Open the auxiliary access

Firefly Open Source Community

   Login   |   Register   |
New_Topic
Firefly Open Source Community › Embedded Computer › IPC-M10R800-A3288C› Actual Exam Questions in AGA GFMC PDF for Quick Prep ...
New Topic
Print Previous Topic Next Topic

[General] Actual Exam Questions in AGA GFMC PDF for Quick Preparation

raybell705

134

Credits

0

Prestige

0

Contribution

registered members

Rank: 2

Credits
134

【General】 Actual Exam Questions in AGA GFMC PDF for Quick Preparation

Posted at 1/17/2026 18:21:44      View：31 | Replies：1        Print      Only Author   [Copy Link] 1#
BTW, DOWNLOAD part of PDFTorrent GFMC dumps from Cloud Storage: https://drive.google.com/open?id=1AB3xtOiPA4b1CKy4ddceWTj2aUzbS_5i
Infinite striving to be the best is man's duty. We have the responsibility to realize our values in the society. Of course, you must have enough ability to assume the tasks. Then our GFMC study materials can give you some help. First of all, you can easily pass the exam and win out from many candidates. The GFMC certificate is hard to get. If you really crave for it, our GFMC study materials are your best choice. We know it is hard for you to make decisions. You will feel sorry if you give up trying.
Being the most competitive and advantageous company in the market, our GFMC practice quiz have help tens of millions of exam candidates realize their dreams all these years. If you are the dream-catcher, we are willing to offer help with our GFMC Study Guide like always. And if you buy our GFMC exam materials, then you will find that passing the exam is just a piece of cake in front of you.
GFMC Exam Dumps Pdf | GFMC Latest Test OnlinePDFTorrent is regarded as an acclaimed GFMC dumps study material provider for certification exams that includes a range of helping materials, programs and pathways to ease your tensions of GFMC exam preparation. The prime objective in developing GFMC exam dumps is to provide you the unique opportunity of getting the best information in the possibly lesser content. It not only saves your time but also frees you from the hassle of going through tomes of books and other study material. Shorn of unnecessary burden, you better focus what is extremely important to pass exam; hence you increase your chances of success with GFMC Exam Questions than other that of candidates.
AGA GFMC Exam Syllabus Topics:
TopicDetails
Topic 1
  • 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 2
  • 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 3
  • 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.
Topic 4
  • 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 5
  • 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.

AGA Examination 3: Governmental Financial Management and Control (GFMC) Sample Questions (Q68-Q73):NEW QUESTION # 68
In a performance aygit, due professional care is used to
  • A. obtain sufficient and competent evidence.
  • B. determine scope.
  • C. present the findings in accordance with GAAP.
  • D. set materiality of financial statements.
Answer: A
Explanation:
* Performance Audit Overview:
* A performance audit focuses on evaluating the economy, efficiency, and effectiveness of government programs or activities.
* Due professional care is a requirement inGovernment Auditing Standards (Yellow Book), ensuring auditors perform their duties responsibly and with professional judgment.
* Key Requirement: Sufficient and Competent Evidence:
* Auditors must collect sufficient and reliable evidence to support their findings, conclusions, and recommendations. This is the cornerstone of "due professional care."
* Explanation of Answer Choices:
* A. Obtain sufficient and competent evidence: Correct. This ensures audit findings are supported by reliable, documented evidence.
* B. Determine scope: While part of audit planning, it is not directly related to due professional care.
* C. Set materiality of financial statements: This applies to financial audits, not performance audits.
* D. Present the findings in accordance with GAAP: GAAP is not a requirement for performance audits.
:
GAO,Government Auditing Standards (Yellow Book).
Association of Government Accountants (AGA),Performance Auditing Practices.

NEW QUESTION # 69
In an internal control evaluation, what are the roles of management and the auditor regarding the risk of fraud, waste and abuse?
  • A. Both management and auditors determine risk tolerance levels.
  • B. Management mitigates risks, auditors monitor compliance with controls.
  • C. Auditors identify risks, management implements control measures.
  • D. Management identifies risks, auditors assess control effectiveness.
Answer: D
Explanation:
Role of Management in Internal Control Evaluation:
* Responsibility for Risk Identification:Management has the primary responsibility for designing, implementing, and maintaining an effective system of internal controls. As part of this process, management identifies the risks related to fraud, waste, and abuse that could impact financial reporting or operational efficiency.
* Mitigating Risks:Once risks are identified, management is responsible for mitigating them by developing appropriate policies, procedures, and controls.
Role of the Auditor in Internal Control Evaluation:
* Assessing Control Effectiveness:Auditors are not responsible for designing or implementing controls; rather, their role is to evaluate whether the controls put in place by management are effective. They do this through testing, observation, and other audit procedures.
* Fraud Risk Assessment:As part of their duties under Generally Accepted Government Auditing Standards (GAGAS), auditors must assess the risk of material misstatement due to fraud and evaluate how management's controls address those risks.
Why Other Options Are Incorrect:
* B.Auditors do not identify risks-this is management's job. Auditors evaluate and assess the controls already in place.
* C.Determining risk tolerance is a governance and management responsibility, not the joint responsibility of auditors and management.
* D.Management mitigates risks, but auditors don't monitor compliance with controls-they test and evaluate the controls as part of their audit procedures.
References and Documents:
* GAGAS (Yellow Book) by GAO:Emphasizes management's responsibility for risk identification and the auditor's responsibility for assessing control effectiveness.
* COSO Internal Control Framework (2013):Highlights management's responsibility for risk assessment and control design, while auditors provide independent assurance.

NEW QUESTION # 70
Auditors may limit their public reporting in attestation engagements when the
  • A. auditor detects non-compliance with provisions of law.
  • B. entity management fails to satisfy legal requirements.
  • C. auditors detect material fraud.
  • D. audit report would compromise ongoing legal proceedings.
Answer: D
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 # 71
GPRA requires agencies to prepare and submit a strategic plan, an annual performance plan and
  • A. an annual performance report.
  • B. a SEA report.
  • C. a five-year performance plan.
  • D. the prior year's audited financial report.
Answer: A
Explanation:
What Does GPRA Require?
TheGovernment Performance and Results Act (GPRA)mandates that federal agencies prepare:
* Astrategic planoutlining long-term goals.
* Anannual performance plandetailing the objectives and performance measures for the upcoming year.
* Anannual performance reportevaluating the agency's success in meeting the goals outlined in the annual performance plan.
Why Is the Annual Performance Report Important?
* The annual performance report provides accountability and transparency by comparing actual results to planned goals. It allows Congress and the public to assess how effectively the agency is achieving its mission.
Why Other Options Are Incorrect:
* A. A five-year performance plan:GPRA requires a strategic plan (updated every four years), not a separate five-year performance plan.
* C. SEA Report:This refers to Service Efforts and Accomplishments reporting, which is not mandated by GPRA.
* D. The prior year's audited financial report:While financial reports are important, they are separate from the performance reporting requirements of GPRA.
References and Documents:
* Government Performance and Results Act (1993):Requires agencies to submit strategic plans, annual performance plans, and annual performance reports.
* GAO Reports on GPRA Compliance:Emphasizes the role of annual performance reports in promoting accountability.

NEW QUESTION # 72
Under government fuditing standards, auditors performing financial statement audits must
  • A. identify violations of laws which could be punishable by monetary penalties.
  • B. design tests to detect fraud, waste and abuse.
  • C. identify expenditures that exceed the related obligations.
  • D. design tests to assess compliance with laws, regulations, contracts and grant agreements.
Answer: D
Explanation:
* Government Auditing Standards (GAS):
* GAS, often referred to as theYellow Book, outlines the responsibilities of auditors conducting financial statement audits for government entities.
* One core requirement is that auditors must consider compliance with applicable laws, regulations, contracts, and grant agreements that could materially affect financial statements.
* Explanation of Answer Choices:
* A. Design tests to assess compliance with laws, regulations, contracts, and grant agreements Correct. This is a required component under GAS to ensure financial statements are materially accurate and comply with legal and regulatory frameworks.
* B. Identify violations of laws which could be punishable by monetary penalties: Incorrect.
Auditors are not required to investigate or pursue penalties but to focus on material misstatements or risks.
* C. Identify expenditures that exceed the related obligations: Incorrect. While this could indicate an issue, auditors are not required to specifically test for this unless it relates to material misstatements or compliance issues.
* D. Design tests to detect fraud, waste, and abuse: Incorrect. Auditors are not specifically required to detect fraud, waste, and abuse, though they should be alert to indicators.
:
Government Accountability Office (GAO),Government Auditing Standards (Yellow Book).
Uniform Guidance (2 CFR Part 200),Audit Requirements for Federal Programs.

NEW QUESTION # 73
......
We can offer further help related with our GFMC study engine which win us high admiration. By devoting in this area so many years, we are omnipotent to solve the problems about the GFMC practice questions with stalwart confidence. Providing services 24/7 with patient and enthusiastic staff, they are willing to make your process more convenient. So, if I can be of any help to you in the future, please feel free to contact us at any time on our GFMC Exam Braindumps.
GFMC Exam Dumps Pdf: https://www.pdftorrent.com/GFMC-exam-prep-dumps.html
2026 Latest PDFTorrent GFMC PDF Dumps and GFMC Exam Engine Free Share: https://drive.google.com/open?id=1AB3xtOiPA4b1CKy4ddceWTj2aUzbS_5i
https://www.zertpruefung.de
Reply

Use props Report

henryjo772

133

Credits

0

Prestige

0

Contribution

registered members

Rank: 2

Credits
133
Posted at yesterday 20:18        Only Author  2#
The article was truly wonderful; thank you for sharing it! The Valid C1000-173 test simulator exam is around the corner. Fingers crossed for success!
https://www.validdumps.top
Reply

Use props Report

Return to List
High mode
B Color Image Link Quote Code Smilies
You need to log in before you can reply Login | Register

This forum Credits Rules

  •  

Service Hotline : (+86)18688117175
Contact us
E-mail : global@t-firefly.com
Copyright © 2014-2022, FIREFLY TECHNOLOGY CO.,LTD. All Rightts Reserved. 粤ICP备14022046号-2
Quick Reply Back to top Back to list