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AGA CGFM Exam - Topic 3 Question 50 Discussion

Actual exam question for AGA's CGFM exam

Question #: 50
Topic #: 3

[All CGFM Questions]

In a performance aygit, due professional care is used to

Aobtain sufficient and competent evidence.

Bdetermine scope.

Cset materiality of financial statements.

Dpresent the findings in accordance with GAAP.

Show Suggested Answer

Suggested Answer: D

by Javier at Jul 02, 2024, 05:17 PM

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Pamella

7 months ago

I thought GAAP was the main focus, surprised it's not the top answer!

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Fidelia

8 months ago

C is also important, but A is the key here.

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Sylvia

8 months ago

Wait, can you really determine scope without evidence?

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Melissa

8 months ago

Totally agree with A, it’s all about the evidence!

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Ashlyn

8 months ago

A is correct, you need evidence for a solid audit.

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Barbra

9 months ago

I’m a bit confused; I thought presenting findings according to GAAP was crucial, but I don’t know if that relates directly to professional care.

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Carmelina

9 months ago

Setting materiality seems important, but I feel like it’s more about the overall process rather than just one aspect.

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Xochitl

9 months ago

I remember a practice question that focused on determining scope, but I'm not sure if that's the main point here.

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Latrice

9 months ago

I think professional care is mainly about obtaining sufficient and competent evidence, so I might lean towards A.

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Brice

9 months ago

Wait, is this about the scope of the audit or the presentation of findings? I'm a little confused on which aspect of due professional care this is asking about. Let me think this through step-by-step.

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Amie

9 months ago

Okay, I've got this. Due professional care means obtaining sufficient and competent evidence, so I'll go with option A. Gotta love those audit fundamentals!

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Ilda

9 months ago

Hmm, I'm a bit unsure about this one. The options seem similar, and I want to make sure I understand the difference between them. I'll need to review my notes on performance audits to answer this confidently.

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Marva

9 months ago

This seems like a straightforward question about due professional care in a performance audit. I'll carefully read through the options and choose the one that best describes the requirement.

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Lyndia

9 months ago

Hmm, this looks like a tricky one. I'll need to think carefully about where parameters are typically defined and used.

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Mira

9 months ago

Okay, I think I've got this. The supervisor reviewing and initialing the workpapers is likely the most direct way to ensure the engagement was properly supervised. That's the answer I'm going with.

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Jeannine

1 year ago

You know what they say, 'Due professional care is like a fine wine - it's all about the bouquet of evidence.'

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Gracia

1 year ago

D) present the findings in accordance with GAAP.

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Lawanda

1 year ago

C) set materiality of financial statements.

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Wenona

1 year ago

B) determine scope.

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Dottie

1 year ago

A) obtain sufficient and competent evidence.

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Merrilee

1 year ago

Option B? Really? I've got two words for that: 'Scope creep.' No thank you!

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Bev

1 year ago

This is a classic case of 'the best answer is the one that's most specific to the question.' Option A is the clear winner here.

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Thurman

1 year ago

C) It's important to make sure the evidence gathered is sufficient and competent for a performance audit.

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Luke

1 year ago

B) I agree, option A is definitely the most specific and relevant choice.

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Berry

1 year ago

A) obtain sufficient and competent evidence.

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Anjelica

1 year ago

I'm torn between A and D, but I think A makes the most sense. Presenting the findings in accordance with GAAP is important, but it's not the primary focus of due professional care.

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Arlie

1 year ago

User 3: A is definitely the key here. Without proper evidence, the findings may not be reliable.

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Narcisa

1 year ago

User 2: I agree, A is the correct answer. It's important to have the right evidence to support the findings.

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Kasandra

1 year ago

User 1: I think A makes the most sense. Obtaining sufficient and competent evidence is crucial in a performance audit.

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Roy

1 year ago

Option A is the correct answer. Due professional care is all about gathering sufficient and competent evidence to support the audit findings.

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Fletcher

1 year ago

Option A is the correct answer. Due professional care is all about gathering sufficient and competent evidence to support the audit findings.

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Noel

1 year ago

Actually, it's not about presenting the findings, but rather obtaining the evidence to support them.

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Corazon

1 year ago

D) present the findings in accordance with GAAP.

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Fausto

1 year ago

A) obtain sufficient and competent evidence.

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Pete

1 year ago

That's correct. Due professional care requires auditors to gather enough evidence to support their findings.

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Nida

1 year ago

A) obtain sufficient and competent evidence.

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Shawnna

1 year ago

But what about setting materiality of financial statements? Isn't that important too?

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Alonso

1 year ago

I agree with Francisca, professional care is all about getting the right evidence.

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Francisca

1 year ago

I think the answer is A) obtain sufficient and competent evidence.

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