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AGA CGFM Exam - Topic 2 Question 52 Discussion

The first step in assessing an agency's internal control program's compliance with applicable laws and regulations isto
D) request a compliance review from the agency's chief legal officer.
A) review legal actions against the agency for noncompliance with laws and regulations.
B) contact the legislature to secure its views on any areas of regulatory noncompliance.
C) develop an inventory of the applicable laws and regulations.

AGA CGFM Exam - Topic 2 Question 52 Discussion

Actual exam question for AGA's CGFM exam
Question #: 52
Topic #: 2
[All CGFM Questions]

The first step in assessing an agency's internal control program's compliance with applicable laws and regulations is

to

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Suggested Answer: D

by Jesusita at Jul 15, 2024, 11:16 PM

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Chara
7 months ago
Seems too simple, are we sure that's the best approach?
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Britt
8 months ago
Yep, inventory first, then you can assess compliance properly.
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Krissy
8 months ago
Really? I thought reviewing legal actions was the first move.
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Joanna
8 months ago
Totally agree, knowing the laws is crucial!
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Peter
8 months ago
The first step is to develop an inventory of applicable laws and regulations.
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Shawnee
9 months ago
I vaguely recall something about requesting a compliance review from the chief legal officer, but I think that comes later in the process.
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Xenia
9 months ago
I feel like contacting the legislature could be important too, but it might not be the very first step. Inventory sounds more logical.
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Annelle
9 months ago
I'm not so sure about that. I remember a practice question where we had to review legal actions first. Maybe that's the right approach?
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Johna
9 months ago
I think the first step should be to develop an inventory of the applicable laws and regulations, right? That seems fundamental.
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Ollie
9 months ago
This is a tricky one. I was tempted by option A at first, but I think that's more of an after-the-fact approach. Developing that inventory of applicable laws and regs seems like the smart first step to lay the groundwork. I'll mark that one down.
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Natalya
9 months ago
Option C is the way to go here. You need to establish what the relevant laws and regulations are before you can even begin to assess compliance. Reviewing legal actions or contacting the legislature seems like it would come later in the process.
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Jaime
9 months ago
This seems like a straightforward question about the first step in assessing an agency's internal control program's compliance with laws and regulations. I think developing an inventory of the applicable laws and regulations is the logical first step before diving into any other actions.
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Fletcher
9 months ago
Hmm, I'm a bit unsure about this one. I'm debating between options C and D. Developing an inventory of laws and regulations or requesting a compliance review from the legal officer. I'll have to think this through carefully.
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Bulah
9 months ago
This is a tricky one. There are a lot of technical terms and acronyms that I'm not super familiar with. I'll do my best to apply my general knowledge of 5G, but I may need to make an educated guess on a couple of these.
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Paris
10 months ago
Hmm, I'm not too familiar with tuning JDBC connection pools in WebLogic. I'll need to think this through carefully.
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Stevie
1 year ago
Option A is a bit reactive, don't you think? I'd rather be proactive and just get the full picture of what we need to comply with.
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Kendra
1 year ago
D) request a compliance review from the agency's chief legal officer.
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Talia
1 year ago
That sounds like a more proactive approach. It's important to have a clear understanding of what we need to comply with.
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Lashandra
1 year ago
C) develop an inventory of the applicable laws and regulations.
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Denae
1 year ago
A) review legal actions against the agency for noncompliance with laws and regulations.
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Lindsey
1 year ago
Haha, option B? Really? Good luck getting the legislature to weigh in on that. Might as well ask a magic 8-ball.
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Frederica
1 year ago
Haha, option B? Really? Good luck getting the legislature to weigh in on that. Might as well ask a magic 8-ball.
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Beula
1 year ago
C) develop an inventory of the applicable laws and regulations.
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Tracie
1 year ago
A) review legal actions against the agency for noncompliance with laws and regulations.
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Stevie
1 year ago
I was thinking option D, but that seems like it's putting the cart before the horse. Getting the agency's legal view is important, but you've got to do your own research first.
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Olive
1 year ago
Definitely. It's a step-by-step process to ensure the agency's internal control program is in compliance with the law.
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Francene
1 year ago
C) develop an inventory of the applicable laws and regulations.
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Art
1 year ago
That's true. Once you have the inventory, then you can consult with the agency's legal officer for a compliance review.
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Sharmaine
1 year ago
I agree, it's important to have a clear understanding of what laws and regulations apply before seeking legal advice.
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Jess
1 year ago
I think option C makes sense. Developing an inventory of laws and regulations is a good starting point.
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Hana
1 year ago
A) review legal actions against the agency for noncompliance with laws and regulations.
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Niesha
1 year ago
But wouldn't it also be important to review legal actions against the agency for noncompliance?
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Julianna
1 year ago
Option C seems like the logical first step to me. You need to know what laws and regulations apply before you can assess compliance.
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Clarence
1 year ago
I agree with Kate, having a clear list of laws and regulations is crucial for compliance assessment.
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Kate
1 year ago
I think the first step is to develop an inventory of the applicable laws and regulations.
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