AGA CGFM Practice Exams
Last updated on Oct 21,2026- Exam Code: CGFM
- Exam Name: CGFM Certified Government Financial Manager
- Certification Provider: AGA
- Latest update: Oct 21,2026
In state and local financial audits, material weaknesses must be reported to the
- A . legislature.
- B . governing body.
- C . taxpayers.
- D . local media.
Performance measurement assists management in
- A . identifying weaknesses in disaster response preparedness.
- B . tracking actual results against targets.
- C . determining allocation of capital appropriations.
- D . monitoring performance of certified professionals in regulatory fields.
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.
One of the five components of COSO ERM is
- A . performance.
- B . changing environment.
- C . complex calculations.
- D . accepting risk.
A material weakness in internal control over financial reporting is defined as a deficiency that
- A . results in a misstatement to the basic financial statements.
- B . results in a material misstatement in other accompanying financial information.
- C . did not allow management to perform their assigned responsibility to prevent, detect and correct misstatements in a timely manner.
- D . creates a reasonable possibility of a material misstatement to the financial statements that will
not be detected in a timely
manner.
As a way to ensure fiduciary responsiblity, a government entity should include which of the following in its investment policy?
- A . prices and performance of its investment securities
- B . permissible and non-permissible investment securities
- C . historical allocations of investment securities
- D . key and non-key investment security controls
A key element in coputer-assisted audit techniques is
- A . writing the system audit program.
- B . verifying internal controls.
- C . obtaining appropriate data.
- D . purchasing data mining software.
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
Which of the following is an example of an outcome measure?
- A . amount of disability inquiries received during a pandemic
- B . total environmental impact statements reviewed
- C . number of federal capital territory students that graduated
- D . percentage of disaster claims paid on time
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.