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Latest updated Test GFMC Questions Vce & The Best Assstant to help you pass GFMC: Examination 3: Governmental Financial Management and Control (GFMC)

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AGA GFMC Exam Syllabus Topics:

Topic
Details

Topic 1

Internal Control: This section of the exam measures the capabilities of compliance officers and internal auditors in implementing and evaluating internal control systems. It includes knowledge of COSO frameworks, OMB standards, and audit procedures aimed at fraud prevention and legal compliance. Candidates must understand roles and responsibilities related to internal control, risk assessment, reporting mechanisms, and enterprise risk management frameworks.

Topic 2

Performance Measurement
Metrics
Service Efforts and Accomplishments: This section of the exam measures the ability of program managers and strategic planners to align performance indicators with organizational outcomes. It covers the integration of financial and non-financial metrics with strategic goals, the importance of transparency and accountability, and how performance data informs budgetary decisions. Candidates must understand stakeholder engagement, baseline setting, legal compliance, and benchmark creation.

Topic 3

Financial Management Functions: This section of the exam measures the competencies of public sector finance officers and treasury analysts in managing financial operations in government environments. It covers essential areas such as cash flow practices, investment strategy, debt recovery, and procurement processes. Candidates are expected to understand property and inventory systems, evaluate IT-based financial systems, and apply emerging technologies. Shared services and project management principles are also included as foundational knowledge areas.

Topic 4

Auditing: This section of the exam measures the auditing knowledge of financial controllers and government auditors. It focuses on audit standards, types of audits, the audit process, and the responsibilities of both auditors and auditees. Key topics include audit preparation, follow-up, independence, materiality, and the scope of the Single Audit Act. Candidates are also expected to be familiar with fieldwork, reporting, and confidentiality concerns relevant to public sector audits.

Topic 5

Financial and Managerial Analysis Techniques: This section of the exam measures the skills of budget analysts and financial managers in using quantitative tools and data to assess financial decisions. It includes techniques like trend and ratio analysis, forecasting, regression, and data analytics. It also tests understanding of data sources, reliability, and how forensic auditing can be used for deeper insight into financial activities.

AGA Examination 3: Governmental Financial Management and Control (GFMC) Sample Questions (Q16-Q21):

NEW QUESTION # 16
Management's ability to monitor for financial control weakness is most compromised if

A. financial data is inaccurate.
B. theft has occurred.
C. collusion is present.
D. performance data is inaccurate.

Answer: C

Explanation:
* Collusion as a Threat to Monitoring:
* Collusion occurs when two or more individuals work together to circumvent internal controls.
* Even with strong controls in place, collusion can undermine monitoring because it allows individuals to bypass controls without detection.
* Explanation of Answer Choices:
* A. Theft has occurred: Incorrect. While theft is a problem, it is often detected if controls and monitoring are functioning properly.
* B. Financial data is inaccurate: Incorrect. Inaccurate financial data can compromise decision- making, but strong monitoring can help detect and correct errors.
* C. Performance data is inaccurate: Incorrect. While inaccurate performance data is problematic, it does not directly compromise the monitoring of financial control weaknesses.
* D. Collusion is present: Correct. Collusion is the most significant threat because it undermines the effectiveness of internal controls and makes monitoring ineffective.
:
GAO,Standards for Internal Control in the Federal Government (Green Book).
Association of Certified Fraud Examiners (ACFE),Fraud Risk Management Framework.

NEW QUESTION # 17
For financial audits, generally accepted auditing standards require that auditors accomplish all of the following tasks EXCEPT

A. adequately plan the work.
B. obtain sufficient appropriate audit evidence.
C. supervise any assistants.
D. make the audit report available to the public.

Answer: D

Explanation:
What Do Generally Accepted Auditing Standards (GAAS) Require for Financial Audits?
GAAS outlines specific requirements for auditors conducting financial audits, including:
* Adequately Planning the Work (Option A):Proper planning ensures that audits are efficient and thorough.
* Obtaining Sufficient, Appropriate Audit Evidence (Option C):This is critical to support the auditor' s opinion on the financial statements.
* Supervising Assistants (Option D):Supervising any audit staff ensures that work is performed in accordance with standards.
What Does GAAS Not Require?
* GAAS does not specifically require auditors to make the audit report available to the public (Option B).
While making reports available to the public may be required by other laws, regulations, or organizational policies, it is not a standard requirement under GAAS. The decision to make the report public often lies with the audited entity or governing bodies.
References and Documents:
* AICPA Statements on Auditing Standards (SAS):The foundational standards that define GAAS requirements.
* GAGAS (Yellow Book):While GAGAS may have additional reporting requirements, it does not mandate public access to the audit report unless stipulated by law.

NEW QUESTION # 18
Performance measures that relate program inputs to program outcomes are called

A. cost-effectiveness measures.
B. process measures.
C. activity measures.
D. efficiency measures.

Answer: A

Explanation:
* Definition of Cost-Effectiveness Measures:
* Cost-effectiveness measures assess therelationship between inputs (resources used)and outcomes (results achieved)to determine whether a program delivers value for the resources invested.
* Explanation of Answer Choices:
* A. Efficiency measures: Incorrect. These relate inputs to outputs, focusing on how efficiently resources are used to produce services, but not directly tied to outcomes.
* B. Process measures: Incorrect. These measure activities or steps within a program but do not assess outcomes.
* C. Cost-effectiveness measures: Correct. These directly link inputs to outcomes, measuring the program's effectiveness in achieving its objectives relative to costs.
* D. Activity measures: Incorrect. These track the level of activity or effort but not outcomes or effectiveness.
:
GASB,Performance Measurement and Reporting for Government Programs.
GAO,Best Practices in Measuring Program Effectiveness.

NEW QUESTION # 19
Cloud computing includes which of the following services?

A. hosted
B. gateway transmission
C. mainframe computing
D. satellite-to-satellite

Answer: A

Explanation:
* Definition of Cloud Computing:
* Cloud computing refers to the delivery of computing services (e.g., servers, storage, databases, networking, software) over the internet.
* A common feature of cloud computing is the "hosted" service model, where applications, storage, or infrastructure are hosted and managed by a cloud service provider.
* Explanation of Answer Choices:
* A. Satellite-to-satellite: This involves communication between satellites, unrelated to cloud computing.
* B. Hosted: Correct. Hosted services are a fundamental aspect of cloud computing, where applications or data are stored and accessed on remote servers.
* C. Gateway transmission: Refers to communication gateways, unrelated to cloud computing services.
* D. Mainframe computing: Mainframes are large on-premises computers, not part of the cloud model.
:
National Institute of Standards and Technology (NIST),Cloud Computing Reference Architecture.
Federal Risk and Authorization Management Program (FedRAMP),Cloud Service Providers Guidance.

NEW QUESTION # 20
The Federal Credit Reform Act requires complex calculations, which are likely to include errors. This is an example of

A. audit risk.
B. control risk.
C. inherent risk.
D. detection risk.

Answer: C

Explanation:
Definition of Inherent Risk:
Inherent risk refers to the risk of material misstatement in financial statements or other reports due to the nature of the subject matter, without considering any controls in place. It arises from the complexity, judgment, or uncertainty involved in the underlying transactions or calculations.
Why This Is Inherent Risk:
* TheFederal Credit Reform Actrequires complex calculations to estimate loan subsidies, interest rates, and cash flows. These calculations inherently involve significant judgment and estimation, making them prone to errors. This is a classic example of inherent risk because the complexity exists regardless of controls.
Why Other Options Are Incorrect:
* A. Audit Risk:This refers to the overall risk that the auditor may issue an incorrect opinion. In this case, the issue is about the inherent complexity of the calculations, not the auditor's procedures.
* B. Control Risk:This is the risk that errors will not be prevented or detected due to weak internal controls. While control risk could contribute to misstatements, it is not the primary issue in this example.
* C. Detection Risk:This is the risk that auditors will not detect a misstatement. This risk relates to audit procedures, not the inherent complexity of the calculations.
References and Documents:
* GAO Yellow Book on Risk Assessment:Explains inherent risk in the context of government financial reporting.
* AICPA Standards on Audit Risk (AU-C 315):Highlights inherent risk as arising from the nature of transactions or subject matter.

NEW QUESTION # 21
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