AGA Exam CGFM Topic 2 Question 57 Discussion

Actual exam question for AGA's CGFM exam

Question #: 57
Topic #: 2

[All CGFM Questions]

Most States require that local government engage the services of an _________ firm to audit their financial statements.

AGovernment accountability office

BCertified public accounting firm

CGovernment finance officers association

DNone of these

Show Suggested Answer

Suggested Answer: B

by Ettie at Sep 17, 2024, 10:28 AM

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Lucina

28 days ago

B) is the way to go. Although, with the government, you never know - maybe they'd try to get their own people to do the audit and call it 'independent'.

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Shala

9 days ago

It's important to have an external party to maintain transparency.

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Elizabeth

10 days ago

I agree, having a certified public accounting firm ensures independence.

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Alysa

29 days ago

I was tempted to pick D) None of these, but that seems a bit too easy. I'm sticking with B.

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Haydee

30 days ago

I'm going with B as well. A CPA firm is the industry standard for conducting these types of audits.

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Pamella

5 days ago

I think B is the best option too. They have the expertise needed for this type of work.

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Leigha

13 days ago

I agree, a CPA firm is definitely the way to go for auditing financial statements.

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Mammie

1 months ago

Definitely B. I can't imagine the government auditing itself - that would be like the fox guarding the henhouse!

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Maryann

1 months ago

B) Certified public accounting firm sounds like the right answer. Local governments need to have their finances audited by an independent professional firm.

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