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[General] GFMC Reliable Test Duration - Pass GFMC Guide

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【General】 GFMC Reliable Test Duration - Pass GFMC Guide

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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 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 3
  • 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 4
  • 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 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 (Q11-Q16):NEW QUESTION # 11
When planning for local government financial statement audit, what data source should the auditor consider first?
  • A. government-wide financial statements
  • B. previous audit findings
  • C. reconciliations between fund financial statements
  • D. fund financial statements
Answer: B
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 # 12
In addition to the Yellow Book, which group's external audit standards can the GAO reference?
  • A. International Auditing and Assurance Standards Board.
  • B. International Organization of Supreme Audit Institutions
  • C. Public Company Accounting Oversight Board
  • D. AICPA
Answer: B
Explanation:
* GAO and External Audit Standards:The Government Accountability Office (GAO) uses the Yellow Book as its primary standard. However, it may also reference external standards from recognized international and professional auditing organizations. INTOSAI is specifically mentioned in the Yellow Book as a source of additional standards for governmental audits.
* Explanation of Answer Choices:
* A. Public Company Accounting Oversight Board (PCAOB): This regulates audits of publicly traded companies, not government entities.
* B. International Auditing and Assurance Standards Board (IAASB): This focuses on global private-sector audits, not specifically government-related.
* C. International Organization of Supreme Audit Institutions (INTOSAI): Correct. INTOSAI sets audit standards for public-sector auditors worldwide and is relevant for the GAO.
* D. AICPA: While the AICPA sets standards for U.S. auditors, INTOSAI is more relevant for international public-sector audits.
:
GAO,Government Auditing Standards (Yellow Book).
INTOSAI,Framework of Professional Standards for Supreme Audit Institutions.

NEW QUESTION # 13
Which of the following statements from an audit finding is the condition?
  • A. We identified multiple credit card purchases without receipts to support them.
  • B. We recommend that the government implements a timely review of all credit card purchases.
  • C. Government policy requires a cardholder to submit receipts for all purchases.
  • D. Finance Department personnel did not regularly review purchases to ensure compliance.
Answer: A
Explanation:
* Definition of the Condition in an Audit Finding:
* The "condition" describes the actual state observed during the audit. It highlights what occurred in practice, serving as the factual basis for the finding.
* In this case, the condition is theabsence of receiptsfor multiple credit card purchases.
* Explanation of Answer Choices:
* A. We identified multiple credit card purchases without receipts to support them: Correct.
This is the observed issue (condition).
* B. Government policy requires a cardholder to submit receipts for all purchases: This is the
"criteria," which defines the standard or rule being audited against.
* C. Finance Department personnel did not regularly review purchases to ensure compliance:
This is the "cause," explaining why the condition occurred.
* D. We recommend that the government implements a timely review of all credit card purchases: This is the "recommendation," not the condition.
:
GAO,Government Auditing Standards (Yellow Book).
AICPA,Elements of an Audit Finding Guidance.

NEW QUESTION # 14
To support optimal cash management vendor payment procedures, invoices with discount terms should be paid
  • A. on the discount date.
  • B. on the due date, unless a charge is assessed for late payment.
  • C. prior to the due date to improve credit rating.
  • D. after the due date to increase cash flow.
Answer: A
Explanation:
Why Pay on the Discount Date?
* Discount termsare offered by vendors to encourage early payment, such as "2/10, net 30" (2% discount if paid within 10 days). Paying on the discount date ensures the organization takes advantage of cost savings while still making timely payments.
* This approach optimizes cash management by reducing payment obligations while maintaining good vendor relationships.
Why Other Options Are Incorrect:
* A. After the due dateate payments can damage vendor relationships and incur penalties.
* B. Prior to the due dateaying too early does not provide additional benefits and can unnecessarily deplete cash reserves.
* C. On the due date:If a discount is offered, waiting until the due date means missing the opportunity to save money.
References and Documents:
* GAO Financial Management Guide:Recommends paying invoices with discounts on the discount date to maximize cost savings.
* Best Practices in Governmental Cash Management (AGA):Highlights the importance of managing vendor payments to take advantage of discounts.

NEW QUESTION # 15
The best source for annual liability and cash flow data is a state's
  • A. PAR.
  • B. statement of activities.
  • C. appropriations bill.
  • D. ACFR.
Answer: D
Explanation:
* Annual Comprehensive Financial Report (ACFR):
* TheACFR(formerly CAFR) is the primary source for a state's annual financial information, including liability and cash flow data.
* It provides comprehensive financial statements, including the balance sheet, statement of activities, and cash flow statements.
* Explanation of Answer Choices:
* A. PAR: ThePerformance and Accountability Report (PAR)focuses on federal agencies and includes performance goals and achievements but lacks detailed liability and cash flow data for states.
* B. ACFR: Correct. The ACFR is the best source for detailed liability and cash flow data at the state level.
* C. Appropriations bill: Provides legislative authority for spending but does not include detailed financial data.
* D. Statement of activities: This is part of the ACFR but does not include all necessary cash flow or liability data.
:
Government Finance Officers Association (GFOA),Best Practices for ACFR Reporting.
GASB,Annual Comprehensive Financial Report Guidance.

NEW QUESTION # 16
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