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Updated GFMC CBT | GFMC Exam Sims

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AGA GFMC Exam Syllabus Topics:

Topic
Details

Topic 1

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 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

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 5

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.

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AGA Examination 3: Governmental Financial Management and Control (GFMC) Sample Questions (Q20-Q25):

NEW QUESTION # 20
Who holds primary responsibility for establishing internal controls?

A. internal auditors
B. ccountants
C. audit committee
D. management

Answer: D

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 # 21
All of the following represent selection criteria used to make contract awards EXCEPT contractor

A. past performance records.
B. financial position.
C. union affiliations.
D. staff expertise.

Answer: C

Explanation:
* Selection Criteria for Contract Awards:
* When awarding contracts, federal, state, and local governments typically evaluate contractors based on objective criteria like staff expertise, past performance, and financial position to ensure the contractor can successfully fulfill the contract requirements.
* Union affiliationis irrelevant to the contractor's ability to meet the contractual obligations and is not a valid selection criterion.
* Explanation of Answer Choices:
* A. Staff expertise: Correctly used to ensure the contractor has qualified personnel.
* B. Past performance records: Correctly used to evaluate the contractor's historical success in fulfilling similar contracts.
* C. Union affiliations: Correct. This is not considered a valid selection criterion for contract awards.
* D. Financial position: Correctly used to assess the contractor's financial stability.
:
Federal Acquisition Regulation (FAR) Part 15,Contracting by Negotiation.
Office of Management and Budget (OMB) Circular A-102,Grant and Contract Management Requirements.

NEW QUESTION # 22
When considering materiality during the planning phase for the field work for a financial audit, the dollar threshold for materiality is determined by the

A. auditor in consultation with the auditee.
B. auditor.
C. audit committee.
D. auditee.

Answer: B

Explanation:
Materiality in Auditing:
* Materiality refers to the significance of misstatements or omissions in financial statements that could influence the decisions of users relying on those statements.
* During theplanning phaseof a financial audit, the auditor determines the dollar threshold for materiality based on professional judgment, considering the size and nature of the auditee's operations and the needs of financial statement users.
Why the Auditor Determines Materiality:
* Theauditorhas the responsibility to form an independent opinion on the financial statements and must determine materiality thresholds to design audit procedures effectively.
* Materiality thresholds guide the extent of testing and ensure the audit focuses on areas most likely to impact decision-making.
Why Other Options Are Incorrect:
* B. Auditee:The auditee provides the information, but it does not decide the materiality threshold.
* C. Auditor in consultation with the auditee:The auditor may consult with the auditee for context, but the final determination is solely the auditor's responsibility.
* D. Audit committee:While the audit committee oversees the audit, it does not set materiality thresholds.
References and Documents:
* GAAS (Generally Accepted Auditing Standards):States that materiality is determined by the auditor' s judgment.
* AICPA AU-C Section 320:Provides guidance on materiality in planning and performing audits.

NEW QUESTION # 23
In a performance aygit, due professional care is used to

A. determine scope.
B. obtain sufficient and competent evidence.
C. present the findings in accordance with GAAP.
D. set materiality of financial statements.

Answer: B

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 # 24
Business process re-engineering typically addresses all of the following EXCEPT the

A. key processes.
B. human environment.
C. technical environment.
D. organizational mission.

Answer: D

Explanation:
* Business Process Re-Engineering (BPR):
* BPR focuses onredesigning key processesto achieve dramatic improvements in efficiency, effectiveness, and performance.
* It typically involves addressing technical systems, human factors, and process workflows, but it does not involve redefining the organization's mission, which is a strategic activity outside the scope of BPR.
* Explanation of Answer Choices:
* A. Key processes: Incorrect. Key processes are the primary focus of BPR.
* B. Human environment: Incorrect. BPR often addresses human factors, such as roles and responsibilities.
* C. Organizational mission: Correct. The mission is a strategic element and not typically redefined as part of process re-engineering.
* D. Technical environment: Incorrect. BPR often involves rethinking technical systems and workflows.
:
Hammer & Champy,Reengineering the Corporation: A Manifesto for Business Revolution.
GAO,Business Process Re-Engineering for Government Efficiency.

NEW QUESTION # 25
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