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1. What is the formal tam for the listing and assessment of an agency's top risks?

2. The first step in investment management is to

A. ensure all employees understand their investment options.

B. develop a consensus among managers of the investment objectives.

C. develop an investment policy manual.

D. establish criteria for divesting.

3. Planning to support ongoing financial operations in the event of a natural disaster is based on the assumption that

A. leadership and staff will reconvene at an alternate location.

B. a fully redundant infrastructure will be available to staff at an alternate location.

C. there may be no warning of the potential emergency.

D. government agencies will need to operate as standalone organizations.

4. A city decides to invest in a new piece of equipment and wants to know how long it will take to recover the amount invested by using the payback analysis technique.

The city uses the following assumptions in its analysis:

- The cost of the equipment is $500,000.

- The equipment will generate $200,000 in revenue per year.

- The variable costs of operating the equipment will be $100,000 per year.

- The depreciation on the equipment will be $20,000 per year.

How long will it take the city to recover the amount invested in the new equipment?

5. Use of a lockbox eliminates

6. An evaluation of anggntity’s single year financial statements would use which of the following analyses?

A. comparative

B. horizontal

C. trend

D. vertical

7. The first step in the internal control evaluation process is

A. identifying the effectiveness of management activities.

B. assessing the adequacy of controls.

C. documenting how transactions of events are processed.

D. identifying potential risks.

8. What is the most fupdamental cash control?

A. segregation of duties

B. use of automated systems

C. analysis of cash reports

D. frequent reconciliation of bank accounts

9. Which action represents an internal control deficiency in an agency responsible for building and maintaining dams?

A. The agency inspects the completed work to assure compliance with the contract specifications.

B. The agency releases the contractor's bond only after assuring that all work is performed satisfactorily.

C. The agency responds to the maintenance needs only as complaints are received or as employees report problems.

D. The agency checks the references of bidders.

10. When planning for local government financial statement audit, what data source should the auditor consider first?

A. government-wide financial statements

B. fund financial statements

C. reconciliations between fund financial statements

D. previous audit findings

11. Which of the following acts requires federal agencies to pay interest to state government funds for entitlements that are not provided in a timely manner?

A. Debt Collection Improvement Act

B. CFO Act

C. Accountability for Tax Dollars Act

D. Cash Management Improvement Act

12. All of the following ae among the stated purposes of GPRA EXCEPT to

13. 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.

14. The goal of shared gervices is to

A. reduce current staffing levels.

B. transfer responsibilities to another entity.

C. efficiently aggregate resources.

D. provide private business opportunities.

15. 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.

16. Earned value management is preferred over traditional project management because

A. earned value management is used to monitor progress and deliverables of smaller projects.

B. earned value management provides information about status of deliverables, funds and time expended.

C. traditional project management is used to monitor progress and deliverables of larger projects.

D. traditional project management provides information about status of deliverables, funds and time expended.

17. In an attestation engagement, which party would make an assertion about a subject matter?

18. 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.

19. A purchasing officer is asked to select a vendor to provide office supplies.

Which of the following vendors should be selected?

20. Cloud computing includes which of the following services?

A. satellite-to-satellite

B. hosted

C. gateway transmission

D. mainframe computing

21. If a CGFM wants to utilize data on population growth, housing and employment to estimate sales tax revenue, the CGFM should use

A. a regression analysis.

B. a cash flow analysis.

C. a payback analysis.

D. flow charting.

22. The main objective of the Cash Management Improvement Act is to require

A. states to pay invoices within 30 days of receipt of a proper invoice.

B. states to minimize the time elapsing between funds drawn and their final disposition.

C. federal agencies to take discounts when available and cost-effective.

D. federal agencies to disburse payments via electronic funds transfer.

23. What might be a cost-effective solution for a local public school to reduce increasing special education costs without violating federal maintenance of effort requirements?

A. Shift a portion of the costs in the form of a fee to parents.

B. Decrease budget allocation for special education services.

C. Develop a shared services agreement with surrounding districts.

D. Outsource special needs services to a private contractor.

24. A program manager at a local agency needs to understand if program participation varies significantly from enrollment. The information changes daily. The best way to quickly analyze this would be to use

A. crosstab.

B. portable document format.

C. text file.

D. dashboard.

25. According to OMB Circular A-50, who holds personal responsibility for ensuring that disagreements with audit findings and recommendations are resolved?

A. comptroller general

B. OMB deputy director for management

C. inspector general

D. audit follow-up official

26. Which of the following statements from an audit finding is the condition?

A. We identified multiple credit card purchases without receipts to support them.

B. Government policy requires a cardholder to submit receipts for all purchases.

C. Finance Department personnel did not regularly review purchases to ensure compliance.

D. We recommend that the government implements a timely review of all credit card purchases.

27. In defining the audit objectives of a performance audit, auditors should evaluate whether the audited entity has

A. updated its vision and strategic mission statements.

B. corrective actions to address prior findings and recommendations.

C. updated its financial reports’ MD&A.

D. internal controls in place.

28. A state agency has begun a pilot program with a community action agency for a community-based approach to provide services to underserved areas. A review after the first year compared the number of families served by both agencies and identified efficiencies reached by having community involvement.

What type of engagement was used to review the pilot program?

A. financial audit

B. single audit

C. performance audit

D. attestation

29. 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

A. using program data to look for instances of individuals using the service more than 10 times per year.

B. using geographic information system data to determine if the destination addresses were hospitals or clinics.

C. using personal data to determine if the destination address matches the employees home address.

D. requesting records from a random sample of employees to verify they used transit on the day they used the taxi services.

30. Government performance measurement promotes

A. responsibility.

B. profitability.

C. accountability.

D. cash availability.

31. All of the following represent selection criteria used to make contract awards EXCEPT contractor

A. staff expertise.

B. past performance records.

C. union affiliations.

D. financial position.

32. A primary deterrent to fraud is

A. delegation of responsibility without oversight.

B. the fear of detection.

C. job satisfaction and sense of "team."

D. performance of employee background checks.

33. In the context of audit risk, which type of risk is primarily influenced by the effectiveness of an organization's internal controls?

A. inherent risk

B. control risk

C. detection risk

D. audit risk

34. Which of the following is a forensic technique used to quantify the impact of fraud?

A. test of controls

B. computer-assisted audit techniques

C. data integrity

D. benchmarking

35. Compliance reporting, under government auditing standards, identifies all of the following components EXCEPT

A. areas of noncompliance.

B. the auditor's responsibility for tests of compliance.

C. review of major internal control cycles.

D. the scope of the compliance testing.