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AGA CGFM Exam - Topic 1 Question 58 Discussion

The Single Audit Act requires
A) financial statement audits of non-federal entities that receive or administer grant awards of federal funds.
B) agencies to use an audit process to maximize the value of and manage acquisition risks.
C) federal departments to have single audits of financial management systems.
D) agencies to establish and assess internal controls related to audits.

AGA CGFM Exam - 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

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Suggested Answer: A

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

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Dean
7 months ago
I thought it also covered internal controls, but maybe that's a different rule?
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Fletcher
8 months ago
Yep, they need to manage federal funds properly!
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Avery
8 months ago
Wait, are we sure it's just for non-federal entities?
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Jacinta
8 months ago
Totally agree, that's a key requirement of the Act.
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Melissia
8 months ago
It's all about financial statement audits for non-federal entities!
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Paris
9 months ago
I’m leaning towards option A because it aligns with what we discussed in class about federal funding and audits, but I could be mixing it up with another topic.
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Jacki
9 months ago
I feel like option B might be related to acquisition risks, but it doesn't sound like what the Single Audit Act specifically requires.
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Edwin
9 months ago
I remember practicing a question similar to this, and I think it was about how federal funds are managed through audits.
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Sabine
9 months ago
I think the Single Audit Act is about financial statement audits for non-federal entities, but I'm not completely sure if that's the main focus.
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Shonda
9 months ago
This looks straightforward. The Act requires financial statement audits of non-federal entities that receive federal funds, so I'll go with option A.
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Lawrence
9 months ago
I'm a little unsure about this one. The wording of the question and answer choices is a bit technical. I'll need to re-read it a few times to make sure I understand what's being asked.
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Emerson
9 months ago
Okay, let me think this through. The Act is about audits of non-federal entities that receive federal funds, so I'm guessing the answer has to do with that. I'll eliminate the other choices that don't seem relevant.
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Ruthann
9 months ago
Hmm, this seems like a straightforward question about the requirements of the Single Audit Act. I'll need to carefully read through the answer choices to determine which one best describes what the Act requires.
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Sharee
9 months ago
Hmm, I'm not totally confident on this one. I'll need to review my notes on the Single Audit Act to make sure I understand the key requirements. Eliminating the choices that don't seem relevant is a good strategy here.
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Bulah
1 year ago
Haha, imagine if the answer was 'all of the above'? That would be the ultimate single audit!
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Brett
1 year ago
D) agencies to establish and assess internal controls related to audits.
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Rory
1 year ago
Haha, that would definitely be the ultimate single audit!
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Melvin
1 year ago
C) federal departments to have single audits of financial management systems.
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Carylon
1 year ago
A) financial statement audits of non-federal entities that receive or administer grant awards of federal funds.
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Tyra
1 year ago
D is a good one, but that's more of an internal control framework. The Single Audit Act is specifically about the audit requirements for federal fund recipients.
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Rebecka
1 year ago
C) federal departments to have single audits of financial management systems.
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Marget
1 year ago
A) financial statement audits of non-federal entities that receive or administer grant awards of federal funds.
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Chu
1 year ago
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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Lili
1 year ago
C) federal departments to have single audits of financial management systems.
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Tula
1 year ago
Yes, the Single Audit Act focuses on ensuring proper use of federal grant funds.
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Jess
1 year ago
A) financial statement audits of non-federal entities that receive or administer grant awards of federal funds.
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Rolande
1 year 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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Ilona
1 year ago
That makes sense, internal controls are important for audits.
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Bonita
1 year ago
D) agencies to establish and assess internal controls related to audits.
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Jamika
1 year ago
Thanks for the reminder, I almost chose C too!
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Willow
1 year ago
B) agencies to use an audit process to maximize the value of and manage acquisition risks.
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Inocencia
1 year ago
Oh, good thing you remembered! C is actually for the Federal Managers' Financial Integrity Act.
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Colette
1 year ago
A) financial statement audits of non-federal entities that receive or administer grant awards of federal funds.
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Earlean
1 year 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
1 year ago
I agree with Eileen. It makes sense to ensure accountability and proper use of federal funds.
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Virgina
1 year 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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Hui
1 year ago
Definitely not the right answer.
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Dorothy
1 year ago
D) agencies to establish and assess internal controls related to audits.
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Kimbery
1 year ago
Hmm, not quite.
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Stevie
1 year ago
C) federal departments to have single audits of financial management systems.
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Alaine
1 year ago
That's not correct.
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Kimberlie
1 year ago
B) agencies to use an audit process to maximize the value of and manage acquisition risks.
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Elena
1 year ago
That makes sense.
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Marisha
1 year ago
A) financial statement audits of non-federal entities that receive or administer grant awards of federal funds.
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Eileen
1 year 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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