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GRCA PDF Questions and Testing Engine With 47 Questions
NEW QUESTION # 14
Which of these is defined as "externally directing, controlling and evaluating an entity, process or resource"
- A. Assurance
- B. Governance
- C. Management
Answer: B
NEW QUESTION # 15
All Review Procedures in the GRC Assessment Tools must be followed to assess a particular element
- A. False. Use your professional judgement.
- B. True. Thinking has been done for you.
Answer: A
Explanation:
It is important to use professional judgment when conducting a GRC assessment, rather than rigidly following all review procedures in the GRC Assessment Tools. While these tools provide valuable guidelines and frameworks, each organization and situation is unique. Professional judgment allows for flexibility and adaptation of the procedures to fit the specific context andnuances of the assessment, ensuring more relevant and effective outcomes.References:
* ISO 19011:2018 - Guidelines for auditing management systems
* IIA Standards for the Professional Practice of Internal Auditing
NEW QUESTION # 16
Which of the following is defined as "a measure of the degree to which obligations and requirements are addressed"
- A. Compliance
- B. Risk
- C. Reward
Answer: A
Explanation:
Compliance is defined as a measure of the degree to which obligations and requirements are addressed. It involves adhering to laws, regulations, policies, and standards that are relevant to the organization.
Compliance ensures that the organization meets its legal and ethical obligations, thereby avoiding legal penalties, reputational damage, and operational disruptions. Effective compliance programs involve continuous monitoring, training, and auditing to ensure all requirements are met and maintained.References:
* ISO 19600:2014 - Compliance management systems - Guidelines
* NIST SP 800-37 Rev. 2 - Risk Management Framework for Information Systems and Organizations
NEW QUESTION # 17
Follow-up on the implementation status of the recommendation from within the area being assessed is known as:
- A. Follow-Up by Independent Assurance
- B. Follow-Up by Process Owner
- C. Follow-Up by Targeted Review
Answer: B
Explanation:
Follow-up on the implementation status of the recommendation from within the area being assessed is known as Follow-Up by Process Owner. This approach involves the individuals responsible for the area under assessment reviewing the progress of implementing recommendations and controls. It ensures that those directly involved in the process take ownership and accountability for addressing the identified issues.
References:
* ISO 19011:2018 - Guidelines for auditing management systems
* COSO Internal Control - Integrated Framework
NEW QUESTION # 18
The parameters of an Assessment include
- A. Evidence, Tests and Outcomes
- B. Scope, Tests and Evidence
- C. Scope, Criteria and Nature of Testing
Answer: C
Explanation:
The parameters of an assessment include Scope, Criteria, and Nature of Testing. These elements define the boundaries and focus of the assessment:
* Scope:Defines the areas, processes, and activities to be assessed.
* Criteria:Specifies the standards, policies, and regulations against which the assessment will be conducted.
* Nature of Testing:Describes the types and extent of testing procedures that will be employed to gather evidence and evaluate compliance and performance.
These parameters ensure that the assessment is well-structured, targeted, and aligned with the objectives and requirements of the organization.References:
* ISO 19011:2018 - Guidelines for auditing management systems
* COSO Internal Control - Integrated Framework
NEW QUESTION # 19
Which one of these is most associated with a "measure of how well we are addressing opportunities"
- A. Compliance
- B. Risk
- C. Performance
Answer: C
Explanation:
Performance is most associated with a "measure of how well we are addressing opportunities." Performance management focuses on setting goals, monitoring progress, and evaluating outcomes to ensure that an organization is effectively taking advantage of opportunities to achieve its objectives. It involves measuring and managing activities that lead to improved efficiency, effectiveness, and innovation. By addressing opportunities, organizations can enhance their performance and create value.References:
* ISO 9001:2015 - Quality management systems - Requirements
* Balanced Scorecard Institute - Performance Management Framework
NEW QUESTION # 20
A QUALIFIED assurance opinion or statement is
- A. 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.
- B. 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.
- C. An affirmative statement that subject matter conforms to the suitable criteria and is free from meaningful misunderstanding
Answer: B
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 # 21
When should Assessment Notification be announced?
- A. As late as possible in case there is fraud in the assessed area
- B. As soon as possible to start planning
- 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 # 22
Which of the following is defined as "a measure of the desirable effect of uncertainty on objectives?
- A. Compliance
- B. Risk
- C. Reward
Answer: B
Explanation:
Risk is defined as a measure of the desirable effect of uncertainty on objectives. According to the ISO 31000 standard, risk is "the effect of uncertainty on objectives" which can be either positive (opportunity) or negative (threat). This definition encompasses the uncertainty that can impact the achievement of goals and objectives.
It highlights that risk is not just about potential losses but also about potential gains that come from taking risks.References:
* ISO 31000:2018 - Risk management - Guidelines
* NIST SP 800-30 Rev. 1 - Guide for Conducting Risk Assessments
NEW QUESTION # 23
Which one of these is most associated with a "measure of how well we are meeting obligations"
- A. Performance
- B. Compliance
- C. Risk
Answer: B
Explanation:
Compliance is most associated with a "measure of how well we are meeting obligations." Compliance involves adhering to laws, regulations, policies, and standards that apply to an organization. It ensures that the organization is fulfilling its legal, regulatory, and ethical obligations, thereby avoiding penalties, legal issues, and reputational damage. Compliance programs include policies, procedures, training, monitoring, and audits to ensure that all obligations are consistently met.References:
* ISO 19600:2014 - Compliance management systems - Guidelines
* NIST SP 800-37 Rev. 2 - Risk Management Framework for Information Systems and Organizations
NEW QUESTION # 24
The two kinds of PROACTIVE controls are
- A. access and system
- B. training and education
- C. promoting and preventive
Answer: C
Explanation:
Proactive controls are those measures implemented to prevent undesirable events before they occur. Promoting controls are designed to encourage desired behaviors and outcomes, such as compliance with policies and procedures. Preventive controls are aimed at stopping undesirable events or actions before they happen, such as implementing security measures to prevent unauthorized access. Both types of controls are essential for effective risk management and ensuring the security and integrity of an organization's processes and systems.
References:
* COSO Internal Control - Integrated Framework
* ISO/IEC 27002:2013 - Information technology - Security techniques - Code of practice for information security controls
NEW QUESTION # 25
What are the common attributes of an assurance professional?
- A. Independence, objectivity and diligence
- B. Objectivity, independence and freedom
- C. Objectivity, competence and fallibilism
Answer: A
NEW QUESTION # 26
Achieving Principled Performance means to:
- A. Be an ethical performer
- B. Recycle
- C. Reliably achieve objectives, address uncertainty and act with integrity
Answer: C
Explanation:
Achieving principled performance means reliably achieving objectives, addressing uncertainty, and acting with integrity. This concept integrates the management of performance, risk, and compliance to ensure that an organization not only meets its goals but does so ethically and sustainably. It involves creating a culture of accountability, transparency, and ethical behavior while systematically managing risks and ensuring compliance with relevant regulations and standards. Principled performance is about achieving success while maintaining high standards of integrity and responsibility.References:
* OCEG (Open Compliance and Ethics Group) Red Book GRC Capability Model
* ISO 37001:2016 - Anti-bribery management systems
NEW QUESTION # 27
Reasonable assurance is a...
- A. low level of assurance
- B. high level of assurance
- C. medium level of assurance
Answer: B
Explanation:
Reasonable assurance is considered a high level of assurance. It indicates that the assurance provider has conducted a thorough and rigorous evaluation, although it does not guarantee absolute certainty. Reasonable assurance is commonly used in auditing and risk management contexts to provide stakeholders with confidence that the organization is operating effectively and complying with relevant standards and regulations.References:
* ISO 31000:2018 - Risk management - Guidelines
* AICPA Auditing Standards
NEW QUESTION # 28
When inspecting information, the Content Criteria provides a guide to evaluating which of these
- A. Substance of the operation in the field
- B. Design of the control
Answer: B
Explanation:
When inspecting information, the Content Criteria provides a guide to evaluating the design of the control.
Content Criteria help ensure that the controls are appropriately designed to achieve their intended purpose.
Evaluating the design involves assessing whether the control's structure, procedures, and policies are adequate to mitigate identified risks and meet regulatory and organizational requirements.References:
* ISO 19011:2018 - Guidelines for auditing management systems
* COSO Internal Control - Integrated Framework
NEW QUESTION # 29
How would the following test be classified?
The Assurance Provider inspects a RACI matrix for inclusion of best practice content.
- A. Control test
- B. Substantive test
Answer: A
Explanation:
Inspecting a RACI (Responsible, Accountable, Consulted, Informed) matrix for inclusion of best practice content is classified as a control test. This test evaluates whether the RACI matrix, a control tool, is designed and implemented according to best practices. It assesses the completeness and appropriateness of the matrix in defining roles and responsibilities, which is an aspect of control effectiveness.
References:
COSO Internal Control - Integrated Framework
ISO 31000:2018 - Risk management - Guidelines
NEW QUESTION # 30
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