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AGA Examination 3: Governmental Financial Management and Control (GFMC) Sample Questions (Q37-Q42):

NEW QUESTION # 37
All of the following represent selection criteria used to make contract awards EXCEPT contractor

A. union affiliations.
B. staff expertise.
C. past performance records.
D. financial position.

Answer: A

Explanation:
* Selection Criteria for Contract Awards:
* When awarding contracts, federal, state, and local governments typically evaluate contractors based on objective criteria like staff expertise, past performance, and financial position to ensure the contractor can successfully fulfill the contract requirements.
* Union affiliationis irrelevant to the contractor's ability to meet the contractual obligations and is not a valid selection criterion.
* Explanation of Answer Choices:
* A. Staff expertise: Correctly used to ensure the contractor has qualified personnel.
* B. Past performance records: Correctly used to evaluate the contractor's historical success in fulfilling similar contracts.
* C. Union affiliations: Correct. This is not considered a valid selection criterion for contract awards.
* D. Financial position: Correctly used to assess the contractor's financial stability.
:
Federal Acquisition Regulation (FAR) Part 15,Contracting by Negotiation.
Office of Management and Budget (OMB) Circular A-102,Grant and Contract Management Requirements.

NEW QUESTION # 38
According to OMB Circular A-50, who holds personal responsibility for ensuring that disagreements with audit findings and recommendations are resolved?

A. OMB deputy director for management
B. comptroller general
C. audit follow-up official
D. inspector general

Answer: C

Explanation:
What Does OMB Circular A-50 Require?
* OMB Circular A-50establishes policies for resolving and following up on audit findings and recommendations. It assignspersonal responsibilityto anaudit follow-up officialwithin the agency for ensuring that disagreements with audit findings are resolved and that corrective actions are implemented.
Why Is the Audit Follow-Up Official Responsible?
* The follow-up official ensures the agency responds appropriately to audit findings, tracks corrective actions, and resolves disagreements in a timely manner. This ensures accountability and compliance with audit recommendations.
Why Other Options Are Incorrect:
* A. Comptroller General:The Comptroller General leads the GAO and oversees audits but is not responsible for resolving disagreements within agencies.
* B. OMB Deputy Director for Management:Provides guidance on audit policies but does not hold personal responsibility for resolving disagreements.
* C. Inspector General:Performs audits and investigations but does not resolve disagreements over audit findings.
References and Documents:
* OMB Circular A-50:Specifies that the audit follow-up official holds responsibility for resolving disagreements.
* GAO Yellow Book:Discusses the roles and responsibilities of various officials in audit processes.

NEW QUESTION # 39
A variable that would influence management's decision to hire contractors to perform management control evaluations is

A. suspicion of internal fraud.
B. knowledge of systemic deficiencies.
C. availability of qualified contractors.
D. lack of management expertise.

Answer: D

Explanation:
Why Hire Contractors for Management Control Evaluations?
Management may decide to bring in external contractors when there are gaps in the organization's capacity to perform evaluations internally. One key factor is thelack of management expertise-if management lacks the necessary knowledge or experience to evaluate controls effectively, it may outsource this task to qualified contractors.
Why Other Options Are Incorrect:
* B. Availability of Qualified Contractors:While availability is a factor, it's not a variable that influences the decision to outsource. Instead, it's a logistical consideration once the decision has been made.
* C. Suspicion of Internal Fraud:Suspicion of fraud may lead to investigations, but hiring contractors to evaluate controls is driven by expertise gaps rather than fraud concerns.
* D. Knowledge of Systemic Deficiencies:If management already has knowledge of systemic deficiencies, they may focus on remediation rather than outsourcing evaluations.
References and Documents:
* GAO Standards for Internal Control in the Federal Government (Green Book):Emphasizes the need for knowledgeable personnel to evaluate controls.
* GAGAS (Yellow Book):Highlights the role of external expertise in cases where internal expertise is insufficient.

NEW QUESTION # 40
The legislation that expanded the requirements of audits to virtually all federal agencies is the

A. Accountability for Tax Dollars Act of 2002.
B. CFO Act of 1990.
C. Federal Financial Management Improvement Act of 1996.
D. Government Management Reform Act of 1994.

Answer: A

Explanation:
What Did the Accountability for Tax Dollars Act Do?
* This act expanded the audit requirements tovirtually all federal agencies, not just those covered under the CFO Act of 1990.
* It mandated that agencies prepare audited financial statements to improve transparency, accountability, and the management of federal funds.
Why Other Options Are Incorrect:
* A. CFO Act of 1990:This act required audited financial statements but only applied to the 24 largest federal agencies (those covered under the Chief Financial Officers Act).
* C. Federal Financial Management Improvement Act of 1996:Focused on financial system compliance with federal accounting standards, not expanding audit requirements.
* D. Government Management Reform Act of 1994:Extended the CFO Act requirements to consolidated government-wide financial statements, not all federal agencies.
References and Documents:
* Accountability for Tax Dollars Act of 2002:Specifies the expanded audit requirements for federal agencies.
* GAO Guide on Federal Financial Management Laws:Provides a comprehensive overview of key legislation.

NEW QUESTION # 41
Forensic accounting includes performance of all of the following tasks EXCEPT

A. interviewing all related parties to fraud.
B. auditing accounting records to prove or disprove fraud.
C. serving as an expert witness.
D. preventing fraud.

Answer: D

Explanation:
What Is Forensic Accounting?
* Forensic accountinginvolves investigating financial records to detect fraud, gather evidence, and support legal proceedings. It focuses on identifying and responding to fraud rather than proactively preventing it.
Tasks Performed in Forensic Accounting:
* Auditing accounting records (Option A):Forensic accountants review records to uncover irregularities or fraud.
* Interviewing related parties (Option C):They conduct interviews to gather information and evidence.
* Serving as an expert witness (Option D):Forensic accountants often testify in court to explain their findings.
Why Prevention Is Not Part of Forensic Accounting:
* Preventing fraud is typically the responsibility ofinternal controls, management, and auditors, not forensic accountants. Forensic accounting is reactive, addressing fraud that has already occurred.
References and Documents:
* GAO Forensic Auditing Standards:Highlights the role of forensic accounting in investigating, not preventing, fraud.
* AICPA Forensic and Valuation Services Practice Aid:Focuses on investigative and litigation support tasks performed by forensic accountants.

NEW QUESTION # 42
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