AGA Exam CGFM Topic 1 Question 58 Discussion

Actual exam question for AGA's CGFM exam

Question #: 58
Topic #: 1

[All CGFM Questions]

The Single Audit Act requires

Afinancial statement audits of non-federal entities that receive or administer grant awards of federal
funds.

Bagencies to use an audit process to maximize the value of and manage acquisition risks.

Cfederal departments to have single audits of financial management systems.

Dagencies to establish and assess internal controls related to audits.

Show Suggested Answer

Suggested Answer: A

by Jenise at Sep 14, 2024, 02:41 AM

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Chu

Option B seems tempting, but that's more of a procurement thing. The Single Audit Act is all about those juicy federal grants.

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Rolande

21 hours ago

I was just about to choose C, but then I remembered that's the Federal Managers' Financial Integrity Act. Gotta stay on top of my acronyms!

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Earlean

10 days ago

I'm not sure about that. I think it might also involve federal departments having single audits of financial management systems.

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Dwight

17 days ago

I agree with Eileen. It makes sense to ensure accountability and proper use of federal funds.

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Virgina

17 days ago

The correct answer is A. The Single Audit Act requires financial statement audits of non-federal entities that receive or administer grant awards of federal funds.

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Marisha

2 days ago

A) financial statement audits of non-federal entities that receive or administer grant awards of federal funds.

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Eileen

23 days ago

I think the Single Audit Act requires financial statement audits of non-federal entities that receive or administer grant awards of federal funds.

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