Online Access Free CGFM Exam Questions

A state agency has begun a pilot program with a community action agency for a community-based approach to provide services to underserved areas. A review after the first year compared the number of families served by both agencies and identified efficiencies reached by having community involvement. What type of engagement was used to review the pilot program?

• A.performance audit
• B.single audit
• C.financial audit
• D.attestation

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

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

The basic steps in fraud audits include all of the following EXCEPT

• A.reporting the results.
• B.considering political ramifications.
• C.follow-up on control weaknesses.
• D.consulting legal counsel.

The value, in current dollars, of a sum of money to be received in the future describes

• A.future value.
• B.present value.
• C.payback value.
• D.annuity value.

The Single Audit Act requires

• A.federal departments to have single audits of financial management systems.
• B.agencies to establish and assess internal controls related to audits.
• C.agencies to use an audit process to maximize the value of and manage acquisition risks.
• D.financial statement audits of non-federal entities that receive or administer grant awards of federal funds.