Free AGA CGFM Practice Exam Questions and Answers 2026

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Total 117 Questions | Updated On: Apr 03, 2026

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Question 1

Government entity SEA reporting provides users of general purpose financial reports with an

A : evaluation of the effects of changes in public policy.

B : assessment of financial condition and results of operations.

C : assessment of the accountability of the public administrators.

D : evaluation of the efficiency and effectiveness of governmental programs.

Answer: D

Question 2

When planning for local government financial statement audit, what data source should the auditor consider first?

A : government-wide financial statements

B : fund financial statements

C : reconciliations between fund financial statements

D : previous audit findings

Answer: D

Question 3

An evaluation of anggntity’s single year financial statements would use which of the following analyses?

A : comparative

B : horizontal

C : trend

D : vertical

Answer: D

Question 4

What is the formal tam for the listing and assessment of an agency's top risks?

A : risk profile

B : risk management plan

C : risk assessment

D : risk register

Answer: A

Question 5

The first step in assessing an agency's internal control program's compliance with applicable laws and regulations is to

A : review legal actions against the agency for noncompliance with laws and regulations.

B : contact the legislature to secure its views on any areas of regulatory noncompliance.

C : develop an inventory of the applicable laws and regulations.

D : request a compliance review from the agency-s chief legal officer.

Answer: C

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Total 117 Questions | Updated On: Apr 03, 2026

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