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Question 1

When reviewing a report on internal control from a shared service provider that noted a weakness, the agency should

Options :

A : consider the existence of compensating or mitigating controls.

B : ask the service provider to correct the weakness.

C : dismiss the weakness.

D : refer the weakness to the Contracting Officer.

Answer: A

Question 2

A governmental attestation engagement may include a requirement to

Options :

A : monitor a subgrantee for compliance to the grant restrictions.

B : establish a policy concerning fraud prevention.

C : monitor purchasing card charges for compliance with travel policies.

D : review the revenue coverage requirements on outstanding bonds.

Answer: D

Question 3

What is the formal tam for the listing and assessment of an agency's top risks?

Options :

A : risk profile

B : risk management plan

C : risk assessment

D : risk register

Answer: A

Question 4

Which of the following acts requires federal agencies to pay interest to state government funds for entitlements that are not provided in a timely manner?

Options :

A : Debt Collection Improvement Act

B : CFO Act

C : Accountability for Tax Dollars Act

D : Cash Management Improvement Act

Answer: D

Question 5

Management shoulg consider the cost of internal controls in relationship to

Options :

A : the available budget.

B : inherent risks.

C : benefits provided.

D : risk of collusion.

Answer: C