100% Free OCEG GRCP Practice Test Questions

Question 1

What is the difference between reasonable assurance and limited assurance?

A : Reasonable assurance is provided by external auditors as part of a financial audit and indicates conformity to suitable criteria and freedom from material error, while limited assurance results from reviews, compilations, and other activities performed by competent personnel who are sufficiently objective about the subject matter.

B : Reasonable assurance is provided by internal auditors as part of a risk assessment, while limited assurance results from external audits and regulatory examinations.

C : Reasonable assurance is provided by the Board of Directors as part of governance activities, while limited assurance results from employee self-assessments.

D : Reasonable assurance is provided by management as part of strategic planning, while limited assurance results from operational reviews and performance evaluations.

Answer: A

Question 2

What is the role of indicators in measuring progress toward objectives?

A : Indicators are used to determine if the objectives must be changed in response to changes in the external or internal context.

B : Indicators measure quantitative or qualitative progress toward an objective.

C : Indicators are used to evaluate the appropriateness of the organization’s selection of objectives.

D : Indicators are used to calculate the return on investment for various projects and initiatives.

Answer: B

Question 3

What is the difference between reasonable assurance and limited assurance?

A : Reasonable assurance is provided by external auditors as part of a financial audit and indicates conformity to suitable criteria and freedom from material error, while limited assurance results from reviews, compilations, and other activities performed by competent personnel who are sufficiently objective about the subject matter.

B : Reasonable assurance is provided by internal auditors as part of a risk assessment, while limited assurance results from external audits and regulatory examinations.

C : Reasonable assurance is provided by the Board of Directors as part of governance activities, while limited assurance results from employee self-assessments.

D : Reasonable assurance is provided by management as part of strategic planning, while limited assurance results from operational reviews and performance evaluations.

Answer: A

Question 4

Which of these would not trigger the reconsideration of internal factors within an organization?

A : Fluctuations in the stock market and economic conditions.

B : Ordinary seasonal fluctuations in purchases.

C : The launch of a new product or service by a competitor.

D : Changes in government regulations and industry standards.

Answer: B

Question 5

What is the significance of a vision statement in inspiring and motivating employees, stakeholders, and customers?

A : It specifies the organization's views on ethical issues facing it.

B : It describes what the organization aspires to be and why it matters, serving as a guidepost for long-term strategic planning and inspiring and motivating employees, stakeholders, and customers.

C : It details the organization's sales targets and revenue projections to motivate employees to work hard and meet those goals.

D : It outlines the organization's succession planning and leadership development.

Answer: B

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