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AGA Examination 3: Governmental Financial Management and Control (GFMC) Sample Questions (Q78-Q83):

NEW QUESTION # 78
In defining the audit objectives of a performance audit, auditors should evaluate whether the audited entity has

A. corrective actions to address prior findings and recommendations.
B. internal controls in place.
C. updated its financial reports' MD&A.
D. updated its vision and strategic mission statements.

Answer: A

Explanation:
* Performance Audit Objectives:
* Performance audits evaluate whether government entities are operating efficiently, effectively, and in compliance with applicable laws.
* A critical aspect is assessing whether the entity has implementedcorrective actionsin response to prior audit findings and recommendations, as this demonstrates accountability and progress.
* Explanation of Answer Choices:
* A. Updated its vision and strategic mission statements: Incorrect. While strategic planning is important, it is not the primary focus of performance audit objectives.
* B. Corrective actions to address prior findings and recommendations: Correct. Addressing prior findings is a key objective to ensure identified issues have been resolved.
* C. Updated its financial reports' MD&A: Incorrect. MD&A (Management's Discussion and Analysis) is related to financial reporting, not performance audits.
* D. Internal controls in place: Incorrect. While internal controls are reviewed, the focus here is on corrective actions to past findings.
:
GAO,Government Auditing Standards (Yellow Book).
GAO,Performance Auditing Guidance.

NEW QUESTION # 79
Who is responsible for resolving single audit findings?

A. the awarding agency
B. the external auditors
C. the audit committee
D. the recipient agency

Answer: D

Explanation:
* Responsibilities in Resolving Single Audit Findings:
* Single audits assess compliance with federal program requirements.
* Findings often highlight deficiencies or noncompliance issues that must be resolved by the entity receiving the federal funds.
* Explanation of Answer Choices:
* A. Awarding agency: The agency provides oversight and guidance but does not directly resolve findings.
* B. Recipient agency: Correct. The entity receiving the funds is responsible for addressing and resolving findings to comply with federal regulations.
* C. Audit committee: May oversee the process but doesn't take direct responsibility for resolving findings.
* D. External auditors: Identify the findings but do not resolve them.
:
Uniform Guidance (2 CFR Part 200),Single Audit Requirements.
Association of Government Accountants (AGA),Government Auditing Standards.

NEW QUESTION # 80
A variable that would influence management's decision to hire contractors to perform management control evaluations is

A. knowledge of systemic deficiencies.
B. lack of management expertise.
C. availability of qualified contractors.
D. suspicion of internal fraud.

Answer: B

Explanation:
Why Hire Contractors for Management Control Evaluations?
Management may decide to bring in external contractors when there are gaps in the organization's capacity to perform evaluations internally. One key factor is thelack of management expertise-if management lacks the necessary knowledge or experience to evaluate controls effectively, it may outsource this task to qualified contractors.
Why Other Options Are Incorrect:
* B. Availability of Qualified Contractors:While availability is a factor, it's not a variable that influences the decision to outsource. Instead, it's a logistical consideration once the decision has been made.
* C. Suspicion of Internal Fraud:Suspicion of fraud may lead to investigations, but hiring contractors to evaluate controls is driven by expertise gaps rather than fraud concerns.
* D. Knowledge of Systemic Deficiencies:If management already has knowledge of systemic deficiencies, they may focus on remediation rather than outsourcing evaluations.
References and Documents:
* GAO Standards for Internal Control in the Federal Government (Green Book):Emphasizes the need for knowledgeable personnel to evaluate controls.
* GAGAS (Yellow Book):Highlights the role of external expertise in cases where internal expertise is insufficient.

NEW QUESTION # 81
A key element in coputer-assisted audit techniques is

A. writing the system audit program.
B. verifying internal controls.
C. purchasing data mining software.
D. obtaining appropriate data.

Answer: D

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.
:
Information Systems Audit and Control Association (ISACA),Guide to Computer-Assisted Audit Techniques.
Association of Government Accountants (AGA),Data Analytics and Auditing Best Practices.

NEW QUESTION # 82
A material weakness in internal control over financial reporting is defined as a deficiency that

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

Answer: A

Explanation:
Definition of a Material Weakness:
According to auditing standards, a material weakness in internal control over financial reporting is a deficiency or combination of deficiencies that creates a reasonable possibility of a material misstatement in the financial statements that will not be prevented or detected on a timely basis.
Key Characteristics of a Material Weakness:
* Reasonable Possibility:The likelihood of a misstatement is more than remote but less than certain.
* Material Misstatement:The error or omission could impact the decisions of users relying on the financial statements.
* Timely Detection:The deficiency allows errors to go undetected for an extended period, potentially affecting financial statement reliability.
Why Other Options Are Incorrect:
* A.A misstatement in the basic financial statements may result from a material weakness, but the definition focuses on the reasonable possibility, not the actual result.
* B.A material weakness impacts the financial statements, not "other accompanying financial information."
* C.While timely detection is part of the issue, the definition focuses on the reasonable possibility of a misstatement, not management's inability to perform specific duties.
References and Documents:
* GAAS (AICPA SAS No. 115):Provides the formal definition of material weaknesses and guidance for auditors in evaluating control deficiencies.
* COSO Framework:Emphasizes the need for effective internal controls to mitigate material misstatement risks.

NEW QUESTION # 83
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