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CPFO - Certified Public Finance Officer (CPFO) - Dump Information

Vendor	:	Financial
Exam Code	:	CPFO
Exam Name	:	Certified Public Finance Officer (CPFO)
Questions and Answers	:	203 Q & A
Updated On	:	November 14, 2017
PDF Download Mirror	:	CPFO Brain Dump
Get Full Version	:	Pass4sure CPFO Full Version

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CPFO Questions and Answers

QUESTION: 198

Most States require that local government engage the services of an firm to audit their financial statements.

1. Government accountability office
2. Certified public accounting firm
3. Government finance officers association
4. None of these

Answer: B

QUESTION: 199

The auditor(s) should:

1. Adequately plan the work and properly supervise assistants
2. Properly study internal accounting controls to determine their reliability These points are the part of

1. General Standards
2. Field work Standards
3. Reporting Standards
4. All of these

Answer: B

QUESTION: 200

The auditors provide of the reliability of the financial statements.

1. Reasonable assurance
2. Sample
3. Material misstatement
4. None of these

Answer: A

QUESTION: 201

Which of the following opinions is not expressed by auditors as to whether financial statements are expressed fairly in all material respects with respect to generally accepted accounting principles?

1. Unqualified opinion
2. Qualified opinion
3. Disclaimer
4. Reversal opinion

Answer: D

QUESTION: 202

If a reportable condition might result in a material misstatement of financial statements,

then it must be noted as a:

1. Material weakness
2. Unqualified report
3. Revised situation
4. Adverse condition

Answer: A

QUESTION: 203

Which of the following danger sign/s help to detect Auditors’ fraud?

1. Borrowing small amounts from fellow employees
2. Pronounced criticism of others, endearing to divert suspicion
3. Replying to Questions with unreasonable explanations
4. All of these

Answer: D

Financial CPFO Exam (Certified Public Finance Officer (CPFO)) Detailed Information

Certification Program (CPFO)
The Certified Public Finance Officers Program (Certification Program) of GFOA is a broad educational self-study program designed to verify knowledge in the disciplines of government finance. The Certification Program is governed by the Council on Certification. Technical and administrative support for the program is provided by Radford University's Governmental and Nonprofit Assistance Center.
To earn the designation of Certified Public Finance Officer (CPFO), candidates must pass a series of five examinations covering the major disciplines of public finance. A candidate has seven years in which to successfully complete the program. Once earned, the CPFO designation is maintained by participating in 30 hours of continuing professional education (CPE) each year or 60 hours of CPE credit if the CPFO files over a two year period.
While GFOA certifies that an individual who passes one or more of GFOA’s certification examinations demonstrates certain competencies, GFOA withholds an opinion as to the capabilities of any individual to successfully perform in a given position. GFOA encourages prospective employers and employees to share information regarding the requirements of the position and the capabilities of the candidate in a forthright manner to promote sound employment and professional decisions.
Certification Forms and Guideline
CPFO Brochure
2016 Application for GFOA Certification Examinations - New Candidate
2016 Application for GFOA Certification Examinations - Continuing Candidate
2016 Candidates' Guide to Becoming a Certified Public Finance Officer
Exam Material Order Forms for 2016 CPFO Exams
GFOA Certification Renewal Form for Certified Public Finance Officers
Guidance on Filing CPE Credits
Guide for Obtaining CPE Credit for Certified Public Officers
2016 CPFO Exam Schedule
2016 Host Testing Site Application
CPFO Exam Information
GFOA Reading Materials
View Current List of Active CPFOs
Eligibility Requirements to Participate in the CPFO Program
An applicant must establish eligibility to participate in the Certification Program. Information supplied on an application or as part of documentation provided to establish eligibility is considered confidential and will not be released. The GFOA reserves the right to verify information supplied by or on behalf of an applicant.
A candidate must meet the following two eligibility requirements in order to take the certification exams:
Education: A candidate must have, at a minimum, a baccalaureate degree from an accredited institution. An official transcript reflecting the candidates degree is accepted as fulfilling this criterion. If the transcript is in a language other than English, a certified translation into English is required. An official transcript must be submitted with any application. A candidate-produced photocopy is not acceptable.
Ethics: A candidate must accept and observe the GFOA Code of Professional Ethics. A candidates signature following the statement on the application fulfills this requirement.
Once all five examinations have been successfully completed, a candidate must meet the following 3 additional requirements to be designed a CPFO. (primary employment is defined as a W-2 employee of a government working an average of at least 32 hours a week)
Current Employment: A candidate must (i) have as primary employment a position with a government, or (ii) be last primarily employed in government and currently unemployed and actively seeking employment in government. A candidates signature following the statement on the application fulfills this requirement.
Employment History: A candidate must have had at least three (3) years of primary government employment during the previous ten (10) years to be awarded the designation of Certified Public Finance Office (CPFO). A history of employment reflecting the prescribed government experience submitted on an "employment history" form provided by the GFOA fulfills this requirement.
GFOA Membership: A candidate who is employed with a government must be an active member of the GFOA or be eligible for active membership in the GFOA at the time of application for each examination.
Content and Specifications of CPFO Exams
A special committee was appointed for each examination to define the body of knowledge to be tested on the examination. Members of the GFOA's standing committees were asked to review exam specifications for completeness and relative importance. Results of these surveys serve as the basis for specifications for certification examinations. Radford University's Governmental and Nonprofit Assistance Center is responsible for updating the exams on a continuous basis.
Each edition of a certification examination is constructed in accordance with examination specifications that list topics to be covered and assign numbers of examination items to topics. Presented in outline form, examination specifications ensure that the character of the examination remains consistent from one edition to the next.
Each examination is composed of up to 175 multiple-choice items presented in the English language. A multiple-choice item consists of a stem, which poses a problem, and possible answers. Only one possible answer is correct or best. For GFOA certification examinations, each item has four possible choices.
Certification Exam Preparation
The resources that follow provide a solid base for study and preparation for the five (5) individual GFOA
certification examinations.
GOVERNMENTAL ACCOUNTING, AUDITING AND FINANCIAL REPORTING EXAMINATION
A. Examination Specifications
Specifications account for 160 of the 175 prescribed examination questions. Item writers are instructed to
develop examination items that require application of knowledge or higher cognitive levels.
I. Accounting and internal control (55)
A. Objectives of internal control
B. Elements of a comprehensive
framework of internal control
C. Responsibility for internal control
D. Inherent limitations of internal control
E. Evaluating control-related
policies and procedures
F. Internal control and fraud prevention
II. Auditing (25)
A. Types of audits and auditors
B. Auditing standards
C. Reasonable assurance
D. Materiality
E. Opinion units
F. Material weaknesses
G. Single Audit
H. Independent auditor’s reports
and findings
I. Obtaining a financial audit
J. Auditor rotation
K. Audit committees
L. Performance auditing
M. Internal auditing
III. Financial Reporting (80)
A. Internal financial reporting
B. Special-purpose external financial reporting
C. Characteristics of accounting data
D. Reporting entity
E. Users of general-purpose external financial
reports
F. Sources of generally accepted accounting
principles for governments
G. Fund accounting and fund financial
statements
H. Measurement focus and basis of
accounting
I. Significance of fund balance
J. Pensions and other post-employment
benefits
K. Government-wide financial reporting
L. The comprehensive annual financial report
M. Contents of the letter of transmittal
N. Contents of management’s discussion and
analysis
O. Popular financial reporting
TREASURY AND INVESTMENT MANAGEMENT
A. Examination Specifications
Specifications account for 160 of the 175 prescribed examination questions. Item writers are instructed to develop
examination items that require application of knowledge or higher cognitive levels.
SECTION A: INVESTING (65)
I. Investing
A. Legal requirements of investing
B. Objectives of investing (e.g., safety, liquidity, yield,
prudence)
C. Process of establishing investment policy
(including approval process)
D. Investment risks
E. Process of making investments (e.g., competitive
bidding, safekeeping, custody, delivery vs.
payment)
F. Investment strategies
G. Investment instruments (e.g., U.S. government
securities, repurchase agreements, depository
instruments, certificates of deposit, bankers’
acceptances, commercial paper, mutual funds,
local government investment pools, derivatives)
H. Investment economics (e.g., the yield curve,
strategy, monitoring financial markets and interest
rates)
I. Relationships with broker/dealers
J. Relationships with investment advisers
SECTION B: MANAGING BANKING SERVICES(50)
II. Banking relationship management
A. Depository selection
B. Custodian selection
C. Bank compensation (e.g., compensating balances,
direct fees, account analysis statement)
D. Bank safety (e.g., role of federal regulators, factors
to evaluate)
E. Insurance and collateralization (e.g., FDIC limits,
GASB Statement 3, surety bonds, collateral
safekeeping)
III. Collections and concentration
A. Objectives of collections and concentration
B. Methods used to collect and concentrate funds
IV. Disbursements
A. Objectives of disbursements
B. Methods used to disburse funds
C. Fraud prevention (e.g., positive pay)
SECTION C: GENERAL TREASURY MANAGEMENT
(45) V. Cash management and investments
A. Objectives of cash management and investments
B. Components of the cash management and
investments function
VI. Cash flow forecasting
A. Objectives of cash flow forecasting
B. Controls and support in forecasting
C. Types and frequency of forecasts D.
Methodology used to forecast
VII. Short-term borrowing
A. Federal laws and regulations
B. Access to credit markets (e.g., credit ratings,
interest rates)
C. Borrowing methods (e.g., direct loans, short- term
debt instruments, lines of credit)
VIII. Information and control
A. Cash accounting (e.g., bank and cash reconciliations,
treasurers reports, interest allocation)
B. Investment reporting
C. Internal controls
D. Use of technology (including security measures)
DEBT MANAGEMENT EXAMINATION
A. Examination Specifications
Specifications account for 160 of the 175 prescribed examination questions. Item writers are instructed to
develop examination items that require application of knowledge or higher cognitive levels.
I. Overview of municipal debt market (50)
A. Nature of borrowers and purposes of municipal
debt issues
B. Investors in municipal securities
C. Determinants of municipal bond interest rates
D. Security
E. Maturity schedules
F. Debt service structure and schedule types
G. Use of original issue discounts and premiums
H. Redemption features
I. Sizing considerations
J. Security and tax law - restrictions and
requirements
II. Capital financing methods (50)
A. Possibilities and advantages/disadvantages of
each
B. Policy and legal considerations in selecting
and implementing a financing method
C. Types of municipal debt
D. Tax increment financing
E. Long-term debt
F. Short-term debt
G. Derivatives
H. Types of leases and transactions
I. Types of credit enhancement and credit
substitution
J. Role of rating agencies
K. Rating process and analysis
L. Information requirements
M. Rating designations
III. The bond sale (30)
A. Bond issuance team
B. Selecting a financial advisor
C. Method of sale
D. Competitive bid process
E. Evaluation of bids
F. Pricing bonds in a negotiated sale
G. Form and payment of bonds
H. Documentation
I. Preparation of the official statement
J. Role of underwriter in purchase and sale of
bonds
K. Syndicate activities
L. Syndicate compensation
M. Underwriter disclosure requirements
IV. General Debt Management (30)
A. Investing bond proceeds
B. Complying with arbitrage restrictions
C. Assessing refinancing opportunities
D. Providing secondary market disclosure
E. Maintaining investor relations program
F. Providing updated information to rating
agencies
G. Monitoring trading activity (price transparency)
H. Tax lien securitization of debt
I. Dealing with financial emergencies,
bankruptcy, default
OPERATING AND CAPITAL BUDGETING EXAMINATION
A. Examination Specifications
Specifications account for 160 of the 175 prescribed examination questions. Item writers are instructed to
develop examination items that require application of knowledge or higher cognitive levels.
I. Budget Process and organization (30)
A. Understanding the relationship between
operating and capital budgeting
B. Legal foundations
C. Organizational structures for budget process
D. Roles and responsibilities of participants
E. Budget classification structure
F. Fund and fund structure
G. Time period covered by operating and capital
budgeting
H. Relationship of budgeting and accounting
II. Linkage of budget to long-range planning and
assessment (30)
A. Strategic planning
B. Setting Goals
C. Performance measures and benchmarks
D. Efficiency and effectiveness measures
E. Multi-year forecast
F. Short-term and long-term goals
G. Relationship of action plans to long-term
goals
H. Cost analysis and pricing services
III. Budget and financial policies (30)
A. Purpose of policies/roles in development
(including consistency with goals/plans)
B. Financial policies related to budgeting
(areas)
C. Planning and managing reserves (rainy day
funds)
D. Fund balance polices
E. Programmatic policies/level of service
standards
F. Periodic review of policies, including impact
of policies on budget
V. Revenue forecasting and analysis (20)
A. Revenue options
B. Revenue characteristics
C. Taxes
D. Setting user fees and charges
E. Forecasting methodologies
F. Reaching agreement on assumptions in the
forecast
G. Monitoring
VI. Preparing/adopting the CIP and budget (20)
A. Capital improvement program (CIP)
B. Capitalization policy
C. Evaluating capital facilities needs and
alternatives
D. Identifying projects for CIP inclusion
E. Evaluating capital financing alternatives
F. Evaluating methods (payback, present value,
and return on investment)
G. CIP/Capital budget approval
H. Monitoring and reporting on capital project
implementation
IV. The operating budget (30)
A. Types of budgets (line item, program,
performance and zero-base budgets)
B. Administration
C. Formulation of executive budget
D. Legislative review and approval
E. Legal level of control
F. Amending the budget
G. Budget request
H. Expenditure planning (mandated and
discretionary expenditures)
I. Position planning and analysis
J. Monitoring and reporting on budget
performance
RETIREMENT & BENEFITS, RISK MANAGEMENT, AND PROCUREMENT EXAMINATION
A. Examination Specifications
Specifications account for 160 of the 175 prescribed examination questions. Item writers are instructed to
develop examination items that require application of knowledge or higher cognitive levels.
SECTION A: RETIREMENT & BENEFITS
(100)
I. General issues of retirement and benefits
administration
A. Fiduciaries and legal considerations
B. Types of plans
C. Actuarial issues
D. Funding approaches
E. Employer accounting for benefits
F. Required financial statement discloser of
plan information
G. Evaluating financial health of plans
H. Investing pension and other postemployment
benefits fund assets
I. Health care cost
SECTION B: RISK MANAGEMENT (30)
A. Role of Risk management
B. Identification and evaluation of risk
C. Tools for managing risk
D. Implementation of a risk management
program
SECTION C: PROCUREMENT (30)
A. Organization of procurement function
B. Competitive procurement
C. Source selection
D. Contract types
E. Professional service contracts
F. Cooperative purchasing