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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Bulah

2 months ago

Haha, imagine if the answer was 'all of the above'? That would be the ultimate single audit!

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Brett

30 days ago

D) agencies to establish and assess internal controls related to audits.

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Rory

1 months ago

Haha, that would definitely be the ultimate single audit!

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Melvin

1 months ago

C) federal departments to have single audits of financial management systems.

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Carylon

1 months ago

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

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Tyra

3 months 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

2 months ago

C) federal departments to have single audits of financial management systems.

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Marget

2 months ago

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

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Chu

3 months 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 months ago

C) federal departments to have single audits of financial management systems.

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Tula

1 months ago

Yes, the Single Audit Act focuses on ensuring proper use of federal grant funds.

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Jess

1 months ago

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

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Rolande

3 months 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

29 days ago

That makes sense, internal controls are important for audits.

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Bonita

1 months ago

D) agencies to establish and assess internal controls related to audits.

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Jamika

1 months ago

Thanks for the reminder, I almost chose C too!

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Willow

2 months ago

B) agencies to use an audit process to maximize the value of and manage acquisition risks.

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Inocencia

2 months ago

Oh, good thing you remembered! C is actually for the Federal Managers' Financial Integrity Act.

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Colette

2 months ago

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

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Earlean

3 months 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

3 months ago

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

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Virgina

3 months 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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