AGA Exam CGFM Topic 4 Question 43 Discussion

Actual exam question for AGA's CGFM exam

Question #: 43
Topic #: 4

[All CGFM Questions]

Under government fuditing standards, auditors performing financial statement audits must

Adesign tests to assess compliance with laws, regulations, contracts and grant agreements.

Bidentify violations of laws which could be punishable by monetary penalties.

Cidentify expenditures that exceed the related obligations.

Ddesign tests to detect fraud, waste and abuse.

Show Suggested Answer

Suggested Answer: D

by Dominque at Apr 10, 2024, 02:30 AM

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Junita

13 days ago

Ah, the age-old debate: compliance vs. fraud detection. Auditors need to be like financial superheroes, tackling it all!

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Stephaine

15 days ago

I'm going with C. Ensuring expenditures don't exceed obligations is a key part of the auditor's job.

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Buffy

16 days ago

Why not B? Identifying potential legal violations that could result in penalties seems important to me.

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Julie

21 days ago

I think option D is the most relevant. Detecting fraud, waste, and abuse should be a top priority for auditors.

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Ettie

22 days ago

Option A seems like the right choice. Assessing compliance with relevant laws and regulations is a critical part of financial statement audits.

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Carmelina

2 months ago

I'm not sure, but I think it could also be D, as detecting fraud is important in financial audits.

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Lili

2 months ago

I agree with William, because auditors need to assess compliance with laws and regulations.

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William

2 months ago

I think the answer is A.

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