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AGA CGFM Exam is a comprehensive exam that requires a significant amount of preparation and study. Candidates must have a solid understanding of financial management principles and practices in government organizations, as well as a strong ethical foundation. The CGFM Certification is highly respected by employers in the public sector, and it can open up many career opportunities for financial managers in government agencies.

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AGA Certified Government Financial Manager (CGFM) Sample Questions (Q33-Q38):

NEW QUESTION # 33
Under government fuditing standards, auditors performing financial statement audits must

A. design tests to detect fraud, waste and abuse.
B. identify expenditures that exceed the related obligations.
C. identify violations of laws which could be punishable by monetary penalties.
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.
References:
* Government Accountability Office (GAO),Government Auditing Standards (Yellow Book).
* Uniform Guidance (2 CFR Part 200),Audit Requirements for Federal Programs.

NEW QUESTION # 34
Which of the following would auditors issue an opinion on?

A. compliance audits
B. forensic audits
C. performance 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.
References:
* AICPA,Audit Opinions on Financial Statements.
* GAO,Government Auditing Standards (Yellow Book).

NEW QUESTION # 35
Banks offer following short-term, loans, EXCEPT:

A. Bond anticipation notes (BANs) in anticipation of future long-term financing
B. None of these
C. Tax anticipation notes (TANs) or revenue anticipation of taxes or other revenue that will be received
D. A line of credit against which a specified dollar amount may be drawn with interest paid, usually monthly

Answer: B

NEW QUESTION # 36
Small local governments in states not requiring a financial audit may choose:

A. Agreed-upon procedures D.
B. Review or Member's audit
C. Any of these
D. A compilation

Answer: C

NEW QUESTION # 37
A Stabile economy is defined as?
I. An equilibrium in the international balance of payments
II. Full employment
III. Economist growth
IV. Frequent changes in Price

A. I, III, IV
B. All of there
C. Only I, II
D. All EXCEPT IV

Answer: D

NEW QUESTION # 38
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