With the rapid market development, there are more and more companies and websites to sell GFMC guide question for learners to help them prepare for exam, but many study materials have very low quality and low pass rate, this has resulting in many candidates failed the exam, some of them even loss confidence of their exam. As for the safe environment and effective product, why don’t you have a try for our GFMC Test Question, never let you down! Before your purchase, there is a free demo for you. You can know the quality of our GFMC guide question earlier.
| Topic | Details |
|---|---|
| Topic 1 |
|
| Topic 2 |
|
| Topic 3 |
|
| Topic 4 |
|
| Topic 5 |
|
VCE4Plus can satisfy the fundamental demands of candidates with concise layout and illegible outline of our exam questions. We have three versions of GFMC study materials and they are made for different habits and preference of you, Our PDF version of GFMC study guide is suitable for reading and printing requests. The second Software versions which are usable to windows system only with simulation test system for you to practice in daily life. The last App version of our GFMC Exam Dump is suitable for different kinds of electronic products. And there have no limitation for downloading.
NEW QUESTION # 43
Using Benford Digital Analysis, an auditor can identify potential fraud when
Answer: B
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.
:
Association of Certified Fraud Examiners (ACFE),Fraud Detection Using Benford's Law.
GAO,Fraud Risk Management Framework.
NEW QUESTION # 44
When reviewing a report on internal control from a shared service provider that noted a weakness, the agency should
Answer: A
Explanation:
* Response to Weaknesses in Shared Service Providers:
* Shared service providers often issue reports on internal controls (e.g., SOC 1 or SOC 2 reports).
* When a weakness is identified, the recipient agency must evaluate whether compensating or mitigating controls exist to address the risk, ensuring continued reliability.
* Explanation of Answer Choices:
* A. Consider the existence of compensating or mitigating controls: Correct. This is a standard response to internal control weaknesses, as outlined in auditing and risk management best practices.
* B. Ask the service provider to correct the weakness: Incorrect. While this may be appropriate, the recipient agency is ultimately responsible for evaluating and addressing the risk.
* C. Dismiss the weakness: Incorrect. Ignoring a weakness can expose the agency to risk.
* D. Refer the weakness to the Contracting Officer: Incorrect. This may be part of the process, but the agency must first assess the impact and controls.
:
American Institute of Certified Public Accountants (AICPA),SOC Reports Guidance.
Government Accountability Office (GAO),Internal Control Standards for Federal Agencies.
NEW QUESTION # 45
In defining the audit objectives of a performance audit, auditors should evaluate whether the audited entity has
Answer: C
Explanation:
* Performance Audit Objectives:
* Performance audits evaluate whether government entities are operating efficiently, effectively, and in compliance with applicable laws.
* A critical aspect is assessing whether the entity has implementedcorrective actionsin response to prior audit findings and recommendations, as this demonstrates accountability and progress.
* Explanation of Answer Choices:
* A. Updated its vision and strategic mission statements: Incorrect. While strategic planning is important, it is not the primary focus of performance audit objectives.
* B. Corrective actions to address prior findings and recommendations: Correct. Addressing prior findings is a key objective to ensure identified issues have been resolved.
* C. Updated its financial reports' MD&A: Incorrect. MD&A (Management's Discussion and Analysis) is related to financial reporting, not performance audits.
* D. Internal controls in place: Incorrect. While internal controls are reviewed, the focus here is on corrective actions to past findings.
:
GAO,Government Auditing Standards (Yellow Book).
GAO,Performance Auditing Guidance.
NEW QUESTION # 46
A local government is reviewing the performance of a contractor that is collecting trash for the county.
Performance can be measured based upon the cost
Answer: D
Explanation:
Why Measure Performance Based on Cost per Ton of Trash Collected?
* Costper ton of trash collectedis a direct, objective, and quantifiable measure of the contractor's performance. It reflects how efficiently the contractor is operating relative to the amount of trash being managed.
* This measure aligns with the principle of output-based performance evaluation, which focuses on results (e.g., tons of trash collected) rather than inputs or unrelated factors.
Why Other Options Are Incorrect:
* A. Per mile traveled:Mileage is not directly tied to performance; it depends on the route structure and geography, not the quantity of trash collected.
* C. Comparison with closest comparable jurisdiction:While this may provide context, it is not a specific performance measure.
* D. Per employee:Employee count does not directly measure performance or efficiency in trash collection operations.
References and Documents:
* GAO Guide on Contract Performance Evaluation:Recommends using measurable and outcome- based metrics like cost per ton collected for performance reviews.
* Best Practices in Local Government Contracting (AGA):Highlights output-based measures for evaluating contractor performance.
NEW QUESTION # 47
All of the following represent selection criteria used to make contract awards EXCEPT contractor
Answer: C
Explanation:
* Selection Criteria for Contract Awards:
* When awarding contracts, federal, state, and local governments typically evaluate contractors based on objective criteria like staff expertise, past performance, and financial position to ensure the contractor can successfully fulfill the contract requirements.
* Union affiliationis irrelevant to the contractor's ability to meet the contractual obligations and is not a valid selection criterion.
* Explanation of Answer Choices:
* A. Staff expertise: Correctly used to ensure the contractor has qualified personnel.
* B. Past performance records: Correctly used to evaluate the contractor's historical success in fulfilling similar contracts.
* C. Union affiliations: Correct. This is not considered a valid selection criterion for contract awards.
* D. Financial position: Correctly used to assess the contractor's financial stability.
:
Federal Acquisition Regulation (FAR) Part 15,Contracting by Negotiation.
Office of Management and Budget (OMB) Circular A-102,Grant and Contract Management Requirements.
NEW QUESTION # 48
......
VCE4Plus is a website to provide a targeted training for AGA certification GFMC exam. VCE4Plus is also a website which can not only make your expertise to get promoted, but also help you pass AGA certification GFMC exam for just one time. The training materials of VCE4Plus are developed by many IT experts' continuously using their experience and knowledge to study, and the quality is very good and have very high accuracy. Once you select our VCE4Plus, we can not only help you pass AGA Certification GFMC Exam and consolidate their IT expertise, but also have a one-year free after-sale Update Service.
GFMC Valid Test Dumps: https://www.vce4plus.com/AGA/GFMC-valid-vce-dumps.html
