Free AGA GFMC Exam Dumps Questions & Answers

Management's need for real-time access to data is facilitated when

• A.  data supporting dashboards are updated every quarter.
• B.  the prior year's financial statement data underlies the management reports used to decide on future expenditures.
• C.  data is represented visually and includes information that indirectly relates to the subject matter.
• D.  complex data sets are available on demand, presented with minimal distractions.

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

• A.  the auditor's responsibility for tests of compliance.
• B.  the scope of the compliance testing.
• C.  review of major internal control cycles.
• D.  areas of noncompliance.

A key objective of a performance audit is

• A.  providing an opinion on the entity's financial statement.
• B.  issuing a report of findings based upon an agreed-upon procedure.
• C.  providing an opinion on a subject matter that is the responsibility of another party.
• D.  assessing program effectiveness, economy and efficiency.

Federal entities primarily assess internal controls to

• A.  determine what legislation is not applicable to the entity.
• B.  confirm that all management objectives will be met.
• C.  ensure there is no fraud, waste or abuse within the entity.
• D.  identify program areas where efficiencies may be gained.

Management shoulg consider the cost of internal controls in relationship to

• A.  inherent risks.
• B.  benefits provided.
• C.  the available budget.
• D.  risk of collusion.