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NEW QUESTION # 27
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 Independent Assurance
- C. Follow-Up by Targeted Review
Answer: B
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 # 28
What are the common attributes of an assurance professional?
- A. Objectivity, independence and freedom
- B. Independence, objectivity and diligence
- C. Objectivity, competence and fallibilism
Answer: B
NEW QUESTION # 29
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 # 30
Which of the following is defined as "a measure of the desirable effect of uncertainty on objectives?
- A. Reward
- B. Risk
- C. Compliance
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 # 31
Producing Value and Protecting Value are trade-offs. You CANNOT do both at the same time. *
- A. False
- B. True
Answer: A
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 # 32
Reasonable assurance is a...
- A. high level of assurance
- B. low level of assurance
- C. medium level of assurance
Answer: A
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 # 33
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 # 34
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 # 35
Achieving Principled Performance means to:
- A. Recycle
- B. Reliably achieve objectives, address uncertainty and act with integrity
- C. Be an ethical performer
Answer: B
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 # 36
Which two factors drive the potential level of assurance that an assurance provider may target?
- A. Freedom and Disinterest
- B. Competence and Objectivity
- C. Independence and Freedom
Answer: B
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 # 37
Follow up should be restricted to the recommendations and action plan
- A. True. Only follow-up on planned actions and controls.
- B. False. Follow-Up should target the underlying risk. If the planned actions and controls are working, then the follow-up should identify and recommend changes.
Answer: B
Explanation:
Follow-up should not be restricted to the recommendations and action plan alone. It should also target the underlying risk to ensure that the actions and controls implemented are effectively mitigating the identified risks. If the follow-up reveals that the planned actions and controls are not working as intended, it is essential to identify and recommend necessary changes to address the underlying risk adequately. This approach ensures that the root causes of issues are addressed and that the organization is protected against potential risks.References:
* ISO 31000:2018 - Risk management - Guidelines
* COSO Enterprise Risk Management - Integrating with Strategy and Performance
NEW QUESTION # 38
Which of these is defined as "externally directing, controlling and evaluating an entity, process or resource"
- A. Management
- B. Assurance
- C. Governance
Answer: C
Explanation:
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.References:
* ISO 38500:2015 - Information technology - Governance of IT for the organization
* OECD Principles of Corporate Governance
NEW QUESTION # 39
When writing a complete recommendation it is important to include
- A. Recommendation with suggested or mandatory requirements to comply with to fix the problem
- B. General comments about how to fix the problem
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.References:
* ISO 19011:2018 - Guidelines for auditing management systems
* COSO Internal Control - Integrated Framework
NEW QUESTION # 40
The parameters of an Assessment include
- A. Scope, Criteria and Nature of Testing
- B. Scope, Tests and Evidence
- C. Evidence, Tests and Outcomes
Answer: A
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 # 41
Identifying root causes helps to
- A. Be more specific regarding who is to blame
- B. Find a solution to fixing not only this problem but potential other problems that result from the same root cause
Answer: B
Explanation:
Identifying root causes helps to find solutions that fix not only the current problem but also prevent other potential problems that stem from the same root cause. This approach leads to more sustainable and effective improvements by addressing the underlying issues rather than just the symptoms. It enhances the overall quality and reliability of processes and controls within the organization.References:
* ISO 31000:2018 - Risk management - Guidelines
* Root Cause Analysis: Improving Performance for Bottom-Line Results by Robert J. Latino, Kenneth C.
Latino, and Mark A. Latino
NEW QUESTION # 42
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 # 43
When performing an Assessment, it is important to NEVER change the execution plan
- A. True. Never, ever change the plan.
- B. False. As information is uncovered, adjust procedures as appropriate.
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 theoriginal 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.References:
* ISO 19011:2018 - Guidelines for auditing management systems
* COSO Internal Control - Integrated Framework
NEW QUESTION # 44
During Assessment Planning, it is important to conduct a complete risk assessment and conduct detailed testing to understand inherent risks and control risk.
- A. False. Limited information gathering and procedures should be conducted to get an initial estimate of inherent risk and control risk so that planning can proceed.
- B. True. Everything needs to be fully understood before a plan can be finalized.
Answer: A
Explanation:
During the planning phase of an assessment, it is not necessary to conduct a complete risk assessment and detailed testing. Instead, limited information gathering and initial procedures are sufficient to estimate inherent risk and control risk, allowing planning to proceed. This initial estimate helps to set the scope and focus of the assessment. Detailed testing and a comprehensive risk assessment can be conducted during the actual assessment phase. This approach allows for a more efficient and flexible planning process.References:
* ISO 19011:2018 - Guidelines for auditing management systems
* NIST SP 800-30 Rev. 1 - Guide for Conducting Risk Assessments
NEW QUESTION # 45
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 # 46
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