매달, 우리는 1000명 이상의 사람들이 시험 준비를 잘하고 시험을 잘 통과할 수 있도록 도와줍니다.
CGFM Certified Government Financial Manager 온라인 연습
최종 업데이트 시간: 2025년06월06일
당신은 온라인 연습 문제를 통해 AGA CGFM 시험지식에 대해 자신이 어떻게 알고 있는지 파악한 후 시험 참가 신청 여부를 결정할 수 있다.
시험을 100% 합격하고 시험 준비 시간을 35% 절약하기를 바라며 CGFM 덤프 (최신 실제 시험 문제)를 사용 선택하여 현재 최신 115개의 시험 문제와 답을 포함하십시오.
정답:
Explanation:
What Are Open-Ended Mutual Funds?
Open-ended mutual funds are investment vehicles that allow investors to buy and sell shares at the current net asset value (NAV), which is determined daily.
These funds are highly liquid and can be easily valued, making them a sound investment option for pension funds.
Why Are They Suitable for Pension Funds?
Pension funds require investments that are easily valued, transparent, and provide liquidity to meet benefit obligations. Open-ended mutual funds meet all these criteria.
Why Other Options Are Incorrect:
B. Reverse repurchase agreements: While they can be part of investment strategies, they are not easily valued compared to open-ended mutual funds.
C. Derivative instruments: Derivatives can be complex and difficult to value, making them less suitable for pension funds that prioritize transparency and simplicity.
D. Internal investment pools: These are investment vehicles used by governments, but their valuation may not be as straightforward or frequent as mutual funds.
Reference and Documents:
GAO Guide to Investment Management for Pension Funds: Recommends transparent, easily valued investments like mutual funds.
AICPA Pension Plan Audit Guidelines: Emphasizes liquidity and valuation in pension fund investments.
정답:
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:
Management designs 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.
Reference 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.
정답:
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 the COSO 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. Reference 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.
정답:
Explanation:
GAO and External Audit Standards:
The Government Accountability Office (GAO) uses the Yellow Book as its primary standard. However, it may also reference external standards from recognized international and professional auditing organizations. INTOSAI is specifically mentioned in the Yellow Book as a source of additional standards for governmental audits.
Explanation of Answer Choices:
A. Public Company Accounting Oversight Board (PCAOB): This regulates audits of publicly traded companies, not government entities.
B. International Auditing and Assurance Standards Board (IAASB): This focuses on global private-sector audits, not specifically government-related.
C. International Organization of Supreme Audit Institutions (INTOSAI): Correct. INTOSAI sets audit standards for public-sector auditors worldwide and is relevant for the GAO.
D. AICPA: While the AICPA sets standards for U.S. auditors, INTOSAI is more relevant for international public-sector audits.
Reference: GAO, Government Auditing Standards (Yellow Book).
INTOSAI, Framework of Professional Standards for Supreme Audit Institutions.
정답:
Explanation:
Definition of Internal Control Weakness:
Internal control weaknesses occur when controls fail to prevent or detect errors, fraud, or conflicts of interest. Allowing project managers to oversee companies in which they have a material interest
introduces a conflict of interest, undermining internal controls.
Explanation of Answer Choices:
A. The contract department staff awards contracts and maintains a database for vendor information:
While not ideal, this does not automatically signal a critical control weakness.
B. Management policy allows project managers to oversee controls of companies in which they have a material interest: Correct. This represents a serious conflict of interest and lack of independence.
C. The budget department staff is responsible for preparing the budget and for reporting on budget cost variances: This may indicate concentration of duties but is less severe than a direct conflict of interest.
D. The accounting department has one clerk prepare vendor payments and another clerk reconcile bank accounts: This demonstrates good segregation of duties, not a weakness.
Reference: COSO, Internal Control - Integrated Framework.
GAO, Standards for Internal Control in the Federal Government (Green Book).
정답:
Explanation:
Governmental Attestation Engagements:
These engagements involve providing assurance on specific elements of financial or non-financial information, such as compliance with laws, contracts, or bond covenants.
Reviewing revenue coverage requirements for outstanding bonds fits the scope of attestation engagements, which focus on confirming adherence to specific requirements. Explanation of Answer Choices:
A. Monitor a subgrantee for compliance to the grant restrictions: Monitoring is a management responsibility, not typically part of an attestation engagement.
B. Establish a policy concerning fraud prevention: Establishing policies is a management duty, not a task for auditors.
C. Monitor purchasing card charges for compliance with travel policies: Monitoring is operational, not attestation-related.
D. Review the revenue coverage requirements on outstanding bonds: Correct. This falls within the scope of attestation engagements.
Reference: GAO, Government Auditing Standards (Yellow Book).
AICPA, Attestation Standards for Government Engagements.
정답:
Explanation:
Performance Audit Overview:
A performance audit focuses on evaluating the economy, efficiency, and effectiveness of government programs or activities.
Due professional care is a requirement in Government Auditing Standards (Yellow Book), ensuring auditors perform their duties responsibly and with professional judgment. Key Requirement: Sufficient and Competent Evidence:
Auditors must collect sufficient and reliable evidence to support their findings, conclusions, and recommendations. This is the cornerstone of "due professional care." Explanation of Answer Choices:
A. Obtain sufficient and competent evidence: Correct. This ensures audit findings are supported by reliable, documented evidence.
B. Determine scope: While part of audit planning, it is not directly related to due professional care.
C. Set materiality of financial statements: This applies to financial audits, not performance audits.
D. Present the findings in accordance with GAAP: GAAP is not a requirement for performance audits.
Reference: GAO, Government Auditing Standards (Yellow Book).
Association of Government Accountants (AGA), Performance Auditing Practices.
정답:
Explanation:
Why Should Management Consider the Cost of Internal Controls in Relation to Benefits?
The cost-benefit principle states that the cost of implementing and maintaining internal controls should not exceed the benefits derived from those controls. Effective internal controls help mitigate risks, improve efficiency, and ensure compliance, but their implementation comes with costs (e.g., time, resources, systems).
Management must evaluate whether the benefits of preventing or detecting potential issues (e.g., fraud, errors) justify the associated costs.
Why Other Options Are Incorrect:
A. The available budget: While the budget is important, internal controls are not solely dictated by budget constraints; their effectiveness and benefit-to-cost ratio are key considerations.
B. Inherent risks: While inherent risks are a factor in determining control needs, the relationship between cost and benefit remains the primary consideration.
D. Risk of collusion: Controls address collusion risks, but management does not prioritize collusion specifically when assessing cost versus benefit.
Reference and Documents:
COSO Internal Control Framework: Highlights the cost-benefit principle when implementing controls.
GAO Standards for Internal Control (Green Book): Emphasizes balancing costs with benefits when designing internal control systems.
정답:
Explanation:
Why Measure Performance Based on Cost per Ton of Trash Collected?
Cost per ton of trash collected is a direct, objective, and quantifiable measure of the contractor’s performance. It reflects how efficiently the contractor is operating relative to the amount of trash being managed.
This measure aligns with the principle of output-based performance evaluation, which focuses on results (e.g., tons of trash collected) rather than inputs or unrelated factors.
Why Other Options Are Incorrect:
A. Per mile traveled: Mileage is not directly tied to performance; it depends on the route structure and geography, not the quantity of trash collected.
C. Comparison with closest comparable jurisdiction: While this may provide context, it is not a specific performance measure.
D. Per employee: Employee count does not directly measure performance or efficiency in trash collection operations.
Reference and Documents:
GAO Guide on Contract Performance Evaluation: Recommends using measurable and outcome-based metrics like cost per ton collected for performance reviews.
Best Practices in Local Government Contracting (AGA): Highlights output-based measures for evaluating contractor performance.
정답:
Explanation:
Why Is This the Best Measure for Performance?
Comparing the cost per acre maintained to that of another jurisdiction provides a meaningful benchmark for performance evaluation. It allows the director to assess how efficiently the department is operating relative to similar organizations.
This comparison ensures that the department is managing resources effectively and identifies potential areas for improvement.
Why Other Options Are Incorrect:
A. Use a single measure of citizen satisfaction: While citizen satisfaction is important, it is subjective and does not provide insight into operational efficiency.
B. Evaluate funds spent on grounds maintenance: Total spending does not measure efficiency or productivity; it merely reflects the amount allocated.
C. Analyze staffing levels: Staffing levels do not directly measure performance; they are only one factor in determining efficiency.
Reference and Documents:
Governmental Performance Reporting (AGA): Recommends using comparative benchmarks for evaluating efficiency in service delivery.
Performance Management Framework by GAO: Highlights cost-effectiveness metrics such as cost per acre maintained.
정답:
Explanation:
What Is a Risk Profile?
A risk profile represents the aggregate level and types of risks that an organization is willing to accept in pursuit of its strategic objectives. It aligns with the organization’s risk appetite and tolerance and helps prioritize and manage risks effectively.
This profile typically includes key risks, their likelihood, and potential impact, as well as how those risks align with the organization's mission and strategy.
Why Is Risk Profile the Correct Answer?
The risk profile provides an enterprise-wide view of risks and their potential influence on achieving
strategic goals. It aggregates risks across all levels of the organization and ensures that management
considers them when making decisions.
Why Other Options Are Incorrect:
A. Risk Register: While a risk register includes detailed descriptions of individual risks, it does not aggregate risk levels or types across the organization.
B. Risk and Control Evaluation Matrix: This tool evaluates specific risks and controls but does not capture the organization’s overall risk appetite or profile.
D. Risk and Control Assessment Tool: This is a generic tool for assessing risks and controls, not for aggregating the overall risk picture.
Reference and Documents:
OMB Circular A-123: Specifies the need for agencies to maintain a risk profile as part of enterprise risk management.
COSO ERM Framework (2017): Defines a risk profile as central to managing risks in alignment with strategic objectives.
정답:
Explanation:
Cash Control Fundamentals:
The primary goal of cash controls is to safeguard assets and prevent fraud, errors, or misappropriation.
Frequent bank reconciliations ensure that recorded cash balances match actual bank balances, detecting discrepancies quickly.
Explanation of Answer Choices:
A. Segregation of duties: While critical for cash management, it is not the most fundamental cash control.
B. Use of automated systems: Helpful for efficiency but not a fundamental control.
C. Analysis of cash reports: Important, but reconciling bank accounts is more critical for detecting errors or fraud.
D. Frequent reconciliation of bank accounts: Correct. This is the most fundamental and widely recognized control for safeguarding cash.
Reference: Association of Government Accountants (AGA), Cash Management Best Practices.
Government Finance Officers Association (GFOA), Bank Reconciliation Best Practices.
정답:
Explanation:
Response to Weaknesses in Shared Service Providers:
Shared service providers often issue reports on internal controls (e.g., SOC 1 or SOC 2 reports). When a weakness is identified, the recipient agency must evaluate whether compensating or mitigating controls exist to address the risk, ensuring continued reliability.
Explanation of Answer Choices:
A. Consider the existence of compensating or mitigating controls: Correct. This is a standard response to internal control weaknesses, as outlined in auditing and risk management best practices. B. Ask the service provider to correct the weakness: Incorrect. While this may be appropriate, the recipient agency is ultimately responsible for evaluating and addressing the risk.
C. Dismiss the weakness: Incorrect. Ignoring a weakness can expose the agency to risk.
D. Refer the weakness to the Contracting Officer: Incorrect. This may be part of the process, but the agency must first assess the impact and controls.
Reference: American Institute of Certified Public Accountants (AICPA), SOC Reports Guidance.
Government Accountability Office (GAO), Internal Control Standards for Federal Agencies.
정답:
Explanation:
Definition of Computer-Assisted Audit Techniques (CAATs):
CAATs use software tools to perform audit tasks such as data analysis, testing transactions, and evaluating internal controls.
Obtaining accurate and relevant data is a key first step, as it forms the basis of any analysis performed using CAATs.
Explanation of Answer Choices:
A. Writing the system audit program: This is part of audit planning but not a specific feature of CAATs.
B. Verifying internal controls: While CAATs can be used to test controls, obtaining data is fundamental to this process.
C. Obtaining appropriate data: Correct. CAATs rely on accurate, relevant, and complete data for meaningful analysis.
D. Purchasing data mining software: While software is a tool for CAATs, the focus is on using data,
not on acquiring the software itself.
Reference: Information Systems Audit and Control Association (ISACA), Guide to Computer-Assisted Audit Techniques.
Association of Government Accountants (AGA), Data Analytics and Auditing Best Practices.
정답:
Explanation:
Government Auditing Standards (GAS):
GAS, often referred to as the Yellow 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.
Reference: Government Accountability Office (GAO), Government Auditing Standards (Yellow Book).
Uniform Guidance (2 CFR Part 200), Audit Requirements for Federal Programs.