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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?

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Suggested Answer: A

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

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Alexis
3 months ago
I thought the Yellow Book was the only standard they used!
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Carma
3 months ago
I agree, C seems right. They focus on public sector audits.
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Cristen
4 months ago
Wait, can GAO really reference the International Auditing and Assurance Standards Board?
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Kanisha
4 months ago
Definitely AICPA! They have solid standards.
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Clarinda
4 months ago
I think it's the International Organization of Supreme Audit Institutions.
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Vince
4 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
4 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
5 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
5 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
5 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
5 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
5 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
5 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
5 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
10 months ago
Glad I studied up on my government auditing organizations. INTOSAI is the way to go!
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Renea
8 months ago
C) International Organization of Supreme Audit Institutions
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Hector
9 months ago
B) International Auditing and Assurance Standards Board.
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Leonida
9 months ago
A) Public Company Accounting Oversight Board
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Joanna
10 months 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
9 months ago
D) AICPA
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Olga
9 months ago
C) International Organization of Supreme Audit Institutions
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Jamal
10 months ago
B) International Auditing and Assurance Standards Board.
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Serina
10 months ago
A) Public Company Accounting Oversight Board
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Mose
10 months 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
10 months ago
I think the AICPA standards would be a good option, but INTOSAI seems more relevant for government auditing.
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Shonda
11 months ago
I'm not sure, but I think it could also be C) International Organization of Supreme Audit Institutions.
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Myrtie
11 months 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
9 months ago
D) AICPA
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Markus
9 months ago
C) International Organization of Supreme Audit Institutions
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Nydia
9 months ago
B) International Auditing and Assurance Standards Board.
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Joni
10 months ago
A) Public Company Accounting Oversight Board
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Bok
11 months ago
I agree with Vashti, because the GAO can reference external audit standards from PCAOB.
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Vashti
11 months ago
I think the answer is A) Public Company Accounting Oversight Board.
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