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Certified Government Financial Manager (CGFM) (CGFM) - AGA Exam Questions

Last updated on June 20, 2026

97% Exam Compliance
115 Total Questions
1
Question
For financial audits, generally accepted auditing standards require that auditors accomplish all of the
following tasks EXCEPT
Options
A obtain sufficient appropriate audit evidence.
B adequately plan the work.
C supervise any assistants.
D make the audit report available to the public.
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2
Question
As a way to ensure fiduciary responsiblity, a government entity should include which of the following in its investment policy?
Options
A historical allocations of investment securities
B prices and performance of its investment securities
C key and non-key investment security controls
D permissible and non-permissible investment securities
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3
Question
The first step in the internal control evaluation process is
Options
A documenting how transactions of events are processed.
B identifying the effectiveness of management activities.
C identifying potential risks.
D assessing the adequacy of controls.
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4
Question
When considering materiality during the planning phase for the field work for a financial audit, the dollar threshold for materiality is determined by the
Options
A auditor in consultation with the auditee.
B auditor.
C audit committee.
D auditee.
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5
Question
The Prompt Payment Act requires federal agencies to pay
Options
A invoices no later than 60 days after receipt of the invoice.
B invoices immediately when received.
C interest on intragovernmental invoices.
D interest when an invoice is paid late.
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