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AGA CGFM Web-Based Practice Program
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The Certified Government Financial Manager (CGFM) exam is a professional certification program for individuals who work in financial management positions in government agencies. The CGFM is awarded by the Association of Government Accountants (AGA), which is a professional organization for government financial professionals. The CGFM exam is designed to test the knowledge and skills of financial managers in areas such as financial reporting, budgeting, and auditing.
AGA CGFM (Certified Government Financial Manager) Certification Exam was designed for professionals in the financial management field who have experience and expertise in government financial management. CGFM Exam is a mid-level credential and has been established by the Association of Government Accountants (AGA), a non-profit organization, since 1994.
Achieving the CGFM certification demonstrates a commitment to excellence and a dedication to the government financial management profession. It also provides individuals with the opportunity to expand their knowledge and skills in the field and to stay current with the latest trends and best practices. In addition, individuals who hold the CGFM certification are eligible for a variety of professional development opportunities, including continuing education courses and conferences, which can help advance their careers.
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AGA Certified Government Financial Manager (CGFM) Sample Questions (Q112-Q117):
NEW QUESTION # 112
What is the formal tam for the listing and assessment of an agency's top risks?
- A. risk assessment
- B. risk profile
- C. risk register
- D. risk management plan
Answer: B
Explanation:
What Is a Risk Profile?Arisk profileis the formal listing and assessment of an agency's top risks. It identifies the risks that could significantly impact an organization's ability to achieve its objectives and prioritizes them based on factors like likelihood and impact.
Why Is the Risk Profile Important?
* The risk profile helps management focus on the most critical risks and allocate resources to address them effectively. It is a core element of enterprise risk management frameworks (e.g., COSO ERM).
* In the federal government,OMB Circular A-123requires agencies to maintain a risk profile as part of their internal control and risk management processes.
Why Other Options Are Incorrect:
* B. Risk Management Plan:This is broader and includes strategies for mitigating and monitoring risks, not just listing and assessing them.
* C. Risk Assessment:This is a process used to identify and evaluate risks but does not specifically refer to the formal listing of risks.
* D. Risk Register:While similar to a risk profile, a risk register typically includes more granular details, such as specific control measures, responsibilities, and timelines.
References and Documents:
* OMB Circular A-123:Requires federal agencies to develop a risk profile as part of their risk management framework.
* COSO ERM Framework (2017):Describes the risk profile as a tool for managing enterprise-wide risks.
NEW QUESTION # 113
Under the arrangement, governments completely outsource the
reconciliation to the bank, which reports items issued and paid, issued but not paid, and not yet issued.
- A. Reverse positive pay
- B. Partial reconciliation
- C. Full reconciliation
- D. None of these
Answer: C
NEW QUESTION # 114
In relation to financial reporting, who evaluates internal controls to support an opinion on a fair presentation of the financial statements?
- A. the audit committee
- B. the program office
- C. the independent auditor
- D. management
Answer: C
Explanation:
Role of the Independent Auditor in Financial Reporting:
* Independent auditors evaluate internal controls as part of their audit procedures to support an opinion on the fair presentation of the financial statements. This includes assessing whether internal controls over financial reporting are designed and operating effectively.
* This evaluation helps ensure that financial statements are free of material misstatements, whether due to error or fraud.
Why Management Does Not Do This:
* Managementdesigns and implements internal controls but does not evaluate them to support the auditor's opinion. Management's responsibility is to certify the accuracy of the financial statements, while the auditor provides an independent opinion.
Why Other Options Are Incorrect:
* C. The program office:This entity oversees operations but does not perform evaluations to support an audit opinion.
* D. The audit committee:The committee provides oversight of the audit process but does not perform the evaluation itself.
References and Documents:
* GAAS (Generally Accepted Auditing Standards):Outlines the responsibilities of independent auditors regarding internal control evaluation.
* GAO Yellow Book:Specifies the role of external auditors in evaluating internal controls during financial audits.
NEW QUESTION # 115
At the federal level, financial auditing is conducted by two organization conducts an annual financial audit
- A. Dealer
- B. Financial auditor
- C. Auditing auditor
- D. Inspectors general
Answer: D
NEW QUESTION # 116
Other factors being equal, when the cost of inventory has increased over several financial statement periods, an agency using LIFO will:
- A. need to increase the audit frequency.
- B. need to restate their financial statements after five years of cost increases.
- C. reflect lower net income than an agency that uses the average cost inventory method.
- D. show a higher value of ending inventory than a similar agency that uses FIFO.
Answer: C
NEW QUESTION # 117
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