AGA Exam CGFM Topic 4 Question 43 Discussion

Actual exam question for AGA's CGFM exam

Question #: 43
Topic #: 4

[All CGFM Questions]

Under government fuditing standards, auditors performing financial statement audits must

Adesign tests to assess compliance with laws, regulations, contracts and grant agreements.

Bidentify violations of laws which could be punishable by monetary penalties.

Cidentify expenditures that exceed the related obligations.

Ddesign tests to detect fraud, waste and abuse.

Show Suggested Answer

Suggested Answer: D

by Dominque at Apr 10, 2024, 02:30 AM

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Junita

30 days ago

Ah, the age-old debate: compliance vs. fraud detection. Auditors need to be like financial superheroes, tackling it all!

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Stephaine

1 months ago

I'm going with C. Ensuring expenditures don't exceed obligations is a key part of the auditor's job.

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Buffy

1 months ago

Why not B? Identifying potential legal violations that could result in penalties seems important to me.

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Tamra

6 days ago

B) Because identifying violations of laws is important, but the main focus is on assessing compliance with various standards.

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Chi

15 days ago

A) design tests to assess compliance with laws, regulations, contracts and grant agreements.

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Julie

1 months ago

I think option D is the most relevant. Detecting fraud, waste, and abuse should be a top priority for auditors.

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3 months ago

I think the answer is A.

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