AGA Exam CGFM Topic 2 Question 52 Discussion

Actual exam question for AGA's CGFM exam

Question #: 52
Topic #: 2

[All CGFM Questions]

The first step in assessing an agency's internal control program's compliance with applicable laws and regulations is

Areview legal actions against the agency for noncompliance with laws and regulations.

Bcontact the legislature to secure its views on any areas of regulatory noncompliance.

Cdevelop an inventory of the applicable laws and regulations.

Drequest a compliance review from the agency's chief legal officer.

Show Suggested Answer

Suggested Answer: D

by Jesusita at Jul 15, 2024, 11:16 PM

Limited Time Offer

25%

Off

Get Premium CGFM Questions as Interactive Web-Based Practice Test or PDF

Contribute your Thoughts:

Submit Cancel

Stevie

2 months ago

Option A is a bit reactive, don't you think? I'd rather be proactive and just get the full picture of what we need to comply with.

upvoted 0 times

Kendra

6 days ago

D) request a compliance review from the agency's chief legal officer.

upvoted 0 times

...

Talia

6 days ago

That sounds like a more proactive approach. It's important to have a clear understanding of what we need to comply with.

upvoted 0 times

...

Lashandra

1 months ago

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

upvoted 0 times

...

Denae

1 months ago

A) review legal actions against the agency for noncompliance with laws and regulations.

upvoted 0 times

...

Lindsey

2 months ago

Haha, option B? Really? Good luck getting the legislature to weigh in on that. Might as well ask a magic 8-ball.

upvoted 0 times

Frederica

30 days ago

Haha, option B? Really? Good luck getting the legislature to weigh in on that. Might as well ask a magic 8-ball.

upvoted 0 times

...

Beula

1 months ago

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

upvoted 0 times

...

Tracie

1 months ago

A) review legal actions against the agency for noncompliance with laws and regulations.

upvoted 0 times

...

Stevie

2 months ago

I was thinking option D, but that seems like it's putting the cart before the horse. Getting the agency's legal view is important, but you've got to do your own research first.

upvoted 0 times

Olive

22 days ago

Definitely. It's a step-by-step process to ensure the agency's internal control program is in compliance with the law.

upvoted 0 times

...

Francene

26 days ago

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

upvoted 0 times

...

Art

1 months ago

That's true. Once you have the inventory, then you can consult with the agency's legal officer for a compliance review.

upvoted 0 times

...

Sharmaine

1 months ago

I agree, it's important to have a clear understanding of what laws and regulations apply before seeking legal advice.

upvoted 0 times

...

Jess

1 months ago

I think option C makes sense. Developing an inventory of laws and regulations is a good starting point.

upvoted 0 times

...

Hana

2 months ago

A) review legal actions against the agency for noncompliance with laws and regulations.

upvoted 0 times

...

Niesha

2 months ago

But wouldn't it also be important to review legal actions against the agency for noncompliance?

upvoted 0 times

...

Julianna

2 months ago

Option C seems like the logical first step to me. You need to know what laws and regulations apply before you can assess compliance.

upvoted 0 times

...

Clarence

2 months ago

I agree with Kate, having a clear list of laws and regulations is crucial for compliance assessment.

upvoted 0 times

...

Kate

2 months ago

I think the first step is to develop an inventory of the applicable laws and regulations.

upvoted 0 times

...