Online Access Free GFMC Exam Questions

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

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

Management's need for real-time access to data is facilitated when

• A.data is represented visually and includes information that indirectly relates to the subject matter.
• B.complex data sets are available on demand, presented with minimal distractions.
• C.data supporting dashboards are updated every quarter.
• D.the prior year's financial statement data underlies the management reports used to decide on future expenditures.

Which of the following statements from an audit finding is the condition?

• A.We identified multiple credit card purchases without receipts to support them.
• B.Government policy requires a cardholder to submit receipts for all purchases.
• C.We recommend that the government implements a timely review of all credit card purchases.
• D.Finance Department personnel did not regularly review purchases to ensure compliance.

A material weakness in internal control over financial reporting is defined as a deficiency that

• A.results in a misstatement to the basic financial statements.
• B.results in a material misstatement in other accompanying financial information.
• C.creates a reasonable possibility of a material misstatement to the financial statements that will not be detected in a timely manner.
• D.did not allow management to perform their assigned responsibility to prevent, detect and correct misstatements in a timely manner.

In state and local financial audits, material weaknesses must be reported to the

• A.local media.
• B.governing body.
• C.taxpayers.
• D.legislature.