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AGA GFMC Exam Syllabus Topics:

Topic
Details

Topic 1

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 2

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 3

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 4

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.

Topic 5

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.

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AGA Examination 3: Governmental Financial Management and Control (GFMC) Sample Questions (Q45-Q50):

NEW QUESTION # 45
Which of the following disbursement techniques can be used to ensure timely payments?

A. bank cards
B. drafts
C. checks
D. warrants

Answer: B

Explanation:
What Are Disbursement Techniques?
* Disbursement techniques refer to the methods used by organizations to pay vendors or settle financial obligations. The timeliness of payments depends on the technique used.
Why Are Drafts the Best Option for Timely Payments?
* Adraftis a payment instrument issued by an organization's bank, drawn against its account, and typically includes specific payment timing instructions.
* Drafts allow the payer to specify the timing of payments, ensuring they are made on time.
Why Other Options Are Incorrect:
* A. Warrants:Warrants authorize payments but do not ensure timeliness as they require additional processing before funds are disbursed.
* B. Checks:Checks rely on postal delivery and clearing times, which may delay payments.
* D. Bank cards:While convenient, bank cards are typically used for immediate payments, not for ensuring future timely disbursements.
References and Documents:
* Treasury Financial Manual:Highlights drafts as a disbursement tool for controlling the timing of payments.
* GAO Cash Management Guide:Discusses the benefits of drafts in ensuring timely payments.

NEW QUESTION # 46
Under government fuditing standards, auditors performing financial statement audits must

A. identify violations of laws which could be punishable by monetary penalties.
B. identify expenditures that exceed the related obligations.
C. design tests to assess compliance with laws, regulations, contracts and grant agreements.
D. design tests to detect fraud, waste and abuse.

Answer: C

Explanation:
* Government Auditing Standards (GAS):
* GAS, often referred to as theYellow Book, outlines the responsibilities of auditors conducting financial statement audits for government entities.
* One core requirement is that auditors must consider compliance with applicable laws, regulations, contracts, and grant agreements that could materially affect financial statements.
* Explanation of Answer Choices:
* A. Design tests to assess compliance with laws, regulations, contracts, and grant agreements Correct. This is a required component under GAS to ensure financial statements are materially accurate and comply with legal and regulatory frameworks.
* B. Identify violations of laws which could be punishable by monetary penalties: Incorrect.
Auditors are not required to investigate or pursue penalties but to focus on material misstatements or risks.
* C. Identify expenditures that exceed the related obligations: Incorrect. While this could indicate an issue, auditors are not required to specifically test for this unless it relates to material misstatements or compliance issues.
* D. Design tests to detect fraud, waste, and abuse: Incorrect. Auditors are not specifically required to detect fraud, waste, and abuse, though they should be alert to indicators.
:
Government Accountability Office (GAO),Government Auditing Standards (Yellow Book).
Uniform Guidance (2 CFR Part 200),Audit Requirements for Federal Programs.

NEW QUESTION # 47
Using Benford Digital Analysis, an auditor can identify potential fraud when

A. a higher-than-expected number of payment amounts to one vendor start with the number three.
B. a large number of contracts are awarded to one vendor.
C. a large contract is awarded to the director's close relative.
D. an employee receives kickbacks from real estate developers.

Answer: A

Explanation:
* Benford's Law and Fraud Detection:
* Benford's Lawis a statistical principle that predicts the frequency of leading digits in naturally occurring datasets.
* Deviations from the expected distribution (e.g., a higher-than-expected frequency of a specific leading digit) can indicate manipulation or fraud.
* For example, if too many payments start with the number "3," it suggests potential tampering.
* Explanation of Answer Choices:
* A. A higher-than-expected number of payment amounts to one vendor start with the number three: Correct. This aligns with how Benford's Law is used to detect anomalies in numerical data.
* B. A large number of contracts are awarded to one vendor: While concerning, this is not related to Benford's Law.
* C. A large contract is awarded to the director's close relative: This indicates a conflict of interest but is unrelated to Benford's Law.
* D. An employee receives kickbacks from real estate developers: This is fraud but cannot be identified using Benford's Law.
:
Association of Certified Fraud Examiners (ACFE),Fraud Detection Using Benford's Law.
GAO,Fraud Risk Management Framework.

NEW QUESTION # 48
A primary deterrent to fraud is

A. job satisfaction and sense of "team."
B. the fear of detection.
C. delegation of responsibility without oversight.
D. performance of employee background checks.

Answer: B

Explanation:
* Deterrence of Fraud:
* A primary deterrent to fraud is thefear of being caught. When individuals believe there is a high likelihood of detection, they are less likely to commit fraudulent acts.
* Strong internal controls, monitoring, and audits increase this fear and serve as effective deterrents.
* Explanation of Answer Choices:
* A. Delegation of responsibility without oversight: Incorrect. Lack of oversight increases the risk of fraud rather than deterring it.
* B. The fear of detection: Correct. The fear of being caught is one of the most effective fraud deterrents.
* C. Job satisfaction and sense of "team": While these contribute to a positive work environment, they do not directly deter fraud.
* D. Performance of employee background checks: Background checks are a preventive measure but are less effective as a fraud deterrent compared to detection risk.
:
Association of Certified Fraud Examiners (ACFE),Fraud Prevention Guidance.
GAO,Fraud Risk Management Framework.

NEW QUESTION # 49
Planning to support ongoing financial operations in the event of a natural disaster is based on the assumption that

A. there may be no warning of the potential emergency.
B. a fully redundant infrastructure will be available to staff at an alternate location.
C. government agencies will need to operate as standalone organizations.
D. leadership and staff will reconvene at an alternate location.

Answer: A

Explanation:
* Assumptions in Disaster Planning:
* Financial continuity planning for natural disasters must account for scenarios where the event occurs suddenly and without warning.
* This assumption ensures that governments are prepared to quickly resume critical financial operations even under challenging and unpredictable circumstances.
* Explanation of Answer Choices:
* A. Leadership and staff will reconvene at an alternate location: While this is part of disaster planning, it is not the primary assumption.
* B. A fully redundant infrastructure will be available to staff at an alternate location: This may not always be realistic or feasible.
* C. There may be no warning of the potential emergency: Correct. Disaster planning assumes that emergencies can occur without prior notice.
* D. Government agencies will need to operate as standalone organizations: This is not a standard assumption in disaster planning.
:
FEMA,Continuity Guidance Circular.
GAO,Disaster Resilience and Continuity Planning.

NEW QUESTION # 50
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