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: Jul 30, 2025

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Question 1

A governmental attestation engagement may include a requirement to

A : monitor a subgrantee for compliance to the grant restrictions.

B : establish a policy concerning fraud prevention.

C : monitor purchasing card charges for compliance with travel policies.

D : review the revenue coverage requirements on outstanding bonds.

Answer: D

Question 2

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 3

Which of the following acts requires federal agencies to pay interest to state government funds for entitlements that are not provided in a timely manner?

A : Debt Collection Improvement Act

B : CFO Act

C : Accountability for Tax Dollars Act

D : Cash Management Improvement Act

Answer: D

Question 4

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

Question 5

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

Page: 1 / 24

Total 117 Questions | Updated On: Jul 30, 2025

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