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Introduction to AGA CGFM: Certified Government Financial Manager (CGFM) Exam

Certified State Financial Manager is a professional certification given by AGA, showing expertise in federal, state and local government accounting, auditing, financial reporting, internal control and management. CGFM is a recognized certification that acknowledges the specific expertise and knowledge that a successful financial manager of the Government needs. You may increase your professional possibilities and differentiate yourself from the others in your industry by becoming a CGFM. AGA CGFM Exam Dumps is the best way to learn all the concepts of the examination.

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CGFM Sample Questions Answers & New CGFM Test Fee

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AGA CGFM certification is highly valued and sought after by government finance professionals, as it demonstrates a deep understanding and mastery of the complex financial systems and regulations that govern public sector finance. The AGA CGFM certification provides a competitive edge for those seeking to advance their careers in government finance, and can lead to better job opportunities and higher salaries. Ultimately, the CGFM Certification is a mark of excellence and commitment to the highest standards of professionalism in government financial management.

AGA Certified Government Financial Manager (CGFM) Sample Questions (Q12-Q17):

NEW QUESTION # 12
Which of the following statements from an audit finding is the condition?

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

Answer: B

Explanation:
* Definition of the Condition in an Audit Finding:
* The "condition" describes the actual state observed during the audit. It highlights what occurred in practice, serving as the factual basis for the finding.
* In this case, the condition is theabsence of receiptsfor multiple credit card purchases.
* Explanation of Answer Choices:
* A. We identified multiple credit card purchases without receipts to support them: Correct.
This is the observed issue (condition).
* B. Government policy requires a cardholder to submit receipts for all purchases: This is the
"criteria," which defines the standard or rule being audited against.
* C. Finance Department personnel did not regularly review purchases to ensure compliance:
This is the "cause," explaining why the condition occurred.
* D. We recommend that the government implements a timely review of all credit card purchases: This is the "recommendation," not the condition.
References:
* GAO,Government Auditing Standards (Yellow Book).
* AICPA,Elements of an Audit Finding Guidance.

NEW QUESTION # 13
In an internal control evaluation, what are the roles of management and the auditor regarding the risk of fraud, waste and abuse?

A. Both management and auditors determine risk tolerance levels.
B. Management identifies risks, auditors assess control effectiveness.
C. Management mitigates risks, auditors monitor compliance with controls.
D. Auditors identify risks, management implements control measures.

Answer: B

Explanation:
Role of Management in Internal Control Evaluation:
* Responsibility for Risk Identification:Management has the primary responsibility for designing, implementing, and maintaining an effective system of internal controls. As part of this process, management identifies the risks related to fraud, waste, and abuse that could impact financial reporting or operational efficiency.
* Mitigating Risks:Once risks are identified, management is responsible for mitigating them by developing appropriate policies, procedures, and controls.
Role of the Auditor in Internal Control Evaluation:
* Assessing Control Effectiveness:Auditors are not responsible for designing or implementing controls; rather, their role is to evaluate whether the controls put in place by management are effective. They do this through testing, observation, and other audit procedures.
* Fraud Risk Assessment:As part of their duties under Generally Accepted Government Auditing Standards (GAGAS), auditors must assess the risk of material misstatement due to fraud and evaluate how management's controls address those risks.
Why Other Options Are Incorrect:
* B.Auditors do not identify risks-this is management's job. Auditors evaluate and assess the controls already in place.
* C.Determining risk tolerance is a governance and management responsibility, not the joint responsibility of auditors and management.
* D.Management mitigates risks, but auditors don't monitor compliance with controls-they test and evaluate the controls as part of their audit procedures.
References and Documents:
* GAGAS (Yellow Book) by GAO:Emphasizes management's responsibility for risk identification and the auditor's responsibility for assessing control effectiveness.
* COSO Internal Control Framework (2013):Highlights management's responsibility for risk assessment and control design, while auditors provide independent assurance.

NEW QUESTION # 14
Assume an invoice with credit terms of 2%/10, net30. The interest charge is 2% of $1000, or $20; the principal is $980; and the days of principal borrowed are the 20 days of credit.
What is the interest rate offered if the discount is taken?

A. 37%
B. 37.23%
C. 37.35%
D. 37.33%

Answer: B

NEW QUESTION # 15
To issue bonds, a government depends on many specialists including:

A. All of these
B. Consulting engineer
C. Bond counsel
D. Financial adviser

Answer: A

NEW QUESTION # 16
A city buys a T-bill with a face value of $10,000 for $9,800. The bill matures in 91 days.
What is the yield?

A. 8.07%
B. 87.07%
C. 8.70%
D. 8.007%

Answer: A

NEW QUESTION # 17
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Pass Guaranteed AGA - CGFM Accurate Test Dump

Introduction to AGA CGFM: Certified Government Financial Manager (CGFM) Exam

CGFM Sample Questions Answers & New CGFM Test Fee

AGA Certified Government Financial Manager (CGFM) Sample Questions (Q12-Q17):