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[Hardware] New GFMC Study Notes - Exam GFMC Flashcards

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【Hardware】 New GFMC Study Notes - Exam GFMC Flashcards

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AGA Examination 3: Governmental Financial Management and Control (GFMC) Sample Questions (Q77-Q82):NEW QUESTION # 77
For financial audits, generally accepted auditing standards require that auditors accomplish all of the following tasks EXCEPT
  • A. make the audit report available to the public.
  • B. obtain sufficient appropriate audit evidence.
  • C. adequately plan the work.
  • D. supervise any assistants.
Answer: A
Explanation:
What Do Generally Accepted Auditing Standards (GAAS) Require for Financial Audits?
GAAS outlines specific requirements for auditors conducting financial audits, including:
* Adequately Planning the Work (Option A)roper planning ensures that audits are efficient and thorough.
* Obtaining Sufficient, Appropriate Audit Evidence (Option C):This is critical to support the auditor' s opinion on the financial statements.
* Supervising Assistants (Option D):Supervising any audit staff ensures that work is performed in accordance with standards.
What Does GAAS Not Require?
* GAAS does not specifically require auditors to make the audit report available to the public (Option B).
While making reports available to the public may be required by other laws, regulations, or organizational policies, it is not a standard requirement under GAAS. The decision to make the report public often lies with the audited entity or governing bodies.
References and Documents:
* AICPA Statements on Auditing Standards (SAS):The foundational standards that define GAAS requirements.
* GAGAS (Yellow Book):While GAGAS may have additional reporting requirements, it does not mandate public access to the audit report unless stipulated by law.

NEW QUESTION # 78
Which of the following would auditors issue an opinion on?
  • A. performance audits
  • B. forensic audits
  • C. compliance audits
  • D. financial statement audits
Answer: D
Explanation:
* Audit Opinions:
* Auditors issue opinions onfinancial statement auditsto provide assurance about whether the financial statements are presented fairly in accordance with applicable accounting standards (e.g., GAAP).
* Other types of audits, such as performance or forensic audits, do not typically result in opinions but may provide findings or recommendations.
* Explanation of Answer Choices:
* A. Performance audits: These assess efficiency, effectiveness, or economy but do not include an opinion.
* B. Compliance audits: These assess adherence to laws or regulations and may include findings but not an opinion.
* C. Financial statement audits: Correct. These audits include an auditor's opinion on the fairness of the financial statements.
* D. Forensic audits: These focus on fraud investigation and result in findings, not an opinion.
:
AICPA,Audit Opinions on Financial Statements.
GAO,Government Auditing Standards (Yellow Book).

NEW QUESTION # 79
Which of the following includes the aggregate level and types of risks that the organization is willing to assume in order to achieve its Strategic objectives?
  • A. risk register
  • B. risk profile
  • C. risk and control evaluation matrix
  • D. risk and control assessment tool
Answer: B
Explanation:
What Is a Risk Profile?
* Arisk profilerepresents the aggregate level and types of risks that an organization is willing to accept in pursuit of its strategic objectives. It aligns with the organization's risk appetite and tolerance and helps prioritize and manage risks effectively.
* This profile typically includes key risks, their likelihood, and potential impact, as well as how those risks align with the organization's mission and strategy.
Why Is Risk Profile the Correct Answer?
* The risk profile provides an enterprise-wide view of risks and their potential influence on achieving strategic goals. It aggregates risks across all levels of the organization and ensures that management considers them when making decisions.
Why Other Options Are Incorrect:
* A. Risk Register:While a risk register includes detailed descriptions of individual risks, it does not aggregate risk levels or types across the organization.
* B. Risk and Control Evaluation Matrix:This tool evaluates specific risks and controls but does not capture the organization's overall risk appetite or profile.
* D. Risk and Control Assessment Tool:This is a generic tool for assessing risks and controls, not for aggregating the overall risk picture.
References and Documents:
* OMB Circular A-123:Specifies the need for agencies to maintain a risk profile as part of enterprise risk management.
* COSO ERM Framework (2017)efines a risk profile as central to managing risks in alignment with strategic objectives.

NEW QUESTION # 80
The Prompt Payment Act requires federal agencies to pay
  • A. interest when an invoice is paid late.
  • B. invoices no later than 60 days after receipt of the invoice.
  • C. interest on intragovernmental invoices.
  • D. invoices immediately when received.
Answer: A
Explanation:
* Overview of the Prompt Payment Act (PPA):
* ThePrompt Payment Act (31 U.S.C. Chapter 39)requires federal agencies to pay vendors for goods and services in a timely manner.
* If payment is not made within the required time frame (usually 30 days after receiving a proper invoice), the agency must payinterest penaltiesto the vendor for the late payment.
* Explanation of Answer Choices:
* A. Invoices immediately when received: Incorrect. Federal agencies are not required to pay invoices immediately; they must process payments within the specified timeframe.
* B. Interest when an invoice is paid late: Correct. Agencies must pay interest penalties for late payments.
* C. Invoices no later than 60 days after receipt of the invoice: Incorrect. The standard timeframe is 30 days unless otherwise specified in the contract.
* D. Interest on intragovernmental invoices: Incorrect. The PPA does not apply to intragovernmental transactions.
:
Prompt Payment Act,31 U.S.C. Chapter 39.
U).S. Department of the Treasury,Prompt Payment Act Guidelines.

NEW QUESTION # 81
When planning for local government financial statement audit, what data source should the auditor consider first?
  • A. fund financial statements
  • B. government-wide financial statements
  • C. previous audit findings
  • D. reconciliations between fund financial statements
Answer: C
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 # 82
......
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