OCEG GRCA GRC Auditor Certification Exam Practice Test

Answer : C

The dimensions of TOTAL Performance are Effectiveness, Resiliency, and Agility. Effectiveness refers to achieving the desired outcomes. Resiliency is the ability to recover from setbacks and continue operations. Agility is the capacity to adapt quickly to changes and new opportunities. These three dimensions collectively ensure that an organization can perform well under various conditions and sustain its success over time. Reference:

ISO 9001:2015 - Quality management systems -- Requirements

COSO Enterprise Risk Management -- Integrating with Strategy and Performance

Answer : B

While GRC Assessment Tools can greatly aid in conducting a GRC assessment by providing structured methodologies and frameworks, it is not mandatory to use them. Assessments can be conducted using other methods and tools as long as they are systematic and thorough. The key is to apply professional judgment and ensure the assessment is comprehensive and aligned with the organization's needs. Reference:

ISO 31000:2018 - Risk management -- Guidelines

COSO Internal Control -- Integrated Framework

Answer : A

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. Reference:

COSO Internal Control -- Integrated Framework

ISO 31000:2018 - Risk management -- Guidelines

Answer : A

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. Reference:

ISO 19011:2018 - Guidelines for auditing management systems

COSO Internal Control -- Integrated Framework

Answer : A

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. Reference:

IIA Standards for the Professional Practice of Internal Auditing

COSO Internal Control -- Integrated Framework

Answer : B

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. Reference:

IIA Standards for the Professional Practice of Internal Auditing

ISO 19011:2018 - Guidelines for auditing management systems

Answer : A

Governance is defined as 'externally directing, controlling and evaluating an entity, process, or resource'. It involves establishing policies, and continuous monitoring of their proper implementation, by the members of the governing body of an organization. It ensures that the entity is operating effectively and in alignment with its objectives and regulatory requirements. Governance encompasses a wide range of activities, including strategic planning, decision-making, and oversight, all aimed at achieving the entity's goals while managing risk and ensuring compliance. Reference:

ISO 38500:2015 - Information technology - Governance of IT for the organization

OECD Principles of Corporate Governance