FMFIA's purpose addresses which of the following?

• A. Internal control and accounting system integrity
• B. Public reporting and accountability
• C. Auditing standards
• D. Financial statement presentation

Answer: (A)

FMFIA centers on establishing and maintaining internal controls and the accounting system, with annual evaluation of their effectiveness. Agencies are required to assess how well their controls operate, identify weaknesses, and take corrective actions to ensure reliable, timely financial information and prudent stewardship of resources. This focus directly supports accountability by providing confidence in the accuracy and integrity of financial data. Auditing standards are set and used separately, and while the quality of financial reporting depends on internal controls, FMFIA itself is about the control framework, not the standards of audits or the presentation format of statements.