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AGA Examination 3: Governmental Financial Management and Control (GFMC) Sample Questions (Q74-Q79):
NEW QUESTION # 74
An agency benefit program allows employees who commute by public transit up to 10 free taxi trips home per calendar year. Employees can use the program for personal or family health emergencies. The most appropriate method to check for abuse of this program is
Answer: A
Explanation:
Why Verify Transit Use Before Taxi Use?
* The program is intended for employees who commute by public transit. Verifying transit use on the day the taxi service was used ensures employees are adhering to program rules.
* Random sampling is cost-effective and practical for identifying abuse without needing to review all records.
Why Other Options Are Incorrect:
* A. Looking for individuals using the service more than 10 times:This only identifies overuse but does not confirm whether program rules were followed.
* B. Checking destination addresses for hospitals/clinics:This assumes all emergencies involve medical visits, which is not always the case.
* C. Matching destination addresses to home addresses:This does not confirm transit use and may not identify abuse of the program.
References and Documents:
* GAO Fraud Prevention Guide:Recommends using random sampling to check compliance with program rules.
* Best Practices for Internal Controls in Benefit Programs:Emphasizes verifying eligibility and usage to detect potential abuse.
NEW QUESTION # 75
Who is responsible for resolving single audit findings?
Answer: C
Explanation:
* Responsibilities in Resolving Single Audit Findings:
* Single audits assess compliance with federal program requirements.
* Findings often highlight deficiencies or noncompliance issues that must be resolved by the entity receiving the federal funds.
* Explanation of Answer Choices:
* A. Awarding agency: The agency provides oversight and guidance but does not directly resolve findings.
* B. Recipient agency: Correct. The entity receiving the funds is responsible for addressing and resolving findings to comply with federal regulations.
* C. Audit committee: May oversee the process but doesn't take direct responsibility for resolving findings.
* D. External auditors: Identify the findings but do not resolve them.
:
Uniform Guidance (2 CFR Part 200),Single Audit Requirements.
Association of Government Accountants (AGA),Government Auditing Standards.
NEW QUESTION # 76
When considering materiality during the planning phase for the field work for a financial audit, the dollar threshold for materiality is determined by the
Answer: A
Explanation:
Materiality in Auditing:
* Materiality refers to the significance of misstatements or omissions in financial statements that could influence the decisions of users relying on those statements.
* During theplanning phaseof a financial audit, the auditor determines the dollar threshold for materiality based on professional judgment, considering the size and nature of the auditee's operations and the needs of financial statement users.
Why the Auditor Determines Materiality:
* Theauditorhas the responsibility to form an independent opinion on the financial statements and must determine materiality thresholds to design audit procedures effectively.
* Materiality thresholds guide the extent of testing and ensure the audit focuses on areas most likely to impact decision-making.
Why Other Options Are Incorrect:
* B. Auditee:The auditee provides the information, but it does not decide the materiality threshold.
* C. Auditor in consultation with the auditee:The auditor may consult with the auditee for context, but the final determination is solely the auditor's responsibility.
* D. Audit committee:While the audit committee oversees the audit, it does not set materiality thresholds.
References and Documents:
* GAAS (Generally Accepted Auditing Standards):States that materiality is determined by the auditor' s judgment.
* AICPA AU-C Section 320:Provides guidance on materiality in planning and performing audits.
NEW QUESTION # 77
A purchasing officer is asked to select a vendor to provide office supplies. Which of the following vendors should be selected?
Answer: B
Explanation:
Why Select the Lowest Qualified Bidder?
* Procurement rules in government require selecting thelowest qualified bidderto ensure fairness, cost- efficiency, and compliance with procurement regulations.
* If the mayor's high school classmate's company meets the qualification criteria and provides the lowest bid, there is no conflict of interest unless favoritism or improper influence is proven.
Why Other Options Are Incorrect:
* B. Second lowest priced qualified bidder:Selecting the second lowest bidder without justification violates the principle of fairness and cost-efficiency.
* C. Third lowest bidder pending state disbarment:This vendor is not a qualified bidder due to pending disbarment.
* D. Highest priced qualified bidder with the highest quality products:If quality specifications are already met by lower bidders, selecting the highest-priced bidder is unjustifiable.
References and Documents:
* Federal Acquisition Regulation (FAR):Requires selecting the lowest qualified bidder.
* GAO Guide on Procurement Standards:Emphasizes fairness and cost-effectiveness in vendor selection.
NEW QUESTION # 78
A primary deterrent to fraud is
Answer: C
Explanation:
* Deterrence of Fraud:
* A primary deterrent to fraud is thefear of being caught. When individuals believe there is a high likelihood of detection, they are less likely to commit fraudulent acts.
* Strong internal controls, monitoring, and audits increase this fear and serve as effective deterrents.
* Explanation of Answer Choices:
* A. Delegation of responsibility without oversight: Incorrect. Lack of oversight increases the risk of fraud rather than deterring it.
* B. The fear of detection: Correct. The fear of being caught is one of the most effective fraud deterrents.
* C. Job satisfaction and sense of "team": While these contribute to a positive work environment, they do not directly deter fraud.
* D. Performance of employee background checks: Background checks are a preventive measure but are less effective as a fraud deterrent compared to detection risk.
:
Association of Certified Fraud Examiners (ACFE),Fraud Prevention Guidance.
GAO,Fraud Risk Management Framework.
NEW QUESTION # 79
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