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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
6 months ago
I thought it also covered internal controls, but maybe that's a different rule?
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Fletcher
6 months ago
Yep, they need to manage federal funds properly!
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Avery
6 months ago
Wait, are we sure it's just for non-federal entities?
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Jacinta
7 months ago
Totally agree, that's a key requirement of the Act.
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Melissia
7 months ago
It's all about financial statement audits for non-federal entities!
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Paris
7 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
7 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
7 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
8 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
8 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
8 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
8 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
8 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
8 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
11 months ago
D) agencies to establish and assess internal controls related to audits.
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Rory
11 months ago
Haha, that would definitely be the ultimate single audit!
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Melvin
11 months ago
C) federal departments to have single audits of financial management systems.
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Carylon
12 months 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
11 months ago
C) federal departments to have single audits of financial management systems.
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Tula
12 months ago
Yes, the Single Audit Act focuses on ensuring proper use of federal grant funds.
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Jess
12 months 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
11 months ago
That makes sense, internal controls are important for audits.
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Bonita
11 months ago
D) agencies to establish and assess internal controls related to audits.
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Jamika
12 months ago
Thanks for the reminder, I almost chose C too!
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Willow
12 months 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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