OCEG GRCA Exam Practice Test Instant Access

Question 1

How would the following test be classified?

The Assurance Provider inspects a RACI matrix for inclusion of best practice content.

AControl test

BSubstantive test

Answer : A

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.

COSO Internal Control -- Integrated Framework

ISO 31000:2018 - Risk management -- Guidelines

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

The key steps in the Assessment Process are

ASelect, Assess, Monitor and Improve

BPlan, Perform, Report and Follow-Up

Answer : B

The key steps in the Assessment Process are Plan, Perform, Report, and Follow-Up. These steps provide a structured approach to conducting assessments, ensuring thorough evaluation and continuous improvement:

Plan: Define the scope, objectives, and methodology.

Perform: Execute the assessment according to the plan.

Report: Document findings and provide recommendations.

Follow-Up: Monitor the implementation of recommendations and improvements.

These steps help ensure assessments are systematic, objective, and effective in identifying areas for improvement. Reference:

ISO 19011:2018 - Guidelines for auditing management systems

COSO Internal Control -- Integrated Framework

Question 4

Which one of these is most associated with a "measure of how well we are meeting obligations"

APerformance

BRisk

CCompliance

Answer : C

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. Reference:

ISO 19600:2014 - Compliance management systems - Guidelines

NIST SP 800-37 Rev. 2 - Risk Management Framework for Information Systems and Organizations

Question 5

When writing a complete recommendation it is important to include

ARecommendation with suggested or mandatory requirements to comply with to fix the problem

BGeneral comments about how to fix the problem

Answer : A

When writing a complete recommendation, it is important to include specific suggestions or mandatory requirements to comply with in order to fix the problem. This ensures that the recommendation is actionable and provides clear guidance on what needs to be done to address the issue. General comments may not provide enough detail or direction for effective implementation. Clear, detailed recommendations help organizations understand the necessary steps to mitigate risks and improve controls. Reference:

ISO 19011:2018 - Guidelines for auditing management systems

COSO Internal Control -- Integrated Framework

Question 6

A QUALIFIED assurance opinion or statement is

AAn affirmative statement that subject matter conforms to the suitable criteria and is free from meaningful misunderstanding

BA 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.

CA 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

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. Reference:

IIA Standards for the Professional Practice of Internal Auditing

AICPA Auditing Standards

Question 7

How would the following test be classified?

The Assurance Provider inspects the use of a RACI template in the field to see how it is being used.

AControl test

BSubstantivetest

Answer : B

Inspecting the use of a RACI template in the field to see how it is being used is classified as a substantive test. This test involves examining actual instances of the RACI template's application to verify its proper use in practice. It goes beyond evaluating the design of the control (the template itself) and looks at the real-world implementation and effectiveness, providing evidence on how the control operates in practice.

AICPA Auditing Standards

ISO 19011:2018 - Guidelines for auditing management systems

OCEG GRC Auditor Certification GRCA Exam Practice Test