CGFM Test 3 with Verified Answers
A-76 - Answers -Directive issued by OMB that establishes federal policy for the
competition of commercial activities
Abuse - Answers -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
Account cleanup - Answers -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
Statements on Standards for Attestation Engagements (SSAE) - Answers -Documents
issued by the AICPA that prescribe the minimum levels of performance for conduct of
attestation engagement
Systems Development Life Cycle - Answers -A structured process for planning,
creating, testing, and deploying an information system
Terminal Element - Answers -mutually exclusive tasks that comprise a work breakdown
structure
Time-series analysis - Answers -a type of analysis in which numbers or ratios from
several periods are reviewed in order to ascertain trends and anomalies
Accountability - Answers -A process involving the rendering of an account by public
officials to the citizenry and other stakeholders, regarding such matters as compliance
to the laws, financial probity, efficient performance, and effective service delivery. For it
to function there need to be 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 programs like loans,
grants or contracts
Analytical tests - Answers -analyzing information about the auditee and are performed
at the start of each audit
Audit risk - Answers -combination of inherent risk, control risk and detection risk
Automated Clearinghouse System - Answers -authorizes the government to
automatically deposit to or withdraw from a personal or corporate bank account
, Benford Digital Analytics - Answers -more transactions begin with the number one than
larger numbers
Blanket Purchase Agreements - Answers -simplified method for filling anticipated
repetitive needs by entering into purchase orders or contracts with qualified sources,
and then providing for orders to be placed against the purchase orders or contracts
Bulk Funding - Answers -Funding provided to the contracting office for a specific
purpose rather than individual funding documents
Business Process Redesign - Answers -process of identifying the most efficient set and
pattern of activities to accomplish a work process
Business Process Re-engineering - Answers -analysis and design of workflows and
processes within an organization that enable it to fundamentally rethink how it does its
work in order to dramatically improve service and reduce costs
Cause - Answers -this is the reason for the condition
CFO Act - Answers -established CFO in 24 departments and major agencies, and
charged that person to develop and maintain an integrated agency accounting and FM
system, including financial reporting and internal controls. Required for federal agencies
to produce annual financial reports
Change management - Answers -management task of preparing the work force for
changes in work processes and procedures
citizen survey - Answers -used in performance measurement and reporting that is used
to assess outcomes (results achieved) of governmental functions and programs.
Results of are often expressed as "percentage of citizens rating X service as good or
very good etc..". It can also be used to determine the services the citizens want and/or
how they should be measured
Commercial off-the-shelf software (COTS) - Answers -software product provided by the
private sector for an information system that requires little or no additional programming
Committee of Sponsoring Organizations (COSO) - Answers -developed the framework
of internal controls that virtually all organizations now use
Common-size Statements - Answers -type of analysis based on converting all data
elements in a statement to percentages of one hundred
Comparative Analysis - Answers -numbers or ratios are compared with ratios or
numbers of similar entities or operations, or with benchmarks for a particular number or
ratio
A-76 - Answers -Directive issued by OMB that establishes federal policy for the
competition of commercial activities
Abuse - Answers -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
Account cleanup - Answers -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
Statements on Standards for Attestation Engagements (SSAE) - Answers -Documents
issued by the AICPA that prescribe the minimum levels of performance for conduct of
attestation engagement
Systems Development Life Cycle - Answers -A structured process for planning,
creating, testing, and deploying an information system
Terminal Element - Answers -mutually exclusive tasks that comprise a work breakdown
structure
Time-series analysis - Answers -a type of analysis in which numbers or ratios from
several periods are reviewed in order to ascertain trends and anomalies
Accountability - Answers -A process involving the rendering of an account by public
officials to the citizenry and other stakeholders, regarding such matters as compliance
to the laws, financial probity, efficient performance, and effective service delivery. For it
to function there need to be 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 programs like loans,
grants or contracts
Analytical tests - Answers -analyzing information about the auditee and are performed
at the start of each audit
Audit risk - Answers -combination of inherent risk, control risk and detection risk
Automated Clearinghouse System - Answers -authorizes the government to
automatically deposit to or withdraw from a personal or corporate bank account
, Benford Digital Analytics - Answers -more transactions begin with the number one than
larger numbers
Blanket Purchase Agreements - Answers -simplified method for filling anticipated
repetitive needs by entering into purchase orders or contracts with qualified sources,
and then providing for orders to be placed against the purchase orders or contracts
Bulk Funding - Answers -Funding provided to the contracting office for a specific
purpose rather than individual funding documents
Business Process Redesign - Answers -process of identifying the most efficient set and
pattern of activities to accomplish a work process
Business Process Re-engineering - Answers -analysis and design of workflows and
processes within an organization that enable it to fundamentally rethink how it does its
work in order to dramatically improve service and reduce costs
Cause - Answers -this is the reason for the condition
CFO Act - Answers -established CFO in 24 departments and major agencies, and
charged that person to develop and maintain an integrated agency accounting and FM
system, including financial reporting and internal controls. Required for federal agencies
to produce annual financial reports
Change management - Answers -management task of preparing the work force for
changes in work processes and procedures
citizen survey - Answers -used in performance measurement and reporting that is used
to assess outcomes (results achieved) of governmental functions and programs.
Results of are often expressed as "percentage of citizens rating X service as good or
very good etc..". It can also be used to determine the services the citizens want and/or
how they should be measured
Commercial off-the-shelf software (COTS) - Answers -software product provided by the
private sector for an information system that requires little or no additional programming
Committee of Sponsoring Organizations (COSO) - Answers -developed the framework
of internal controls that virtually all organizations now use
Common-size Statements - Answers -type of analysis based on converting all data
elements in a statement to percentages of one hundred
Comparative Analysis - Answers -numbers or ratios are compared with ratios or
numbers of similar entities or operations, or with benchmarks for a particular number or
ratio
