CMFO - Local Fiscal Affairs Law Exam
Questions and Answers Graded A+
An audit of fiscal books of a local unit is required to be competed within what
period of time? - Correct answer-Within six months of the end of the fiscal year
A synopsis of audit along with recommendations shall be published by whom and
within how many days of receipt of audit? - Correct answer-By the Clerk
Within 30 days
Who is prohibited from being covered under the blanket surety bond? - Correct
answer-No one
T/F - Audit services must be obtained by public bidding - Correct answer-False -
Professional Services Contract
Governing body may authorize an employee to issue tax refunds automatically if
the amount is less than: - Correct answer-$10
Every municipal tax assessor, prior to what date, shall notify by mail each taxpayer
of the current assessment - Correct answer-February 1st
©COPYRIGHT 2025, ALL RIGHTS RESERVED 1
Questions and Answers Graded A+
An audit of fiscal books of a local unit is required to be competed within what
period of time? - Correct answer-Within six months of the end of the fiscal year
A synopsis of audit along with recommendations shall be published by whom and
within how many days of receipt of audit? - Correct answer-By the Clerk
Within 30 days
Who is prohibited from being covered under the blanket surety bond? - Correct
answer-No one
T/F - Audit services must be obtained by public bidding - Correct answer-False -
Professional Services Contract
Governing body may authorize an employee to issue tax refunds automatically if
the amount is less than: - Correct answer-$10
Every municipal tax assessor, prior to what date, shall notify by mail each taxpayer
of the current assessment - Correct answer-February 1st
©COPYRIGHT 2025, ALL RIGHTS RESERVED 1
