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AGA Examination 3: Governmental Financial Management and Control (GFMC) Sample Questions (Q25-Q30):

NEW QUESTION # 25
When reviewing a report on internal control from a shared service provider that noted a weakness, the agency should

A. dismiss the weakness.
B. ask the service provider to correct the weakness.
C. refer the weakness to the Contracting Officer.
D. consider the existence of compensating or mitigating controls.

Answer: D

Explanation:
* Response to Weaknesses in Shared Service Providers:
* Shared service providers often issue reports on internal controls (e.g., SOC 1 or SOC 2 reports).
* When a weakness is identified, the recipient agency must evaluate whether compensating or mitigating controls exist to address the risk, ensuring continued reliability.
* Explanation of Answer Choices:
* A. Consider the existence of compensating or mitigating controls: Correct. This is a standard response to internal control weaknesses, as outlined in auditing and risk management best practices.
* B. Ask the service provider to correct the weakness: Incorrect. While this may be appropriate, the recipient agency is ultimately responsible for evaluating and addressing the risk.
* C. Dismiss the weakness: Incorrect. Ignoring a weakness can expose the agency to risk.
* D. Refer the weakness to the Contracting Officer: Incorrect. This may be part of the process, but the agency must first assess the impact and controls.
:
American Institute of Certified Public Accountants (AICPA),SOC Reports Guidance.
Government Accountability Office (GAO),Internal Control Standards for Federal Agencies.

NEW QUESTION # 26
The first step in investment management is to

A. establish criteria for divesting.
B. develop an investment policy manual.
C. ensure all employees understand their investment options.
D. develop a consensus among managers of the investment objectives.

Answer: D

Explanation:
Investment Management Basics:
The first step in investment management is establishing theobjectivesof the investment program. This requires consensus among key stakeholders, such as managers, on what the investment goals are (e.g., risk tolerance, return expectations, liquidity needs).
* Without clear objectives, subsequent steps like developing policies or selecting investments cannot be effectively carried out.
Why Consensus Is Important:
* Investment objectives must align with the organization's mission, risk tolerance, and financial goals.
* Consensus ensures that all managers are on the same page before developing specific strategies or policies.
Why Other Options Are Incorrect:
* A. Ensure employees understand their investment options:Employee understanding is not the first step; it comes later when the investment strategy is implemented.
* C. Develop an investment policy manual:This happens after the objectives have been established.
* D. Establish criteria for divesting:Divestment criteria are part of the investment policy and are determined later.
References and Documents:
* GAO Financial Management Guide:Highlights setting objectives as the first step in investment management.
* COSO Framework for Investment Risk Management:Stresses the importance of aligning objectives before policy development.

NEW QUESTION # 27
What is the formal tam for the listing and assessment of an agency's top risks?

A. risk management plan
B. risk register
C. risk assessment
D. risk profile

Answer: D

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 # 28
Federal entities primarily assess internal controls to

A. determine what legislation is not applicable to the entity.
B. identify program areas where efficiencies may be gained.
C. ensure there is no fraud, waste or abuse within the entity.
D. confirm that all management objectives will be met.

Answer: B

Explanation:
* Federal Entities and Internal Controls:
* Federal entities assess internal controls to ensure efficient, effective, and economical use of resources while achieving program objectives.
* Internal control assessments often identify areas for improvement, such as reducing waste or increasing operational efficiency.
* Explanation of Answer Choices:
* A. Confirm that all management objectives will be met: Internal controls reduce risk but do not guarantee all objectives will be achieved.
* B. Identify program areas where efficiencies may be gained: Correct. Internal controls are assessed to optimize operations and identify improvements.
* C. Ensure there is no fraud, waste, or abuse within the entity: While controls mitigate risks of fraud, waste, or abuse, assessments aim to identify opportunities for efficiency.
* D. Determine what legislation is not applicable to the entity: This is unrelated to internal control assessments.
:
GAO,Standards for Internal Control in the Federal Government (Green Book).
Office of Management and Budget (OMB),Circular A-123, Internal Control Systems.

NEW QUESTION # 29
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.
:
AICPA,Audit Opinions on Financial Statements.
GAO,Government Auditing Standards (Yellow Book).

NEW QUESTION # 30
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