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[Hardware] New GFMC Test Pdf & GFMC Online Lab Simulation

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【Hardware】 New GFMC Test Pdf & GFMC Online Lab Simulation

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P.S. Free & New GFMC dumps are available on Google Drive shared by Itcertking: https://drive.google.com/open?id=1fZ7zC93uQx1bb9QWqDLvnkLzSuY1CPOQ
Our GFMC practice dumps is high quality product revised by hundreds of experts according to the changes in the syllabus and the latest developments in theory and practice, it is focused and well-targeted, so that each student can complete the learning of important content in the shortest time. With GFMC training prep, you only need to spend 20 to 30 hours of practice before you take the GFMC exam.
AGA GFMC Exam Syllabus Topics:
TopicDetails
Topic 1
  • Performance Measurement
  • Metrics
  • Service Efforts and Accomplishments: This section of the exam measures the ability of program managers and strategic planners to align performance indicators with organizational outcomes. It covers the integration of financial and non-financial metrics with strategic goals, the importance of transparency and accountability, and how performance data informs budgetary decisions. Candidates must understand stakeholder engagement, baseline setting, legal compliance, and benchmark creation.
Topic 2
  • Financial and Managerial Analysis Techniques: This section of the exam measures the skills of budget analysts and financial managers in using quantitative tools and data to assess financial decisions. It includes techniques like trend and ratio analysis, forecasting, regression, and data analytics. It also tests understanding of data sources, reliability, and how forensic auditing can be used for deeper insight into financial activities.
Topic 3
  • Auditing: This section of the exam measures the auditing knowledge of financial controllers and government auditors. It focuses on audit standards, types of audits, the audit process, and the responsibilities of both auditors and auditees. Key topics include audit preparation, follow-up, independence, materiality, and the scope of the Single Audit Act. Candidates are also expected to be familiar with fieldwork, reporting, and confidentiality concerns relevant to public sector audits.
Topic 4
  • Financial Management Functions: This section of the exam measures the competencies of public sector finance officers and treasury analysts in managing financial operations in government environments. It covers essential areas such as cash flow practices, investment strategy, debt recovery, and procurement processes. Candidates are expected to understand property and inventory systems, evaluate IT-based financial systems, and apply emerging technologies. Shared services and project management principles are also included as foundational knowledge areas.
Topic 5
  • Internal Control: This section of the exam measures the capabilities of compliance officers and internal auditors in implementing and evaluating internal control systems. It includes knowledge of COSO frameworks, OMB standards, and audit procedures aimed at fraud prevention and legal compliance. Candidates must understand roles and responsibilities related to internal control, risk assessment, reporting mechanisms, and enterprise risk management frameworks.

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AGA Examination 3: Governmental Financial Management and Control (GFMC) Sample Questions (Q21-Q26):NEW QUESTION # 21
A variable that would influence management's decision to hire contractors to perform management control evaluations is
  • A. availability of qualified contractors.
  • B. suspicion of internal fraud.
  • C. knowledge of systemic deficiencies.
  • D. lack of management expertise.
Answer: D
Explanation:
Why Hire Contractors for Management Control Evaluations?
Management may decide to bring in external contractors when there are gaps in the organization's capacity to perform evaluations internally. One key factor is thelack of management expertise-if management lacks the necessary knowledge or experience to evaluate controls effectively, it may outsource this task to qualified contractors.
Why Other Options Are Incorrect:
* B. Availability of Qualified Contractors:While availability is a factor, it's not a variable that influences the decision to outsource. Instead, it's a logistical consideration once the decision has been made.
* C. Suspicion of Internal Fraud:Suspicion of fraud may lead to investigations, but hiring contractors to evaluate controls is driven by expertise gaps rather than fraud concerns.
* D. Knowledge of Systemic Deficiencies:If management already has knowledge of systemic deficiencies, they may focus on remediation rather than outsourcing evaluations.
References and Documents:
* GAO Standards for Internal Control in the Federal Government (Green Book):Emphasizes the need for knowledgeable personnel to evaluate controls.
* GAGAS (Yellow Book):Highlights the role of external expertise in cases where internal expertise is insufficient.

NEW QUESTION # 22
A performance measurement that is measured the same way over several periods is
  • A. relevant.
  • B. consistent.
  • C. timely.
  • D. reliable.
Answer: C
Explanation:
What Is Consistency in Performance Measurement?
Aconsistentperformance measure is one that is calculated and reported in the same way over several periods. Consistency allows for meaningful comparisons and trend analysis, making it easier to evaluate performance over time.
Why Consistency Is the Correct answer:
Performance metrics must remain consistent in methodology, definitions, and scope to ensure the results are comparable across time periods. Without consistency, the reliability and usefulness of the data are diminished.
Why Other Options Are Incorrect:
B). Timely:Timeliness refers to how quickly the information is reported, not whether it is measured consistently.
C). Relevant:Relevance ensures the measure is meaningful to the decision-making process, but it does not address consistency.
D). Reliable:Reliability refers to the accuracy and trustworthiness of the data, not its consistency over time.
References and Documents:
GAO Performance Measurement Guide:Stresses the importance of consistency in tracking and reporting metrics over time.

NEW QUESTION # 23
Who holds primary responsibility for establishing internal controls?
  • A. audit committee
  • B. management
  • C. ccountants
  • D. internal auditors
Answer: B
Explanation:
* Responsibility for Internal Controls:
* Managementholds the primary responsibility for establishing, implementing, and maintaining an organization's internal control system.
* This responsibility is outlined in frameworks such as COSO'sInternal Control - Integrated Frameworkand the GAO'sGreen Book.
* Roles of Other Parties:
* A. Accountants: While accountants may assist in designing or assessing controls, they are not primarily responsible.
* B. Internal auditors: Their role is to evaluate the effectiveness of controls, not establish them.
* D. Audit committee: Provides oversight but does not implement or design controls.
:
COSO,Internal Control - Integrated Framework.
GAO,Standards for Internal Control in the Federal Government (Green Book).

NEW QUESTION # 24
When planning for local government financial statement audit, what data source should the auditor consider first?
  • A. previous audit findings
  • B. government-wide financial statements
  • C. fund financial statements
  • D. reconciliations between fund financial statements
Answer: A
Explanation:
* Importance of Prior Audit Findings:
* When planning a local government financial statement audit, auditors should first review previous audit findingsto identify recurring issues, control weaknesses, or non-compliance areas. This helps auditors focus on areas of higher risk and guides the development of an effective audit strategy.
* Explanation of Answer Choices:
* A. Government-wide financial statements: Important, but these are reviewed after identifying risk areas from prior findings.
* B. Fund financial statements: These are part of the audit process but not the starting point for planning.
* C. Reconciliations between fund financial statements: These are analyzed during the audit but come later in the process.
* D. Previous audit findings: Correct. Reviewing past findings ensures the auditor addresses previously identified risks and compliance issues.
:
GAO,Government Auditing Standards (Yellow Book).
AICPA,Audit Planning and Risk Assessment Best Practices.

NEW QUESTION # 25
Auditors may limit their public reporting in attestation engagements when the
  • A. auditor detects non-compliance with provisions of law.
  • B. audit report would compromise ongoing legal proceedings.
  • C. entity management fails to satisfy legal requirements.
  • D. auditors detect material fraud.
Answer: B
Explanation:
* Limiting Public Reporting in Attestation Engagements:
* Government auditing standards allow auditors to limit public reporting in rare cases, such as when disclosing certain information could compromise sensitive or ongoing legal proceedings.
* The goal is to protect the integrity of investigations or legal actions while maintaining transparency where possible.
* Explanation of Answer Choices:
* A. Auditors detect material fraud: Auditors are required to report material fraud to appropriate authorities, not limit reporting unless legal proceedings are affected.
* B. Audit report would compromise ongoing legal proceedings: Correct. This is a valid reason to limit public reporting under auditing standards.
* C. Auditor detects non-compliance with provisions of law: Non-compliance must be disclosed unless legal considerations warrant confidentiality.
* D. Entity management fails to satisfy legal requirements: This would typically be reported, not withheld.
:
GAO,Government Auditing Standards (Yellow Book).
AICPA,Attestation Standards and Public Reporting Guidance.

NEW QUESTION # 26
......
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