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AGA CGFM Certification Exam is comprised of three modules: Governmental Environment, Governmental Accounting, Financial Reporting and Budgeting, and Governmental Financial Management and Control. Each module is designed to test specific knowledge and skills related to government financial management. Individuals who pass all three modules are awarded the AGA CGFM Certification and are recognized as experts in the field of government financial management.
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NEW QUESTION # 77
Management's ability to monitor for financial control weakness is most compromised if
Answer: B
Explanation:
* Collusion as a Threat to Monitoring:
* Collusion occurs when two or more individuals work together to circumvent internal controls.
* Even with strong controls in place, collusion can undermine monitoring because it allows individuals to bypass controls without detection.
* Explanation of Answer Choices:
* A. Theft has occurred: Incorrect. While theft is a problem, it is often detected if controls and monitoring are functioning properly.
* B. Financial data is inaccurate: Incorrect. Inaccurate financial data can compromise decision- making, but strong monitoring can help detect and correct errors.
* C. Performance data is inaccurate: Incorrect. While inaccurate performance data is problematic, it does not directly compromise the monitoring of financial control weaknesses.
* D. Collusion is present: Correct. Collusion is the most significant threat because it undermines the effectiveness of internal controls and makes monitoring ineffective.
References:
* GAO,Standards for Internal Control in the Federal Government (Green Book).
* Association of Certified Fraud Examiners (ACFE),Fraud Risk Management Framework.
NEW QUESTION # 78
The financial adviser gives advice regarding the financial feasibility of a bond. Thus, the financial adviser's fee should not be contingent on a bond's sale because of:
Answer: B
Explanation:
Explanation/Reference:
NEW QUESTION # 79
A275-day T-bill was purchased at a 0.6% discount and was sold at an 8.50% discount after a 30-day holding period. What is the yield?
Answer: B
NEW QUESTION # 80
The auditors provide of the reliability of the financial statements.
Answer: C
NEW QUESTION # 81
The CFO Act of 1990 mandates all of the following EXCEPT:
Answer: B
NEW QUESTION # 82
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