Free AGA CGFM Exam Questions

Become AGA Certified with updated CGFM exam questions and correct answers

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Total 117 Questions | Updated On: Jun 16, 2026

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Question 1

Government entity SEA reporting provides users of general purpose financial reports with an

A : evaluation of the effects of changes in public policy.

B : assessment of financial condition and results of operations.

C : assessment of the accountability of the public administrators.

D : evaluation of the efficiency and effectiveness of governmental programs.

Answer: D

Question 2

When planning for local government financial statement audit, what data source should the auditor consider first?

A : government-wide financial statements

B : fund financial statements

C : reconciliations between fund financial statements

D : previous audit findings

Answer: D

Question 3

When reviewing a report on internal control from a shared service provider that noted a weakness, the agency should

A : consider the existence of compensating or mitigating controls.

B : ask the service provider to correct the weakness.

C : dismiss the weakness.

D : refer the weakness to the Contracting Officer.

Answer: A

Question 4

Management shoulg consider the cost of internal controls in relationship to

A : the available budget.

B : inherent risks.

C : benefits provided.

D : risk of collusion.

Answer: C

Question 5

The first step in assessing an agency's internal control program's compliance with applicable laws and regulations is to

A : review legal actions against the agency for noncompliance with laws and regulations.

B : contact the legislature to secure its views on any areas of regulatory noncompliance.

C : develop an inventory of the applicable laws and regulations.

D : request a compliance review from the agency's chief legal officer.

Answer: C

Page: 1 / 24

Total 117 Questions | Updated On: Jun 16, 2026

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