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: Dec 18, 2025

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Question 1

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 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

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 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

A capital asset transferred to another department within the same government should be

A : recorded with the original department to maximize receipts.

B : recorded with the second department to minimize costs.

C : retained in the government's fixed asset tracking system with no change in book value to either department.

D : retained in the government's fixed asset tracking system showing the book value of the asset transferred to the receiving department.

Answer: D

Page: 1 / 24

Total 117 Questions | Updated On: Dec 18, 2025

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