[Q28-Q51] Free GFMC Questions for AGA GFMC Exam [May-2026]

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Free GFMC Questions for AGA GFMC Exam [May-2026]

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NEW QUESTION 28
In a performance aygit, due professional care is used to

obtain sufficient and competent evidence.

determine scope.

set materiality of financial statements.

present the findings in accordance with GAAP.

NEW QUESTION 29
The Single Audit Act requires

financial statement audits of non-federal entities that receive or administer grant awards of federal funds.

agencies to use an audit process to maximize the value of and manage acquisition risks.

federal departments to have single audits of financial management systems.

agencies to establish and assess internal controls related to audits.

NEW QUESTION 30
Earned value management is preferred over traditional project management because

earned value management is used to monitor progress and deliverables of smaller projects.

earned value management provides information about status of deliverables, funds and time expended.

traditional project management is used to monitor progress and deliverables of larger projects.

traditional project management provides information about status of deliverables, funds and time expended.

NEW QUESTION 31
Which of the following acts requires federal agencies to pay interest to state government funds for entitlements that are not provided in a timely manner?

Debt Collection Improvement Act

CFO Act

Accountability for Tax Dollars Act

Cash Management Improvement Act

NEW QUESTION 32
To support optimal cash management vendor payment procedures, invoices with discount terms should be paid

after the due date to increase cash flow.

prior to the due date to improve credit rating.

on the due date, unless a charge is assessed for late payment.

on the discount date.

NEW QUESTION 33
A variable that would influence management’s decision to hire contractors to perform management control evaluations is

lack of management expertise.

availability of qualified contractors.

suspicion of internal fraud.

knowledge of systemic deficiencies.

NEW QUESTION 34
A program manager at a local agency needs to understand if program participation varies significantly from enrollment. The information changes daily. The best way to quickly analyze this would be to use

crosstab.

portable document format.

text file.

dashboard.

NEW QUESTION 35
The basic steps in fraud audits include all of the following EXCEPT

consulting legal counsel.

reporting the results.

follow-up on control weaknesses.

considering political ramifications.

NEW QUESTION 36
Which of the following includes the aggregate level and types of risks that the organization is willing to assume in order to achieve its Strategic objectives?

risk register

risk and control evaluation matrix

risk profile

risk and control assessment tool

NEW QUESTION 37
Which element of an inventory management system includes determining how much stock to have on hand?

inventory control

safeguard control

management control

supply control

NEW QUESTION 38
Compliance reporting, under government auditing standards, identifies all of the following components EXCEPT

areas of noncompliance.

the auditor’s responsibility for tests of compliance.

review of major internal control cycles.

the scope of the compliance testing.

NEW QUESTION 39
When considering materiality during the planning phase for the field work for a financial audit, the dollar threshold for materiality is determined by the

auditor.

auditee.

auditor in consultation with the auditee.

audit committee.

NEW QUESTION 40
The scope of a single audit engagement includes all of the following EXCEPT

financial statements.

internal controls.

performance results.

compliance with terms of the award.

NEW QUESTION 41
Cloud computing includes which of the following services?

satellite-to-satellite

hosted

gateway transmission

mainframe computing

NEW QUESTION 42
Which of the following would auditors issue an opinion on?

performance audits

compliance audits

financial statement audits

forensic audits

NEW QUESTION 43
For financial audits, generally accepted auditing standards require that auditors accomplish all of the following tasks EXCEPT

adequately plan the work.

make the audit report available to the public.

obtain sufficient appropriate audit evidence.

supervise any assistants.

NEW QUESTION 44
A single audit report will include an opinion or disclaimer of opinion that the financial statements are

free from fraud.

fairly presented in accordance with GAAP.

fairly presented in accordance with GASB.

fairly presented in accordance with GAO.

NEW QUESTION 45
Management’s need for real-time access to data is facilitated when

data is represented visually and includes information that indirectly relates to the subject matter.

data supporting dashboards are updated every quarter.

the prior year’s financial statement data underlies the management reports used to decide on future expenditures.

complex data sets are available on demand, presented with minimal distractions.

NEW QUESTION 46
Government entity SEA reporting provides users of general purpose financial reports with an

evaluation of the effects of changes in public policy.

assessment of financial condition and results of operations.

assessment of the accountability of the public administrators.

evaluation of the efficiency and effectiveness of governmental programs.

NEW QUESTION 47
A key element in coputer-assisted audit techniques is

writing the system audit program.

verifying internal controls.

obtaining appropriate data.

purchasing data mining software.

NEW QUESTION 48
What is the formal tam for the listing and assessment of an agency’s top risks?

risk profile

risk management plan

risk assessment

risk register

NEW QUESTION 49
An employee is set to receive a lumpsum payment of $500,000 in ten years. The agency uses an opportunity rate of 12% for its investments. If inflation is 3%, how much must the agency invest today to cover the future lumpsum payment?

$160,986

$186,023

$440,000

$485,000

NEW QUESTION 50
A primary deterrent to fraud is

delegation of responsibility without oversight.

the fear of detection.

job satisfaction and sense of “team.”

performance of employee background checks.

NEW QUESTION 51
Auditors may limit their public reporting in attestation engagements when the

auditors detect material fraud.

audit report would compromise ongoing legal proceedings.

auditor detects non-compliance with provisions of law.

entity management fails to satisfy legal requirements.

AGA GFMC Exam Syllabus Topics:

Topic	Details
Topic 1	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 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	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 4	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.
Topic 5	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.

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AGA GFMC Exam Syllabus Topics:

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