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AGA GFMC Exam Syllabus Topics:

Topic	Details
Topic 1	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 2	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.
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 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 5	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.

AGA Examination 3: Governmental Financial Management and Control (GFMC) Sample Questions (Q105-Q110):

NEW QUESTION # 105
Who holds primary responsibility for establishing internal controls?

A. audit committee
B. internal auditors
C. ccountants
D. management

Answer: D

Explanation:
* Responsibility for Internal Controls:
* Managementholds the primary responsibility for establishing, implementing, and maintaining an organization's internal control system.
* This responsibility is outlined in frameworks such as COSO'sInternal Control - Integrated Frameworkand the GAO'sGreen Book.
* Roles of Other Parties:
* A. Accountants: While accountants may assist in designing or assessing controls, they are not primarily responsible.
* B. Internal auditors: Their role is to evaluate the effectiveness of controls, not establish them.
* D. Audit committee: Provides oversight but does not implement or design controls.
:
COSO,Internal Control - Integrated Framework.
GAO,Standards for Internal Control in the Federal Government (Green Book).

NEW QUESTION # 106
A state transfers cagh to a broker and the broker transfers securities to the state, promising to repay the cash plus interest in exchange for the return of the same securities. This transaction is an example of

A. a reverse repurchase agreement.
B. an arbitrage agreement.
C. a repurchase agreement.
D. a mutual buy-sell agreement.

Answer: C

Explanation:
* Definition of a Repurchase Agreement (Repo):A repurchase agreement is a short-term financial transaction where one party sells securities to another with an agreement to repurchase them at a later date for a specified price, which includes interest. It functions as a secured loan.
* Transaction Description:
* The state transfers cash to a broker.
* The broker provides securities as collateral and agrees to repay the cash plus interest in exchange for the return of the same securities.This arrangement matches the definition of arepurchase agreement.
* Explanation of Answer Choices:
* A. Arbitrage agreement: Arbitrage involves exploiting price differences in markets, unrelated to this transaction.
* B. Repurchase agreement: Correct, as it fits the definition.
* C. Mutual buy-sell agreement: This involves agreements to buy and sell assets, unrelated to this financial transaction.
* D. Reverse repurchase agreement: Incorrect, as the state would be the borrower, not the lender, in a reverse repo.
:
U).S. Department of the Treasury,Guide to Federal Investments.
Financial Accounting Standards Board (FASB),Accounting for Repurchase Agreements.

NEW QUESTION # 107
An evaluation of anggntity's single year financial statements would use which of the following analyses?

A. trend
B. horizontal
C. vertical
D. comparative

Answer: C

Explanation:
What Is Vertical Analysis?
* Vertical Analysisevaluates a single year's financial statements by expressing each line item as a percentage of a base amount. For example, in an income statement, each expense may be presented as a percentage of total revenue.
* This approach helps users understand the relative size of each financial statement item within the context of the total.
Why Is Vertical Analysis Used for a Single Year?
* Vertical analysis focuses solely on relationships within a single set of financial statements, making it the appropriate choice for single-year evaluations.
Why Other Options Are Incorrect:
* A. Comparative:Involves comparing financial data across entities or periods, not within a single year.
* B. Horizontal:Focuses on changes in financial data over time (year-to-year comparisons).
* C. Trend:Examines patterns over multiple periods to identify long-term trends, not a single year.
References and Documents:
* GAO Financial Audit Manual:Recommends vertical analysis for single-year financial statement evaluations.
* AICPA Financial Statement Analysis Guide:Provides detailed examples of vertical analysis techniques.

NEW QUESTION # 108
What is the formal tam for the listing and assessment of an agency's top risks?

A. risk assessment
B. risk profile
C. risk register
D. risk management plan

Answer: B

Explanation:
What Is a Risk Profile?
Arisk profileis the formal listing and assessment of an agency's top risks. It identifies the risks that could significantly impact an organization's ability to achieve its objectives and prioritizes them based on factors like likelihood and impact.
Why Is the Risk Profile Important?
* The risk profile helps management focus on the most critical risks and allocate resources to address them effectively. It is a core element of enterprise risk management frameworks (e.g., COSO ERM).
* In the federal government,OMB Circular A-123requires agencies to maintain a risk profile as part of their internal control and risk management processes.
Why Other Options Are Incorrect:
* B. Risk Management Plan:This is broader and includes strategies for mitigating and monitoring risks, not just listing and assessing them.
* C. Risk Assessment:This is a process used to identify and evaluate risks but does not specifically refer to the formal listing of risks.
* D. Risk Register:While similar to a risk profile, a risk register typically includes more granular details, such as specific control measures, responsibilities, and timelines.
References and Documents:
* OMB Circular A-123:Requires federal agencies to develop a risk profile as part of their risk management framework.
* COSO ERM Framework (2017):Describes the risk profile as a tool for managing enterprise-wide risks.

NEW QUESTION # 109
Management segregates duties among staff in order to reduce the risk of fraud

A. pressure.
B. opportunity.
C. rationalization.
D. detection.

Answer: B

Explanation:
Segregation of Duties and the Fraud Triangle:
* TheFraud Triangleidentifies three conditions that contribute to fraud:pressure,opportunity, and rationalization.
* Segregating duties (e.g., separating authorization, recordkeeping, and asset custody) is specifically designed to reduceopportunity, which is the chance for an employee to commit fraud without detection.
Why Opportunity Is Key:
* If one person has too much control over a process, they may exploit it for personal gain. Segregating duties creates checks and balances, making it harder for fraudulent activities to go unnoticed.
Why Other Options Are Incorrect:
* A. Pressure:Pressure refers to personal or financial stresses that drive someone to commit fraud, but segregation of duties does not address this directly.
* C. Rationalization:Rationalization involves justifying fraudulent behavior, which segregation does not prevent.
* D. Detection:While segregation can aid in fraud detection, its primary role is to reduce opportunities for fraud.
References and Documents:
* GAO Standards for Internal Control (Green Book):Emphasizes segregation of duties as a control to mitigate opportunities for fraud.
* COSO Internal Control Framework:Identifies segregation of duties as a key tool to reduce fraud risk.

NEW QUESTION # 110
......

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