CPFO RISK ASSESSMENT QUESTIONS AND
CORRECT ANSWERS 2025/2026
Risk Treatment is:
A. The monitoring of the frequency and severity of claims and the modification
to the claims if needed.
B. Once the risk exposures have been identified and measured, the appropriate
treatment of the exposures must be decided upon
C. A continuous and fluid process within an organization whereby all potential
events that may adversely impact the organization are identified.
D. All of the above. - ANSWER B.
Risk identification is:
A. offsetting the frequency and severity of claims when possible.
B. a process that is ongoing and one that flows freely with an organization in
discovering events that may affect the organization
C. to identify and assess risk exposure
D. A further important component in mastering the origins, forms and
probabilities of risk. - ANSWER D.
Specification of objectives, identification of risks, alertness to potential fraud,
and identification and assessment of changes is:
A. principles that are always in connection with effective risk assessment.
B. always present in an effective control environment
C. always present when control activities are effective
D. evidence when information and communication are effective. - ANSWER
A.
,Risk evaluation:
A. identifies and evaluates risk exposures.
B. assumes financial responsibility for some losses.
C. monitors the frequency and severity of claims and modifies them as
necessary.
D. None of the above. - ANSWER C.
How about
Risk treatment will include which of the following?
A. Loss prevention and control
B. Monitoring
C. Precision
D.None of the above. - ANSWER A.
About
Enterprise risk management is:
A. Monitoring the frequency and severity of claims and modifying them as
necessary.
B. A continuous and fluid process through an organization and planned to
recognize those potential events that may have an adverse effect on the
organization.
C. Increased cognition of a government's financial information
D. All of the above. - ANSWER B.
Which one of the following characterizes inherent risk in internal controls?
A. Programs involving large amounts of cash receipts.
B. A process that is continuing and pervasive within an organization and that is
designed to identify potential events which may adversely affect the
organization.
, C. accepts financial responsibility for certain losses.
D. identifies and evaluates risk exposures. - ANSWER A.
Which one of the following has a pervasive effect on the other basic
components of a broad system of internal control?
A. Control environment
B. Risk assessment
C. Control activities
D. Monitoring - ANSWER A.
This is an example from which principle in the GFOA Code of Ethics?
"A finance officer manages public finances transparently"
A. Integrity and Honesty
B. Producing Results for My Community
C. Treating People Fairly
D. Diversity and Inclusion - ANSWER A.
Computerized tools can locate, extract, and analyze data presented in electronic
form when documents are posted to a government website. This is known as:
A. Heightened awareness
B. Universal accessibility
C. Facilitated analysis
D. Increased diversity - ANSWER C.
Given the option for service delivery, which of the following would NOT be a
stakeholder in the process?
CORRECT ANSWERS 2025/2026
Risk Treatment is:
A. The monitoring of the frequency and severity of claims and the modification
to the claims if needed.
B. Once the risk exposures have been identified and measured, the appropriate
treatment of the exposures must be decided upon
C. A continuous and fluid process within an organization whereby all potential
events that may adversely impact the organization are identified.
D. All of the above. - ANSWER B.
Risk identification is:
A. offsetting the frequency and severity of claims when possible.
B. a process that is ongoing and one that flows freely with an organization in
discovering events that may affect the organization
C. to identify and assess risk exposure
D. A further important component in mastering the origins, forms and
probabilities of risk. - ANSWER D.
Specification of objectives, identification of risks, alertness to potential fraud,
and identification and assessment of changes is:
A. principles that are always in connection with effective risk assessment.
B. always present in an effective control environment
C. always present when control activities are effective
D. evidence when information and communication are effective. - ANSWER
A.
,Risk evaluation:
A. identifies and evaluates risk exposures.
B. assumes financial responsibility for some losses.
C. monitors the frequency and severity of claims and modifies them as
necessary.
D. None of the above. - ANSWER C.
How about
Risk treatment will include which of the following?
A. Loss prevention and control
B. Monitoring
C. Precision
D.None of the above. - ANSWER A.
About
Enterprise risk management is:
A. Monitoring the frequency and severity of claims and modifying them as
necessary.
B. A continuous and fluid process through an organization and planned to
recognize those potential events that may have an adverse effect on the
organization.
C. Increased cognition of a government's financial information
D. All of the above. - ANSWER B.
Which one of the following characterizes inherent risk in internal controls?
A. Programs involving large amounts of cash receipts.
B. A process that is continuing and pervasive within an organization and that is
designed to identify potential events which may adversely affect the
organization.
, C. accepts financial responsibility for certain losses.
D. identifies and evaluates risk exposures. - ANSWER A.
Which one of the following has a pervasive effect on the other basic
components of a broad system of internal control?
A. Control environment
B. Risk assessment
C. Control activities
D. Monitoring - ANSWER A.
This is an example from which principle in the GFOA Code of Ethics?
"A finance officer manages public finances transparently"
A. Integrity and Honesty
B. Producing Results for My Community
C. Treating People Fairly
D. Diversity and Inclusion - ANSWER A.
Computerized tools can locate, extract, and analyze data presented in electronic
form when documents are posted to a government website. This is known as:
A. Heightened awareness
B. Universal accessibility
C. Facilitated analysis
D. Increased diversity - ANSWER C.
Given the option for service delivery, which of the following would NOT be a
stakeholder in the process?
