CGFM - Exam 3 -Glossary Terms Questions
with Verified Answers
A-76 - Answers -A directive issued by the US Office of Management and Budget that
establishes federal policy for the competition of commercial activities
Abuse - Answers -Abuse is behavior that is deficient or improper when compared with
behavior that a prudent person would consider reasonable and necessary business
practice given the facts and circumstances, but excludes fraud and noncompliance with
provisions of laws, regulations, contracts, and grant agreements.
Account Cleanup - Answers -The process of researching, analyzing, and evaluating old
accounts in an accounting system to determine if they should be terminated or
continued, and terminating those that meet the termination criteria
Data definers - Answers -The financial, functional, and technical systems experts who
define the data to be collected, and maintained, by the financial system according to the
organization's mission and strategic plans
data mining - Answers -the process of analyzing data to extract information not offered
by the raw data alone, combining them into a consistent format and using filters and
algorithms to pick out relationships. Using the discovered relationships for predictive
rather than prescriptive purposes
Data providers - Answers -The systems personnel who operate the systems, as well as
those operators of other systems that feed data or inputs to the financial system
Accountability - Answers -A process involving the rendering of account - a public
reckoning- by public officials to the citizenry and other stakeholders, regarding such
matters as compliance with laws, financial probity, efficient performance, and effective
service delivery. For accountability to function, there is a need for benchmarks against
which performance can be measured
Administrative offset - Answers -The process of collecting delinquent debt by offsetting
payments due to the debtor under other applicable government program (loans, grants,
contracts)
Analytical tests - Answers -Involve analyzing information about the auditee. Auditors
conduct analytical tests at the start of each audit
Audit Risk - Answers -A combination of inherent risk, control risk, and detection risk
with Verified Answers
A-76 - Answers -A directive issued by the US Office of Management and Budget that
establishes federal policy for the competition of commercial activities
Abuse - Answers -Abuse is behavior that is deficient or improper when compared with
behavior that a prudent person would consider reasonable and necessary business
practice given the facts and circumstances, but excludes fraud and noncompliance with
provisions of laws, regulations, contracts, and grant agreements.
Account Cleanup - Answers -The process of researching, analyzing, and evaluating old
accounts in an accounting system to determine if they should be terminated or
continued, and terminating those that meet the termination criteria
Data definers - Answers -The financial, functional, and technical systems experts who
define the data to be collected, and maintained, by the financial system according to the
organization's mission and strategic plans
data mining - Answers -the process of analyzing data to extract information not offered
by the raw data alone, combining them into a consistent format and using filters and
algorithms to pick out relationships. Using the discovered relationships for predictive
rather than prescriptive purposes
Data providers - Answers -The systems personnel who operate the systems, as well as
those operators of other systems that feed data or inputs to the financial system
Accountability - Answers -A process involving the rendering of account - a public
reckoning- by public officials to the citizenry and other stakeholders, regarding such
matters as compliance with laws, financial probity, efficient performance, and effective
service delivery. For accountability to function, there is a need for benchmarks against
which performance can be measured
Administrative offset - Answers -The process of collecting delinquent debt by offsetting
payments due to the debtor under other applicable government program (loans, grants,
contracts)
Analytical tests - Answers -Involve analyzing information about the auditee. Auditors
conduct analytical tests at the start of each audit
Audit Risk - Answers -A combination of inherent risk, control risk, and detection risk
