CGFO Ethics, Compliance & Financial Governance 3

Question 1

Which type of audit opinion indicates that financial statements are presented fairly in all material respects in conformity with GAAP?

Accepted Answer

Unmodified opinion

Answer

An unmodified (clean) opinion is the auditor's conclusion that financial statements present fairly in all material respects according to applicable accounting standards.

Question 2

Under the Single Audit Act, a non-federal entity that expends $750,000 or more in federal awards in a fiscal year must:

Accepted Answer

Obtain a single audit covering both financial statements and federal programs

Answer

The Single Audit Act threshold of $750,000 triggers the requirement for a single audit that covers both the entity's financial statements and its federal award compliance.

Question 3

Whistleblower protections in the government sector are primarily designed to:

Accepted Answer

Protect employees who report suspected wrongdoing from retaliation

Answer

Whistleblower laws protect government employees from adverse employment actions when they report suspected fraud, waste, abuse, or legal violations.

Question 4

The 'appearance of impropriety' standard in government ethics goes beyond actual misconduct to prohibit actions that:

Accepted Answer

A reasonable person would view as unethical, even if technically legal

Answer

Public officials must avoid not just actual misconduct but also situations that would give a reasonable observer the impression of improper behavior.

Question 5

A finance officer who knowingly certifies a fraudulent expenditure claim for payment may be personally liable under which federal statute?

Accepted Answer

The False Claims Act

Answer

The False Claims Act imposes civil and criminal liability on individuals who knowingly submit or certify false claims for government payment.

(CGFO) Certified Government Finance Officer Practice Test

(CGFO) Certified Government Finance Officer Practice Test

CGFO Ethics, Compliance & Financial Governance 3