AGA Exam CGFM Topic 4 Question 48 Discussion

Actual exam question for AGA's CGFM exam

Question #: 48
Topic #: 4

[All CGFM Questions]

If a reportable condition might result in a material misstatement of financial statements, then it must be noted as a:

AMaterial weakness

BUnqualified report

CRevised situation

DAdverse condition

Show Suggested Answer

Suggested Answer: A

by Wilbert at May 30, 2024, 02:29 PM

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Viki

8 months ago

Option A, no doubt. Material weakness is the way to go. Unless, of course, we're talking about my biceps. Then it's a whole different story.

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Ellsworth

7 months ago

Material weakness is key in ensuring accurate financial reporting.

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Eva

7 months ago

Definitely, it's important to note any potential misstatements.

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Fairy

8 months ago

I agree, material weakness is the right choice.

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Gene

8 months ago

I'm going with A. Material weakness. Doesn't that just sound so official and important? Like the financial version of a secret agent code name.

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Mozelle

8 months ago

D) Adverse condition. That sounds serious, like it could have a big impact on the financial statements.

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Dean

8 months ago

B) Unqualified report. I think it's more about the condition being noted in the financial statements.

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Deandrea

8 months ago

A) Material weakness. Definitely sounds important, like a secret agent code name.

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Sheridan

9 months ago

I'm not sure, but I think it could also be D) Adverse condition.

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Isadora

9 months ago

I agree with Christiane. A material misstatement could definitely be a material weakness.

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Josefa

9 months ago

Definitely option A. I mean, who wants an 'unqualified report' or a 'revised situation'? Gotta keep those financials squeaky clean.

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Lenna

9 months ago

A material weakness? Sounds about right. Can't have those sneaky financial statements tripping us up, am I right?

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Fanny

8 months ago

D) Adverse condition

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Mitsue

8 months ago

D) Adverse condition

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Peter

8 months ago

Definitely, we need to ensure accuracy in financial reporting.

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Marget

8 months ago

A) Material weakness

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Alease

8 months ago

A) Material weakness

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Pa

8 months ago

D) Adverse condition

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Reta

8 months ago

A) Material weakness

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Christiane

9 months ago

I think the answer is A) Material weakness.

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