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AGA Examination 3: Governmental Financial Management and Control (GFMC) Sample Questions (Q84-Q89):
NEW QUESTION # 84
Business process re-engineering typically addresses all of the following EXCEPT the
Answer: D
Explanation:
* Business Process Re-Engineering (BPR):
* BPR focuses onredesigning key processesto achieve dramatic improvements in efficiency, effectiveness, and performance.
* It typically involves addressing technical systems, human factors, and process workflows, but it does not involve redefining the organization's mission, which is a strategic activity outside the scope of BPR.
* Explanation of Answer Choices:
* A. Key processes: Incorrect. Key processes are the primary focus of BPR.
* B. Human environment: Incorrect. BPR often addresses human factors, such as roles and responsibilities.
* C. Organizational mission: Correct. The mission is a strategic element and not typically redefined as part of process re-engineering.
* D. Technical environment: Incorrect. BPR often involves rethinking technical systems and workflows.
:
Hammer & Champy,Reengineering the Corporation: A Manifesto for Business Revolution.
GAO,Business Process Re-Engineering for Government Efficiency.
NEW QUESTION # 85
One of the five components of COSO ERM is
Answer: C
Explanation:
What Is COSO ERM?
TheCOSO Enterprise Risk Management (ERM) Frameworkis a widely accepted framework that helps organizations identify, assess, and manage risks while creating value. The five components of COSO ERM are:
* Governance and Culture
* Strategy and Objective-Setting
* Performance
* Review and Revision
* Information, Communication, and Reporting
Why Is Performance a Key Component?
* ThePerformancecomponent focuses on identifying, assessing, and prioritizing risks to achieving an organization's objectives. It includes implementing risk responses (e.g., avoiding, reducing, sharing, or accepting risks) and monitoring their effectiveness.
Why Other Options Are Incorrect:
* B. Changing Environment:This is not a COSO ERM component but a general factor influencing risk management.
* C. Complex Calculations:This is not relevant to COSO ERM.
* D. Accepting Risk:While accepting risk is part of risk responses, it is not one of the five COSO ERM components.
References and Documents:
* COSO ERM Framework (2017):Details the five components of ERM and their application in managing risks.
NEW QUESTION # 86
What is the first step on performing a risk assessment under the COSO Internal Control Framework?
Answer: C
Explanation:
* Risk Assessment Under COSO Framework:
* The first step in a COSO-based risk assessment is defining internal control objectives. This establishes what the organization aims to achieve, providing a framework for identifying risks and ensuring controls align with objectives.
* Risk assessment focuses on evaluating the likelihood and impact of risks that could hinder these objectives.
* Explanation of Answer Choices:
* A. Identification of risks: Identifying risks follows the definition of internal control objectives.
* B. Defining internal control objectives: Correct. Objectives must be defined first to provide a basis for identifying and assessing risks.
* C. Review of prior audit findings: Important, but it's not the starting point for a risk assessment under COSO.
* D. Setting risk tolerance levels: This occurs later, after risks have been identified and evaluated.
:
COSO,Internal Control - Integrated Framework.
GAO,Standards for Internal Control in the Federal Government (Green Book).
NEW QUESTION # 87
A state agency has begun a pilot program with a community action agency for a community-based approach to provide services to underserved areas. A review after the first year compared the number of families served by both agencies and identified efficiencies reached by having community involvement. What type of engagement was used to review the pilot program?
Answer: B
Explanation:
* Type of Engagement for Reviewing Pilot Programs:
* A performance audit evaluates theeffectiveness, efficiency, and economyof programs or operations.
* In this case, the review of the pilot program assessed the number of families served and the efficiencies achieved through community involvement, which aligns with performance auditing objectives.
* Explanation of Answer Choices:
* A. Financial audit: Focuses on the accuracy of financial statements, not program effectiveness or efficiency.
* B. Single audit: Focuses on compliance with federal grant requirements, not program evaluation.
* C. Performance audit: Correct. This type of audit reviews program outcomes and operational efficiencies.
* D. Attestation: Provides assurance on specific subject matter but does not evaluate program performance.
:
GAO,Government Auditing Standards (Yellow Book).
Association of Government Accountants (AGA),Performance Auditing Best Practices.
NEW QUESTION # 88
Use of a lockbox eliminates
Answer: C
Explanation:
What Is a Lockbox?
* Alockboxis a service provided by banks to streamline the collection of payments. Customers send payments directly to a bank-managed P.O. box, where the bank processes and deposits them on behalf of the organization.
Why Does a Lockbox Eliminate Internal Office Processing Delays?
* Payments are sent directly to the bank, bypassing the organization's internal mail and deposit processes.
This eliminates delays caused by handling checks internally and ensures quicker access to funds.
Why Other Options Are Incorrect:
* B. Mail and check-clearing time:Lockboxes reduce internal processing delays but do not affect the mail delivery time or bank check-clearing processes.
* C. Delays in the availability of funds after transaction initiation:Fund availability depends on banking processes, not the lockbox.
* D. Writing of checks against insufficient funds:Lockboxes do not prevent the issuance of bad checks.
References and Documents:
* Treasury Financial Manual:Describes lockboxes as tools to reduce internal delays in payment processing.
* GAO Financial Management Best Practices:Highlights the benefits of lockboxes in expediting deposits.
NEW QUESTION # 89
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