[Jul 06, 2025] Verified GRCA dumps and 47 unique questions
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OCEG GRCA Exam Syllabus Topics:
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NEW QUESTION # 12
Follow-up on the implementation status of the recommendation based on high priority, due or overdue items or time-sensitive items is known as:
- A. Follow-Up by Independent Assurance
- B. Follow-Up by Targeted Review
- C. Follow-Up by Process Owner
Answer: B
Explanation:
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.
References:
* IIA Standards for the Professional Practice of Internal Auditing
* COSO Internal Control - Integrated Framework
NEW QUESTION # 13
What are the common attributes of an assurance professional?
- A. Objectivity, competence and fallibilism
- B. Objectivity, independence and freedom
- C. Independence, objectivity and diligence
Answer: C
NEW QUESTION # 14
A QUALIFIED assurance opinion or statement is
- A. An affirmative statement that subject matter conforms to the suitable criteria and is free from meaningful misunderstanding
- B. A statement that the assessment didn't observe anything that makes us doubt whether subject matter conforms to the suitable criteria and is free from meaningful misunderstanding.
- C. A statement that the assessment encountered some limitations in what can be concluded and outside of those limitations a positive or negative statement can be offered.
Answer: C
Explanation:
A QUALIFIED assurance opinion or statement indicates that the assessment encountered some limitations, and outside of those limitations, a positive or negative statement can be offered. This type of opinion acknowledges that there are constraints that affected the scope or completeness of the assessment, but within the areas that could be reviewed, the assurance provider can still offer a conclusion. It is a way to communicate the assurance provider's findings while being transparent about any limitations that were encountered.References:
* IIA Standards for the Professional Practice of Internal Auditing
* AICPA Auditing Standards
NEW QUESTION # 15
When should Assessment Notification be announced?
- A. As soon as possible to start planning
- B. As late as possible in case there is fraud in the assessed area
- C. Depends on the Purpose and Parameters and whether fraud it suspected.
Answer: C
Explanation:
The timing of assessment notification should depend on the purpose and parameters of the assessment and whether fraud is suspected. In cases where fraud is suspected, notifying too early might allow those involved to conceal evidence. Conversely, early notification can facilitate better planning and coordination for assessments where fraud is not a concern. The decision should be based on the specific context and objectives of the assessment.References:
* ISO 19011:2018 - Guidelines for auditing management systems
* COSO Internal Control - Integrated Framework
NEW QUESTION # 16
Which of these sources of evidence is MOST LIKELY to be MOST OBJECTIVE?
- A. Written report by the process owner
- B. Vocalized statements by the process owner
- C. Written report by an assurance professional
Answer: C
Explanation:
A written report by an assurance professional is most likely to be the most objective source of evidence.
Assurance professionals are trained to conduct evaluations impartially, following standardized methodologies and best practices. Their reports are based on documented evidence and systematic analysis, ensuring a high level of objectivity and reliability compared to vocalized statements or reports by process owners, who may have biases or conflicts of interest.References:
* IIA Standards for the Professional Practice of Internal Auditing
* ISO 19011:2018 - Guidelines for auditing management systems
NEW QUESTION # 17
The key steps in the Assurance Process are
- A. Plan, Perform, Report and Follow-Up
- B. Select, Assess, Monitor and Improve
Answer: A
Explanation:
The key steps in the Assurance Process are Plan, Perform, Report, and Follow-Up. This structured approach ensures that assurance activities are conducted methodically and effectively:
* Plan:Define the objectives, scope, and methodology of the assurance activity.
* Perform:Carry out the assurance activity based on the defined plan.
* Report:Document and communicate findings, conclusions, and recommendations.
* Follow-Up:Verify that recommendations are implemented and assess their effectiveness.
These steps help ensure that assurance activities provide valuable insights and drive improvements within the organization.References:
* IIA Standards for the Professional Practice of Internal Auditing
* COSO Internal Control - Integrated Framework
NEW QUESTION # 18
If follow-up discovers that actions and controls haven't been implemented, immediately escalate to the board
- A. False. Use professional judgement and work with the action owner to understand why plans have not been implemented.
- B. True. Plans must be followed!
Answer: A
Explanation:
If follow-up discovers that actions and controls haven't been implemented, it is important to use professional judgment and work with the action owner to understand why the plans have not been implemented. Immediate escalation to the board without understanding the context may not be the most effective approach. Engaging with the action owner can help identify obstacles and facilitate a constructive resolution. Escalation should be considered if there is a significant risk or if there is consistent non-compliance despite reasonable efforts to address the issue.References:
* ISO 19011:2018 - Guidelines for auditing management systems
* IIA Standards for the Professional Practice of Internal Auditing
NEW QUESTION # 19
What is the BEST sequence of testing
- A. Substantive testing and then control testing
- B. Control testing and then substantive testing
Answer: B
Explanation:
The best sequence of testing is to conduct control testing first and then substantive testing. This approach ensures that the effectiveness of internal controls is evaluated before examining the details of transactions and data. By testing controls first, assurance providers can determine if controls are reliable and can potentially reduce the extent of substantive testing needed. Effective controls can provide confidence that transactions and data are accurate, reducing the need for extensive substantive testing.References:
* AICPA Auditing Standards
* ISO 19011:2018 - Guidelines for auditing management systems
NEW QUESTION # 20
Producing Value and Protecting Value are trade-offs. You CANNOT do both at the same time. *
- A. True
- B. False
Answer: B
Explanation:
The statement that producing value and protecting value are trade-offs and cannot be done at the same time is false. In fact, both can and should be pursued concurrently. Effective governance, risk management, and compliance (GRC) strategies integrate the production of value (achieving business objectives and growth) with the protection of value (safeguarding assets, ensuring compliance, and managing risks). This integrated approach ensures sustainable performance and long-term success. Organizations that balance both aspects can achieve principled performance by reliably achieving objectives, addressing uncertainty, and acting with integrity.References:
* ISO 31000:2018 - Risk management - Guidelines
* COSO Enterprise Risk Management - Integrating with Strategy and Performance
NEW QUESTION # 21
Which of these is defined as "internally directing, controlling and evaluating an entity, process or resource"
- A. Management
- B. Assurance
- C. Governance
Answer: A
Explanation:
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.
References:
* ISO 9001:2015 - Quality management systems - Requirements
* COSO Internal Control - Integrated Framework
NEW QUESTION # 22
Follow-up on the implementation status of the recommendation by assurance personnel is known as
- A. Follow-Up by Process Owner
- B. Follow-Up by Targeted Review
- C. Follow-Up by Independent Assurance
Answer: C
Explanation:
Follow-up on the implementation status of recommendations by assurance personnel is known as Follow-Up by Independent Assurance. This process involves independent assurance providers reviewing the actions taken to address the recommendations and verifying that they have been implemented effectively. This follow-up ensures that issues identified during the assessment have been resolved and that improvements have been made.References:
* IIA Standards for the Professional Practice of Internal Auditing
* ISO 19011:2018 - Guidelines for auditing management systems
NEW QUESTION # 23
An Assessment should target very low or zero Assurance Risk
- A. True. That's the only sensible approach.
- B. False. Assessment Purpose and Parameters will drive what Assurance Risk to target.
Answer: B
Explanation:
The level of assurance risk targeted by an assessment should be driven by the assessment's purpose and parameters. Not all assessments require very low or zero assurance risk; some may appropriately target higher levels of assurance risk depending on the context and objectives. The purpose and scope of the assessment, as well as the risk tolerance of the organization, will dictate the acceptable level of assurance risk. This approach ensures that resources are allocated efficiently and that the assessment is tailored to the specific needs and risks of the organization.References:
* ISO 31000:2018 - Risk management - Guidelines
* COSO Enterprise Risk Management - Integrating with Strategy and Performance
NEW QUESTION # 24
Being "effective" is best defined as
- A. High performance
- B. Getting the job done right
- C. Design Effectiveness and Operating Effectiveness
Answer: C
Explanation:
Being "effective" is best defined as a combination of design effectiveness and operating effectiveness. Design effectiveness refers to how well a control or process is structured to achieve its intended outcomes, while operating effectiveness assesses how well the control or process is functioning in practice. Together, these dimensions ensure that controls are not only well-designed but also effectively implemented and operational.
References:
* COSO Internal Control - Integrated Framework
* ISO 31000:2018 - Risk management - Guidelines
NEW QUESTION # 25
Which two factors drive the potential level of assurance that an assurance provider may target?
- A. Freedom and Disinterest
- B. Independence and Freedom
- C. Competence and Objectivity
Answer: C
Explanation:
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.References:
* IIA Standards for the Professional Practice of Internal Auditing
* ISO 19011:2018 - Guidelines for auditing management systems
NEW QUESTION # 26
Assessments should be selected based on
- A. Personal opinion
- B. What the latest research reports says
- C. How objectives connect and prioritize the risk universe and assessment universe
Answer: C
Explanation:
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 theareas of highest impact and relevance to achieving objectives.References:
* ISO 31000:2018 - Risk management - Guidelines
* COSO Enterprise Risk Management - Integrating with Strategy and Performance
NEW QUESTION # 27
Which of these is defined as "externally directing, controlling and evaluating an entity, process or resource"
- A. Management
- B. Assurance
- C. Governance
Answer: C
NEW QUESTION # 28
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