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NEW QUESTION # 13
The key steps in the Assessment Process are
- A. Plan, Perform, Report and Follow-Up
- B. Select, Assess, Monitor and Improve
Answer: A
Explanation:
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.References:
* ISO 19011:2018 - Guidelines for auditing management systems
* COSO Internal Control - Integrated Framework
NEW QUESTION # 14
What are the common attributes of an assurance professional?
- A. Independence, objectivity and diligence
- B. Objectivity, competence and fallibilism
- C. Objectivity, independence and freedom
Answer: A
Explanation:
The common attributes of an assurance professional are independence, objectivity, and diligence.
Independence ensures that the assurance professional is free from any influence or conflict of interest that could affect their judgment. Objectivity refers to the ability to provide an unbiased and impartial assessment.
Diligence involves a thorough and careful approach to the assurance process, ensuring that all relevant aspects are evaluated and reported accurately. These attributes are essential for maintaining the credibility and reliability of assurance activities.References:
* IIA Standards for the Professional Practice of Internal Auditing
* ISO 19011:2018 - Guidelines for auditing management systems
NEW QUESTION # 15
All Review Procedures in the GRC Assessment Tools must be followed to assess a particular element
- A. True. Thinking has been done for you.
- B. False. Use your professional judgement.
Answer: B
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 these is defined as "internally directing, controlling and evaluating an entity, process or resource"
- A. Management
- B. Governance
- C. Assurance
Answer: A
Explanation:
Management is defined as "internally directing, controlling and evaluating an entity, process or resource." Management involves overseeing the day-to-day operations of an organization, making decisions, setting policies, and ensuring that the organization's resources are used effectively to achieve its goals. This function includes planning, organizing, leading, and controlling organizational activities to meet established objectives.
References:
* ISO 9001:2015 - Quality management systems - Requirements
* COSO Internal Control - Integrated Framework
NEW QUESTION # 17
Assessments should be selected based on
- A. How objectives connect and prioritize the risk universe and assessment universe
- B. Personal opinion
- C. What the latest research reports says
Answer: A
Explanation:
Assessments should be selected based on how objectives connect and prioritize the risk universe and assessment universe. This approach ensures that the assessments are aligned with the organization's strategic goals and that the most significant risks are addressed. It involves understanding the organization's risk landscape and prioritizing assessments that focus on theareas of highest impact and relevance to achieving objectives.References:
* ISO 31000:2018 - Risk management - Guidelines
* COSO Enterprise Risk Management - Integrating with Strategy and Performance
NEW QUESTION # 18
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 # 19
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 # 20
How would the following test be classified?
The Assurance Provider inspects a RACI matrix for inclusion of best practice content.
- A. Substantive test
- B. Control test
Answer: B
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 # 21
Which one of these is most associated with a "measure of how well we are addressing opportunities"
- A. Performance
- B. Risk
- C. Compliance
Answer: A
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 # 22
If follow-up discovers that actions and controls haven't been implemented, immediately escalate to the board
- A. True. Plans must be followed!
- B. False. Use professional judgement and work with the action owner to understand why plans have not been implemented.
Answer: B
Explanation:
If follow-up discovers that actions and controls haven't been implemented, it is important to use professional judgment and work with the action owner to understand why the plans have not been implemented. Immediate escalation to the board without understanding the context may not be the most effective approach. Engaging with the action owner can help identify obstacles and facilitate a constructive resolution. Escalation should be considered if there is a significant risk or if there is consistent non-compliance despite reasonable efforts to address the issue.References:
* ISO 19011:2018 - Guidelines for auditing management systems
* IIA Standards for the Professional Practice of Internal Auditing
NEW QUESTION # 23
The two kinds of PROACTIVE controls are
- A. access and system
- B. promoting and preventive
- C. training and education
Answer: B
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 # 24
A NEGATIVE 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: A
Explanation:
A NEGATIVE assurance opinion or statement indicates that, based on the procedures performed and evidence obtained, the assurance provider did not identify any reasons to believe that the subject matter does not conform to the applicable criteria. This form of opinion does not provide absolute assurance but rather limited assurance, suggesting that nothing came to the auditor's attention that causes them to believe the subject matter is not fairly stated.References:
* AICPA Auditing Standards
* IIA Standards for the Professional Practice of Internal Auditing
NEW QUESTION # 25
Reasonable assurance is a...
- A. medium level of assurance
- B. high level of assurance
- C. low 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 # 26
What is the BEST sequence of testing
- A. Substantive testing and then control testing
- B. Control testing and then substantive testing
Answer: B
Explanation:
The best sequence of testing is to conduct control testing first and then substantive testing. This approach ensures that the effectiveness of internal controls is evaluated before examining the details of transactions and data. By testing controls first, assurance providers can determine if controls are reliable and can potentially reduce the extent of substantive testing needed. Effective controls can provide confidence that transactions and data are accurate, reducing the need for extensive substantive testing.References:
* AICPA Auditing Standards
* ISO 19011:2018 - Guidelines for auditing management systems
NEW QUESTION # 27
What level of assurance is required for an assessment?
- A. High
- B. Medium
- C. Low
- D. An assessment may target any level of assurance. The key is to define this level prior to setting the purpose and parameters.
Answer: D
Explanation:
The level of assurance required for an assessment can vary depending on the purpose, scope, and objectives of the assessment. It is crucial to define the desired level of assurance (low, medium, or high) before beginning the assessment to ensure that the approach, methodology, and resources allocated are appropriate. This helps in setting clear expectations and aligning the assessment process with the organization's risk tolerance and regulatory requirements.References:
* ISO 19011:2018 - Guidelines for auditing management systems
* COSO Enterprise Risk Management - Integrating with Strategy and Performance
NEW QUESTION # 28
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