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AGA CGFM Exam - Topic 4 Question 33 Discussion

Actual exam question for AGA's CGFM exam

Question #: 33
Topic #: 4

[All CGFM Questions]

In addition to the Yellow Book, which group's external audit standards can the GAO reference?

APublic Company Accounting Oversight Board

BInternational Auditing and Assurance Standards Board.

CInternational Organization of Supreme Audit Institutions

DAICPA

Show Suggested Answer

Suggested Answer: A

by Skye at Aug 29, 2023, 06:09 PM

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Alexis

8 months ago

I thought the Yellow Book was the only standard they used!

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Carma

8 months ago

I agree, C seems right. They focus on public sector audits.

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Cristen

8 months ago

Wait, can GAO really reference the International Auditing and Assurance Standards Board?

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Kanisha

8 months ago

Definitely AICPA! They have solid standards.

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Clarinda

9 months ago

I think it's the International Organization of Supreme Audit Institutions.

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Vince

9 months ago

I’m a bit confused; I thought the GAO primarily relied on the Yellow Book, so I’m not sure which other standards apply.

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Xuan

9 months ago

I practiced a similar question, and I think the correct answer is the International Auditing and Assurance Standards Board.

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Elke

9 months ago

I remember studying the Yellow Book, and I feel like the AICPA might be relevant too, but I can't recall the specifics.

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Cyril

9 months ago

I think the GAO can reference the International Organization of Supreme Audit Institutions, but I'm not entirely sure.

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Charlesetta

9 months ago

I'm pretty sure the answer is A, since the question specifically mentions "in flight encryption" which suggests data encryption during synchronous replication.

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Mari

9 months ago

Okay, the key requirements are to add security to the response messages from Service C while minimizing performance impact. I think option B looks promising, using the service consumer's public key for encryption.

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Twana

9 months ago

I'm torn between interviews and anonymous mechanisms. Both protect individual confidentiality, but interviews feel more thorough and nuanced.

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Francine

10 months ago

I think I remember something about exempt versus nonexempt employees, but I'm not completely sure which category the salaried employees fall under.

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Leatha

10 months ago

Wait, if equity shares are issued, wouldn't that actually lower the gearing ratio? I don't know if I'm overthinking this.

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Tu

1 year ago

Glad I studied up on my government auditing organizations. INTOSAI is the way to go!

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Renea

1 year ago

C) International Organization of Supreme Audit Institutions

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Hector

1 year ago

B) International Auditing and Assurance Standards Board.

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Leonida

1 year ago

A) Public Company Accounting Oversight Board

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Joanna

1 year ago

Wait, the Yellow Book is a thing? I thought we were talking about a coloring book. INTOSAI it is, then!

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Charlene

1 year ago

D) AICPA

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Olga

1 year ago

C) International Organization of Supreme Audit Institutions

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Jamal

1 year ago

B) International Auditing and Assurance Standards Board.

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Serina

1 year ago

A) Public Company Accounting Oversight Board

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Mose

1 year ago

INTOSAI, of course! The GAO is part of the government, so it makes sense they'd use standards from that organization.

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Dominque

1 year ago

I think the AICPA standards would be a good option, but INTOSAI seems more relevant for government auditing.

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Shonda

1 year ago

I'm not sure, but I think it could also be C) International Organization of Supreme Audit Institutions.

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Myrtie

1 year ago

The International Organization of Supreme Audit Institutions (INTOSAI) is the correct answer. The GAO can reference their external audit standards in addition to the Yellow Book.

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Lilli

1 year ago

D) AICPA

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Markus

1 year ago

C) International Organization of Supreme Audit Institutions

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Nydia

1 year ago

B) International Auditing and Assurance Standards Board.

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Joni

1 year ago

A) Public Company Accounting Oversight Board

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Bok

1 year ago

I agree with Vashti, because the GAO can reference external audit standards from PCAOB.

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Vashti

1 year ago

I think the answer is A) Public Company Accounting Oversight Board.

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