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AGA CGFM Exam - Topic 2 Question 56 Discussion

Actual exam question for AGA's CGFM exam
Question #: 56
Topic #: 2
[All CGFM Questions]

In relation to financial reporting, who evaluates internal controls to support an opinion on a fair presentation of the financial statements?

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Suggested Answer: B

by Renea at Sep 18, 2024, 08:49 PM

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Lashunda
3 months ago
I thought the program office had some responsibility too, interesting!
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Leota
3 months ago
Wait, are we sure it's not the audit committee? Seems off.
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Jose
3 months ago
Management also plays a role, but auditors have the final say.
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Lea
4 months ago
Totally agree, B is the right answer!
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Johna
4 months ago
It's definitely the independent auditor who evaluates internal controls.
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Sharika
4 months ago
I thought the program office had something to do with internal controls, but now I'm questioning if that's even relevant to financial reporting.
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Ocie
4 months ago
I feel like the audit committee plays a role in overseeing the process, but I can't recall if they directly evaluate the internal controls.
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Abel
4 months ago
I remember a practice question where the independent auditor was the one who assessed internal controls to support their opinion. That seems like the right answer here.
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Judy
5 months ago
I think management is responsible for evaluating internal controls, but I'm not entirely sure if they provide the final opinion on the financial statements.
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Elfriede
5 months ago
Wait, I'm confused. Is it the audit committee that evaluates the internal controls? Or is that the independent auditor's responsibility? I need to review my notes on financial reporting and corporate governance.
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Louann
5 months ago
Okay, I've got this. The independent auditor is responsible for evaluating the internal controls to support their opinion on the fair presentation of the financial statements. That's a key part of the audit process.
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Marion
5 months ago
Hmm, I'm a bit unsure about this one. I know management is responsible for establishing and maintaining internal controls, but I can't quite remember who is responsible for evaluating them. Let me think this through step-by-step.
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Ryan
5 months ago
This seems like a straightforward question about financial reporting and internal controls. I'm pretty confident I know the answer, but I'll quickly review the key concepts just to be sure.
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Lakeesha
5 months ago
I'm pretty confident the answer is B - the independent auditor. They have to assess the internal control environment as part of the financial statement audit in order to provide an opinion on the fair presentation of the statements. This is a standard audit procedure.
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Jacklyn
9 months ago
Wait, there's an independent auditor in this question? I thought this was a reality TV show where the program office and the audit committee have a dramatic showdown to determine the fate of the financial statements. Surely that's more entertaining than a boring old audit, right?
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Dalene
7 months ago
The program office may be involved in certain aspects, but the independent auditor is key for an unbiased opinion.
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Brett
8 months ago
Management is responsible for implementing and maintaining internal controls.
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Tyisha
8 months ago
I think the audit committee also plays a role in overseeing the process.
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Reita
8 months ago
Yes, the independent auditor evaluates internal controls for financial reporting.
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Florinda
9 months ago
Ooh, this is a tough one! I'm gonna have to go with the independent auditor on this one. Though I'm kinda hoping for a surprise twist where the audit committee shows up dressed as Batman and solves the whole thing.
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Evelynn
10 months ago
Oof, this one's tricky. I mean, management would love to say they're the ones doing the evaluating, but we all know they can't really be trusted to police themselves. Gotta be the independent auditor, hands down.
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France
8 months ago
Definitely, the independent auditor is the one who evaluates internal controls for financial reporting.
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Sharmaine
8 months ago
I agree, management might not be the most reliable source for that.
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Haydee
9 months ago
Management is responsible for evaluating internal controls.
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Filiberto
10 months ago
But isn't it also the audit committee's responsibility to oversee the audit process?
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Cheryll
11 months ago
Hmm, let me think about this... Nah, it can't be the program office, that's just silly. And the audit committee is more like the watchdog, not the one doing the actual evaluation. Yep, the independent auditor is the way to go here.
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Marshall
10 months ago
No, it's the independent auditor.
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Eric
10 months ago
I think it's management.
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Curt
11 months ago
I agree with Larae, the independent auditor evaluates internal controls.
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Coral
11 months ago
Well, this one's a no-brainer! The independent auditor is the one who evaluates internal controls to support their opinion on the financial statements. Gotta love a good ol' fashioned audit!
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Luis
9 months ago
D) the audit committee
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Carlee
9 months ago
C) the program office
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Aaron
10 months ago
B) the independent auditor
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My
10 months ago
A) management
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Larae
11 months ago
I think it's the independent auditor.
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