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CPFO: Certified Public Finance Officer (CPFO)
Free Practice Exam Questions (page: 8)
Updated On: 2-Jan-2026

Page 8 of 52
PDF with 203 Questions

The internal control structure is designed to assist managers in:

  1. preparing consistent financial statements in accordance with applicable standards.
  2. guaranteeing the success of an organization's program and preventing fraud, waste and mismanagement of resources.
  3. ensuring that physical security controls prevent unauthorized individuals from accessing sensitive information.
  4. achieving agency program objectives and ensuring that functions are efficiently and effectively performed.

Answer(s): D



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



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