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Financial CPFO Exam Questions
Certified Public Finance Officer (CPFO) (Page 7 )

Updated On: 21-Feb-2026
Page 7 of 42
PDF with 203 Questions

An independent auditor has prepared the chart below describing the status of the audit findings requested for an agency over the past four years.



Based upon these audit findings which of the following conclusions could be drawn on the agency's internal control framework?

  1. The agency is addressing audit findings appropriately.
  2. Findings in year 2009 reflect policy improvement.
  3. There is ineffective management of the agency.
  4. The agency internal control staffing is adequate.

Answer(s): C



A state legislature wants to determine if the non-profit agency that received revenue from personalized license plates fees used the money appropriately. To make this assessment the legislature should request:

  1. a financial audit.
  2. a performance audit.
  3. an attestation.
  4. an internal control review.

Answer(s): B



The intended purpose of The Single Audit Act is to:

  1. improve financial management of state financial programs.
  2. help states schedule federal audits on a grant-by-grant basis.
  3. promote cooperation between auditors.
  4. perform audits under FASAB standards.

Answer(s): C



Upon completion of a performance audit the auditee will be provided with a report that includes the audit objectives, methodology, results and:

  1. special purpose reports.
  2. test of internal controls.
  3. audit documentation.
  4. audit scope.

Answer(s): D



Internal controls are the primary responsibility of:

  1. the financial systems.
  2. internal auditors.
  3. management.
  4. external auditors.

Answer(s): C






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