Free CGFM Questions for AGA Certified Government Financial Manager (CGFM) CGFM Exam as PDF & Practice Test Engine

Exam Code/Number: CGFM
Exam Name/Title: Certified Government Financial Manager (CGFM)
Certification Provider: AGA
Corresponding Certification: AGA CGFM

Exam Questions: 115
Updated On: Oct 04, 2026

Question #1

In defining the audit objectives of a performance audit, auditors should evaluate whether the audited entity has

A. updated its financial reports' MD&A.

B. updated its vision and strategic mission statements.

C. corrective actions to address prior findings and recommendations.

D. internal controls in place.

Discussion 0

Correct Answer: C Vote an answer

Explanation: Only visible for ExamDiscuss members. You can sign-up / login (it's free).

Question #2

What is the first step on performing a risk assessment under the COSO Internal Control Framework?

A. identification of risks

B. review of prior audit findings

C. setting risk tolerance levels

D. defining internal control objectives

Discussion 0

Correct Answer: D Vote an answer

Explanation: Only visible for ExamDiscuss members. You can sign-up / login (it's free).

Question #3

One of the five components of COSO ERM is

A. changing environment.

B. complex calculations.

C. accepting risk.

D. performance.

Discussion 0

Correct Answer: D Vote an answer

Explanation: Only visible for ExamDiscuss members. You can sign-up / login (it's free).

Question #4

A state transfers cagh to a broker and the broker transfers securities to the state, promising to repay the cash plus interest in exchange for the return of the same securities. This transaction is an example of

A. a mutual buy-sell agreement.

B. an arbitrage agreement.

C. a reverse repurchase agreement.

D. a repurchase agreement.

Discussion 0

Correct Answer: D Vote an answer

Explanation: Only visible for ExamDiscuss members. You can sign-up / login (it's free).

Question #5

In relation to financial reporting, who evaluates internal controls to support an opinion on a fair presentation of the financial statements?

A. the audit committee

B. the program office

C. management

D. the independent auditor

Discussion 0

Correct Answer: D Vote an answer

Explanation: Only visible for ExamDiscuss members. You can sign-up / login (it's free).

Question #6

How may a city parks and recreation director meaningfully assess the performance of the department's grounds maintenance division?

A. use a single measure of citizen satisfaction with parks and recreation

B. compare cost per acre maintained to cost per acre maintained in another jurisdiction

C. evaluate funds spent on grounds maintenance

D. analyze grounds maintenance staffing levels

Discussion 0

Correct Answer: B Vote an answer

Explanation: Only visible for ExamDiscuss members. You can sign-up / login (it's free).

Question #7

What is the basis for determining materiality for financial audits?

A. The entity's main provider of resources typically sets materiality levels for financial reporting.

B. The auditee determines what is material based on their understanding of how the financial statements may be used by third parties.

C. The auditor sets a standard percentage for all entities by transaction class.

D. The auditor establishes materiality based on whether a misstatement would influence the judgement made by a reasonable user of the financial statements.

Discussion 0

Correct Answer: D Vote an answer

Explanation: Only visible for ExamDiscuss members. You can sign-up / login (it's free).

Free CGFM Questions for AGA Certified Government Financial Manager (CGFM) CGFM Exam as PDF & Practice Test Engine

Download Free AGA CGFM Demo