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AGA CGFM Exam Sample Questions


Question # 1

GPRA requires agencies to prepare and submit a strategic plan, an annual performance plan and
A. a five-year performance plan.
B. an annual performance report.
C. a SEA report.
D. the prior year's audited financial report.


B. an annual performance report.
Explanation:
What Does GPRA Require?
The government Performance and Results Act (GPRA) mandates that federal agencies prepare:
A strategic plan outlining long-term goals.
An annual performance plan detailing the objectives and performance measures for the upcoming year.
An annual performance report evaluating the agency’s success in meeting the goals outlined in the annual performance plan.
Why Is the Annual Performance Report Important?
The annual performance report provides accountability and transparency by comparing actual results to planned goals. It allows Congress and the public to assess how effectively the agency is achieving its mission.
Why Other Options Are Incorrect:
A. A five-year performance plan: GPRA requires a strategic plan (updated every four years), not a separate five-year performance plan.
C. SEA Report: This refers to Service Efforts and Accomplishments reporting, which is not mandated by GPRA.
D. The prior year’s audited financial report: While financial reports are important, they are separate from the performance reporting requirements of GPRA.




Question # 2

The first step in assessing an agency's internal control program's compliance with applicable laws and regulations is to
A. review legal actions against the agency for noncompliance with laws and regulations.
B. contact the legislature to secure its views on any areas of regulatory noncompliance.
C. develop an inventory of the applicable laws and regulations.
D. request a compliance review from the agency's chief legal officer.


C. develop an inventory of the applicable laws and regulations.




Question # 3

When reviewing a report on internal control from a shared service provider that noted a weakness, the agency should
A. consider the existence of compensating or mitigating controls.
B. ask the service provider to correct the weakness.
C. dismiss the weakness.
D. refer the weakness to the Contracting Officer.


A. consider the existence of compensating or mitigating controls.




Question # 4

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


B. assessing program effectiveness, economy and efficiency.




Question # 5

Management's ability to monitor for financial control weakness is most compromised if
A. theft has occurred.
B. financial data is inaccurate.
C. performance data is inaccurate.
D. collusion is present


D. collusion is present



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