Important OCEG GRCA Exam Questions

Answer: A

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. Reference:

ISO 19011:2018 - Guidelines for auditing management systems

COSO Internal Control -- Integrated Framework

Answer: A

Explanation:

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

Answer: C

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. Reference:

ISO 31000:2018 - Risk management -- Guidelines

AICPA Auditing Standards

Answer: B

Explanation:

When performing an assessment, it is important to remain flexible and adjust the execution plan as new information is uncovered. This adaptive approach ensures that the assessment remains relevant and effective in identifying issues and areas for improvement. Rigidly adhering to the original plan, regardless of new findings, can result in missed opportunities to address critical risks and controls. Adjusting procedures as appropriate based on new information enhances the overall quality and effectiveness of the assessment. Reference:

ISO 19011:2018 - Guidelines for auditing management systems

COSO Internal Control -- Integrated Framework

Answer: C

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. Reference:

IIA Standards for the Professional Practice of Internal Auditing

COSO Internal Control -- Integrated Framework