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GFOA CPFO Exam - Topic 8 Question 43 Discussion

Small local governments in states not requiring a financial audit may choose:
D) Any of these
A) A compilation
B) Review or Member's audit
C) Agreed-upon procedures

GFOA CPFO Exam - Topic 8 Question 43 Discussion

Actual exam question for GFOA's CPFO exam
Question #: 43
Topic #: 8
[All CPFO Questions]

Small local governments in states not requiring a financial audit may choose:

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Suggested Answer: D

by Mollie at May 03, 2022, 07:45 AM

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Louisa
9 months ago
Surprised they can skip audits altogether in some states!
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Gregoria
9 months ago
Any of these options could work, depending on the situation.
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Sherly
9 months ago
I thought they had to do a full audit regardless?
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Felicia
10 months ago
Totally agree, it’s often the easiest option!
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Veronika
10 months ago
A compilation is a common choice for small local governments.
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Lashonda
10 months ago
I feel like a compilation is the simplest option, but I’m not entirely sure if it’s the only one they can choose.
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Marnie
10 months ago
I practiced a similar question about financial reporting options for local governments, and I think "Any of these" could be correct since they all seem valid.
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Page
10 months ago
I think I remember that small local governments can choose different options if they don't need a full audit, but I'm not sure which one is the best.
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Louisa
10 months ago
I recall that agreed-upon procedures are often used, but I wonder if they can really pick any of these options without a financial audit requirement.
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Minna
10 months ago
I think this is a Capability problem. The statement clearly says the network is "unable to restrict" those unwanted connections, which suggests a limitation in the network's functionality or configuration. Visibility and Enforcement don't seem to be the main issues here.
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Evangelina
10 months ago
Okay, let's see. Increased CPU activity, suspicious network traffic, and inability to access files - those all sound like clear ransomware signs. I'll have to really think about what could be a false positive here.
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Ciara
10 months ago
Okay, I've got a strategy here. I'll focus on identifying the options that describe how Oracle Workflow can integrate and connect different business processes and systems. That seems to be a core functionality.
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