CGAP Cheat Sheet 2026

The 30 highest-yield CGAP facts, distilled from real exam questions. Print it, save it as a PDF, or study it here — free, no sign-up.

1. The auditor is required to provide a report on the accounts they examined. → to the shareholders.
2. Auditors are likely to when preliminary control risk evaluations are set to high: → Complete little or no tests of controls.
3. What is the role of a 'whistleblower protection' program in government fraud prevention? → To encourage employees to report suspected fraud by protecting them from retaliation
4. The audit, which is not mandated by law but is carried out at the request of owners, is referred to as: → Private audit.
5. Auditors learn about internal control of an entity primarily for the following reasons: → Determining the nature, extent and timing of subsequent audit procedures to be performed.
6. The easiest way to guarantee the auditor will have which of the following is to utilize an audit engagement letter? → Access to all books, accounts and vouchers required for audit purpose.
7. The auditor must do all of the activities listed below with the exception of: → Identify all general IT controls.
8. Under GAGAS, which of the following represents a threat to an auditor's independence in a performance audit? → Having previously designed the internal controls being audited
9. Regular auditing is also known as . → Balance sheet audit.
10. An auditor conducting a performance audit selects a program to benchmark against similar programs in other states. This technique is called: → Benchmarking
11. When planning the scope of a performance audit, which of the following factors is most important for auditors to consider? → The risk and significance of program areas in relation to audit objectives
12. This type of audit is typically undertaken between two annual audits _______ . → Interim audit.
13. A company's internal auditor must be _________ . → Cost accountant.
14. In government budgeting, what is an 'obligation'? → A legally binding commitment that will require future outlays
15. Which federal act requires agencies to produce audited financial statements and links performance to budget? → Chief Financial Officers Act of 1990
16. Which of the following is referenced by the term "ESG" in the context of corporate governance? → environmental, social, and governance
17. What does the Schedule of Expenditures of Federal Awards (SEFA) report? → All federal awards expended by a non-federal entity during the audit period
18. When no auditor is appointed or reappointed at a company's annual general meeting. If so, then → the central government appoints a person to fill the vacancy
19. A thorough investigation of a company's books and records is called a . → Auditing
20. Where _____ ends, auditing begins. → Accounting
21. Which government-wide regulation governs the procurement of goods and services by federal agencies? → Federal Acquisition Regulation (FAR)
22. The company's owners go by the name of _______ . → Shareholders
23. The practice of having one clerk's work automatically checked by another is known as _____________ . → Internal check.
24. Which of the following principles govern the exercise of fiduciary responsibility? → Both end-of-year financial ledgers and audits
25. An audit is required for: → All of the above.
26. What is a 'compensating control'? → A secondary control that mitigates risk when a primary control cannot be implemented
27. In a big corporation, who is ultimately in charge of the business operations? → board of directors
28. What does 'prompt payment' legislation require of federal agencies? → Agencies must pay vendors by a specified due date or pay interest on late payments
29. Internal auditing's goal is to → To detect frauds and errors
30. Which set of standards primarily governs performance audits conducted in the U.S. government sector? → GAGAS (Generally Accepted Government Auditing Standards)