CGFM Part 3 Exam Flashcards
A written investment policy should require that collateral be held
By an independent party
Which information should be included in a government’s property management system
-Description
-Location of property
-Acquisition cost
-Replacement value
An integrated financial management system is support by
a standard chart of accounts
If a government entity has excess cash to invest, fulfilling its fiduciary responsibility requires it to invest prudently
ensuring that it makes informed investment decisions with no conflict of interest
A local gov decides to reduce procurement administrative costs by purchasing a piece of equipment through the state-wide contract available, rather than going through regular in-house procurement channels to competitively seek a vendor. This is an example of a contract efficiency using
an inter-agency procurement instrument
The Single Audit requires the auditor to issue
an opinion on compliance and a report on internal controls
Reporting on internal control and compliance with provisions of laws, regulations, contracts and grants agreements is a requirement of an audit perform in accordance with
generally accepted government auditing standards reporting standards
Under the AICPA’s SSAE, if an agency receives a separate opinion on its internal controls, the auditors performed
an examination
The Single Audit Act of 1984 is intended to
promote cooperation between auditors
The requirement that federal agencies implement a comprehensive program of performance measures comes from
GPRA
Financial and non-financial performance measures are defined as quantitative or qualitative indicators of
inputs, outputs, outcomes, progress, results, achievement, effectiveness or efficiency
How can a financial manager use performance measurement to drive performance improvement?
enable monitoring to assure that goods and services delivered achieve and desire results
performance measurements are used in governments primarily to support all of the following tasks except to
shape internal controls
Which of the following descriptions of performance measurement data would be considered ‘understandable’
The final report explains, but is not limited to, the significance of the performance measure and its relevance to the entity’s goals
The two broad groupings of information system control are
general controls and application controls
The assurance statement on internal controls over financial reporting required by CFO Act agencies appears in which of the following reports
PAR
One of the primary steps in forensic analytics is
data preparation
A state department is trying to determine if it will continue to perform reviews of patient data or outsource the activity to a third-party vendor. What is the first step the department should take in making this decision
determine the optimal process for completing patient data reviews, which maximizes efficiency and reduces cost
which of the following serves as the foundation of the government’s solicitation for services
performance work statement
A government financial manager would most likely use advanced data analytics to
improve performance
the results of data mining
provide predictive data
preparing a performance work statement is a step in which type of analysis
competitive sourcing analysis
Financial and non-financial performance measures are defined as quantitative or qualitative indicators of
inputs, output, outcomes, progress, results, achievement, effectiveness and efficiency
Performance measures are used to
inform the budget process
Which performance measurement characteristic means measuring and reporting the same performance measures, in the same way, from period to period
consistent
A 34,560 cost allocation per county resident for a stormwater management program would indicate which performance measure
Input measure
A state’s department of agriculture tracks the following performance measure: 97 % of seed samples will be found to be in full compliance with federal standards is an example of
outcome measure
Reporting of performance measures in financial reports under GASB is
Optional for all activities
Which of the following best describes the order of steps in the risk management process?
establish the context, identify risk, analyze and evaluate, develop alternatives, respond to risks, monitor and review
three basic requirements of the GPRA of 1993?
GPRA has three basic requirements: strategic plans, annual performance plans and program performance reports.
Cloud computing services composed of some combination of private, public, and community cloud services, from different service providers, is described as
hybrid cloud
The requirement to obtain an understanding of internal controls and perform tests of internal controls over federal award is part of the scope of the Single Audit Act as performed
On an organization wide basis
When conducting a performance audit, both external and internal auditors have to follow
Generally Accepted Government Auditing Standards (GAGAS)
When a state treasurer provides cooperative investing agreements for cities and counties to enhance their investment opportunities and operating efficiency, it is called
an external investment pool
The assurance statement on internal controls over financial reporting required by CFO Act agencies appears in which of the following reports
PAR
Properly planning the engagement and supervising the assistants is part of what standards for attestation engagement
Fieldwork
The independent auditors report contains
acknowledgement of management’s responsibilities for internal controls
