CPFO RISK ASSESSMENT FINAL PAPER
2026 TESTED QUESTIONS WITH FULL
SOLUTION GRADED A+
●● Risk Identification is:
Answer: An essential component in identifying risk by understanding the
sources, types, and likelihood of risk.
●● Specification of Objectives, Identification of Risks, Alertness to
Potential Fraud, and Identification and Assessment of Changes is
considered:
Answer: Principles that are always in connection with effective risk
assessment.
●● Risk Evaluation:
Answer: Monitors the frequency and severity of claims and modifies
them as necessary.
●● Risk Treatment will include which of the following?
Answer: Loss prevention and control.
●● Enterprise Risk Management is:
, Answer: A process that is ongoing and flowing throughout an
organization and designed to identify potential events that may
negatively affect the organization.
●● Which of the following describes inherent risk in internal controls?
Answer: Programs involving large amounts of cash receipts.
●● Which of the following has a pervasive effect on the basic
components of a comprehensive framework of internal control?
Answer: Control environment.
●● "A finance officer manages public finances transparently" is an
example from which principle in the GFOA Code of Ethics?
Answer: Integrity and Honesty.
●● When posting documents to a government website, computerized
tools can be used to find, extract, and analyze data presented in
electronic form. This is called:
Answer: Facilitated analysis.
●● When evaluating service delivery alternatives, which of the
following is NOT considered a stakeholder in the process?
Answer: Elected officials
2026 TESTED QUESTIONS WITH FULL
SOLUTION GRADED A+
●● Risk Identification is:
Answer: An essential component in identifying risk by understanding the
sources, types, and likelihood of risk.
●● Specification of Objectives, Identification of Risks, Alertness to
Potential Fraud, and Identification and Assessment of Changes is
considered:
Answer: Principles that are always in connection with effective risk
assessment.
●● Risk Evaluation:
Answer: Monitors the frequency and severity of claims and modifies
them as necessary.
●● Risk Treatment will include which of the following?
Answer: Loss prevention and control.
●● Enterprise Risk Management is:
, Answer: A process that is ongoing and flowing throughout an
organization and designed to identify potential events that may
negatively affect the organization.
●● Which of the following describes inherent risk in internal controls?
Answer: Programs involving large amounts of cash receipts.
●● Which of the following has a pervasive effect on the basic
components of a comprehensive framework of internal control?
Answer: Control environment.
●● "A finance officer manages public finances transparently" is an
example from which principle in the GFOA Code of Ethics?
Answer: Integrity and Honesty.
●● When posting documents to a government website, computerized
tools can be used to find, extract, and analyze data presented in
electronic form. This is called:
Answer: Facilitated analysis.
●● When evaluating service delivery alternatives, which of the
following is NOT considered a stakeholder in the process?
Answer: Elected officials
