
• c. A formal report detailing the observations and interviews of persons involved with each fiscal process.
• d. A sample test of each type of transaction processed by the agency.
60. For agencies that use a centralized fiscal office to perform their fiscal and accounting services, which of the following is true?
a. Both the Department Director over the centralized fiscal office and the lead supervisor of the centralized fiscal office must sign the SAQ.
b. An agency using a centralized fiscal office is not required to complete the SAQ for any procedures it performs directly.
c. The SAQ is required for all the agencies a centralized fiscal office assists.
d. The centralized fiscal office must submit their findings to the Director of the Governor's Finance Office on or before July 1 of each calendar year.
Answers
GPT-4o mini
59. The option that is not required as part of the biennial internal control review and evaluation is:
• c. A formal report detailing the observations and interviews of persons involved with each fiscal process.
60. For agencies that use a centralized fiscal office to perform their fiscal and accounting services, the true statement is:
a. Both the Department Director over the centralized fiscal office and the lead supervisor of the centralized fiscal office must sign the SAQ.
• c. A formal report detailing the observations and interviews of persons involved with each fiscal process.
60. For agencies that use a centralized fiscal office to perform their fiscal and accounting services, the true statement is:
a. Both the Department Director over the centralized fiscal office and the lead supervisor of the centralized fiscal office must sign the SAQ.