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AGA Examination 3: Governmental Financial Management and Control (GFMC) Sample Questions (Q27-Q32):

NEW QUESTION # 27
Which of the following would auditors issue an opinion on?

A. performance audits
B. compliance audits
C. financial statement audits
D. forensic audits

Answer: C

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 # 28
The first step in the internal control evaluation process is

A. identifying potential risks.
B. assessing the adequacy of controls.
C. documenting how transactions of events are processed.
D. identifying the effectiveness of management activities.

Answer: A

Explanation:
What Is Internal Control Evaluation?
Internal control evaluation is the process of assessing an organization's internal controls to ensure they are adequate and effective in mitigating risks, ensuring compliance, and achieving objectives.
Why Is Identifying Potential Risks the First Step?
* The entire purpose of internal controls is to mitigate risks. Therefore, before evaluating the controls, you need to identify the risks they are meant to address.
* Once risks are identified, the organization can evaluate whether the existing controls are adequate and effective in mitigating those risks.
* This approach aligns with risk-based frameworks like theCOSO Internal Control Framework, which emphasizes risk identification as the foundation for effective controls.
Why Other Options Are Incorrect:
* A. Identifying the effectiveness of management activities:This is part of control evaluation but occurs after risks and controls are identified.
* B. Assessing the adequacy of controls:Controls cannot be assessed until the risks they address are identified.
* C. Documenting how transactions or events are processed:While this step is important, it comes later in the process, after risks and controls are identified.
References and Documents:
* COSO Internal Control Framework:Identifies risk assessment as the foundation for designing and evaluating controls.
* GAO Standards for Internal Control (Green Book):Highlights risk identification as the first step in the control process.

NEW QUESTION # 29
All of the following represent selection criteria used to make contract awards EXCEPT contractor

A. past performance records.
B. financial position.
C. union affiliations.
D. staff expertise.

Answer: C

Explanation:
* Selection Criteria for Contract Awards:
* When awarding contracts, federal, state, and local governments typically evaluate contractors based on objective criteria like staff expertise, past performance, and financial position to ensure the contractor can successfully fulfill the contract requirements.
* Union affiliationis irrelevant to the contractor's ability to meet the contractual obligations and is not a valid selection criterion.
* Explanation of Answer Choices:
* A. Staff expertise: Correctly used to ensure the contractor has qualified personnel.
* B. Past performance records: Correctly used to evaluate the contractor's historical success in fulfilling similar contracts.
* C. Union affiliations: Correct. This is not considered a valid selection criterion for contract awards.
* D. Financial position: Correctly used to assess the contractor's financial stability.
:
Federal Acquisition Regulation (FAR) Part 15,Contracting by Negotiation.
Office of Management and Budget (OMB) Circular A-102,Grant and Contract Management Requirements.

NEW QUESTION # 30
The scope of a single audit engagement includes all of the following EXCEPT

A. performance results.
B. financial statements.
C. compliance with terms of the award.
D. internal controls.

Answer: A

Explanation:
* Scope of Single Audit:The scope includes:
* Financial Statements: Ensuring accurate reporting of financial activities.
* Internal Controls: Evaluating effectiveness in compliance with federal requirements.
* Compliance: Ensuring compliance with the terms and conditions of the award.
* Explanation of Answer Choices:
* A. Financial statements: Included in the audit.
* B. Internal controls: Included to ensure compliance.
* C. Performance results: Correct. Single audits do not assess program outcomes or effectiveness.
* D. Compliance with terms of the award: Included to ensure federal funds are used appropriately.
:
Uniform Guidance (2 CFR Part 200),Audit Requirements.
Government Accountability Office (GAO),Yellow Book: Standards for Audits of Federal Awards.

NEW QUESTION # 31
In relation to financial reporting, who evaluates internal controls to support an opinion on a fair presentation of the financial statements?

A. the program office
B. the audit committee
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 # 32
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