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100% Pass AGA - Professional CGFM - Certified Government Financial Manager (CGFM) Cert
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The CGFM Certification is a comprehensive exam that covers three areas of government financial management: governmental accounting, financial reporting, and budgeting. CGFM exam consists of three modules, each of which focuses on one of these areas. The first module covers governmental accounting principles, including fund accounting, financial statements, and internal controls. The second module covers financial reporting, including financial analysis, performance measurement, and auditing. The third module covers budgeting and financial management, including budget preparation, cost analysis, and program evaluation.
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The CGFM certification program is open to individuals who are currently working or have worked in the government financial management sector. Certified Government Financial Manager (CGFM) certification program requires candidates to pass three exams covering government financial management, government accounting, and financial reporting and analysis.
To be eligible to take the CGFM certification exam, individuals must meet certain education and experience requirements. These requirements vary depending on the level of education and experience of the candidate. Candidates must also be members of the AGA and adhere to the organization's code of ethics. Once individuals have passed all three modules of the CGFM Exam, they are awarded the CGFM certification, which is valid for three years. To maintain their certification, CGFMs are required to complete continuing education courses and participate in professional development activities.
AGA Certified Government Financial Manager (CGFM) Sample Questions (Q38-Q43):
NEW QUESTION # 38
Vendors sometimes attempt to unduly influence governing board members, the CEO, and agency personnel to buy their goods or services. To avoid such situations, the governing board of a government should adopt an ethics policy. The NIGP recommends a policy that governments and non-profits might want to:
- A. Change the Control basics
- B. None of these
- C. Adopt or adapt
- D. handover the control to a third party (Consultants)
Answer: C
NEW QUESTION # 39
Under the arrangement, governments completely outsource the
reconciliation to the bank, which reports items issued and paid, issued but not paid, and not yet issued.
- A. Partial reconciliation
- B. Full reconciliation
- C. None of these
- D. Reverse positive pay
Answer: B
NEW QUESTION # 40
A formal estimate of the resources a government or government unit plans to expend in a given period is a:
- A. budget.
- B. CAFR.
- C. cost benefit analysis.
- D. PAR.
Answer: A
NEW QUESTION # 41
Using Benford Digital Analysis, an auditor can identify potential fraud when
- A. a higher-than-expected number of payment amounts to one vendor start with the number three.
- B. a large contract is awarded to the director's close relative.
- C. a large number of contracts are awarded to one vendor.
- D. an employee receives kickbacks from real estate developers.
Answer: A
Explanation:
* Benford's Law and Fraud Detection:
* Benford's Lawis a statistical principle that predicts the frequency of leading digits in naturally occurring datasets.
* Deviations from the expected distribution (e.g., a higher-than-expected frequency of a specific leading digit) can indicate manipulation or fraud.
* For example, if too many payments start with the number "3," it suggests potential tampering.
* Explanation of Answer Choices:
* A. A higher-than-expected number of payment amounts to one vendor start with the number three: Correct. This aligns with how Benford's Law is used to detect anomalies in numerical data.
* B. A large number of contracts are awarded to one vendor: While concerning, this is not related to Benford's Law.
* C. A large contract is awarded to the director's close relative: This indicates a conflict of interest but is unrelated to Benford's Law.
* D. An employee receives kickbacks from real estate developers: This is fraud but cannot be identified using Benford's Law.
References:
* Association of Certified Fraud Examiners (ACFE),Fraud Detection Using Benford's Law.
* GAO,Fraud Risk Management Framework.
NEW QUESTION # 42
A program accountability study can be used to determine all of the following EXCEPT:
- A. whether program funds are being expended properly.
- B. whether the program is reaching its intended goal.
- C. if budgets were allocated equitably.
- D. the extent to which a program has been correctly implemented.
Answer: C
NEW QUESTION # 43
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