OCEG GRCA Exam Practice Test Instant Access

Question 1

Which two factors drive the potential level of assurance that an assurance provider may target?

ACompetence and Objectivity

BIndependence and Freedom

CFreedom and Disinterest

Answer : A

The two factors that drive the potential level of assurance an assurance provider may target are competence and objectivity. Competence refers to the assurance provider's knowledge, skills, and experience necessary to perform the assessment effectively. Objectivity refers to the assurance provider's impartiality and independence from the area being assessed, ensuring that the assessment is unbiased and credible. Both factors are essential for providing a reliable and accurate assurance. Reference:

IIA Standards for the Professional Practice of Internal Auditing

ISO 19011:2018 - Guidelines for auditing management systems

Question 2

Follow-up on the implementation status of the recommendation based on high priority, due or overdue items or time-sensitive items is known as:

AFollow-Up by Process Owner

BFollow-Up by Independent Assurance

CFollow-Up by Targeted Review

Answer : C

Follow-up on the implementation status of recommendations based on high priority, due or overdue items, or time-sensitive items is known as Follow-Up by Targeted Review. This approach focuses on areas that are of critical importance or where timely implementation is essential. It helps ensure that the most significant risks are addressed promptly and that any delays in addressing recommendations are identified and managed. Reference:

IIA Standards for the Professional Practice of Internal Auditing

COSO Internal Control -- Integrated Framework

Question 3

When planning an Assessment, it is important to

AINCLUDE the personnel who perform the work being assessed. They will help to inform Assessment staff and help to adjust parameters if necessary.

BNOT include the personnel who perform the work being assessed. They will pollute the process.

Answer : A

Including the personnel who perform the work being assessed in the planning process is important because they possess valuable insights and knowledge about the processes and controls in place. Their involvement helps to ensure that the assessment is accurately scoped and relevant parameters are set. They can provide context and clarify operational details, contributing to a more effective and targeted assessment. Moreover, their engagement can foster a cooperative environment and facilitate smoother assessment execution. Reference:

ISO 19011:2018 - Guidelines for auditing management systems

COSO Internal Control -- Integrated Framework

Question 4

To evaluate operating effectiveness

AConduct control testing

BConduct substantive testing

Answer : A

To evaluate the operating effectiveness of controls, conducting control testing is essential. Control testing involves examining whether controls are operating as intended and are effective in mitigating risks. This type of testing assesses the design and implementation of controls to ensure they are functioning properly and achieving their intended purpose. Substantive testing, on the other hand, focuses on verifying the accuracy and validity of transactions and data, rather than the effectiveness of controls. Reference:

COSO Internal Control -- Integrated Framework

ISO 31000:2018 - Risk management -- Guidelines

Question 5

Assessments should be selected based on

AWhat the latest research reports says

BHow objectives connect and prioritize the risk universe and assessment universe

CPersonal opinion

Answer : B

Assessments should be selected based on how objectives connect and prioritize the risk universe and assessment universe. This approach ensures that the assessments are aligned with the organization's strategic goals and that the most significant risks are addressed. It involves understanding the organization's risk landscape and prioritizing assessments that focus on the areas of highest impact and relevance to achieving objectives. Reference:

ISO 31000:2018 - Risk management -- Guidelines

COSO Enterprise Risk Management -- Integrating with Strategy and Performance

Question 6

Which of these is defined as "internally directing, controlling and evaluating an entity, process or resource"

AManagement

BGovernance

CAssurance

Answer : A

Management is defined as 'internally directing, controlling and evaluating an entity, process or resource.' Management involves overseeing the day-to-day operations of an organization, making decisions, setting policies, and ensuring that the organization's resources are used effectively to achieve its goals. This function includes planning, organizing, leading, and controlling organizational activities to meet established objectives. Reference:

ISO 9001:2015 - Quality management systems -- Requirements

COSO Internal Control -- Integrated Framework

Question 7

What are the common attributes of an assurance professional?

AIndependence, objectivity and diligence

BObjectivity, competence and fallibilism

CObjectivity, independence and freedom

Answer : A

The common attributes of an assurance professional are independence, objectivity, and diligence. Independence ensures that the assurance professional is free from any influence or conflict of interest that could affect their judgment. Objectivity refers to the ability to provide an unbiased and impartial assessment. Diligence involves a thorough and careful approach to the assurance process, ensuring that all relevant aspects are evaluated and reported accurately. These attributes are essential for maintaining the credibility and reliability of assurance activities. Reference:

IIA Standards for the Professional Practice of Internal Auditing

ISO 19011:2018 - Guidelines for auditing management systems

OCEG GRCA GRC Auditor Certification Exam Practice Test