OCEG GRCA Exam Dumps

The key steps in the Assurance Process are Plan, Perform, Report, and Follow-Up. This structured approach ensures that assurance activities are conducted methodically and effectively:

Plan: Define the objectives, scope, and methodology of the assurance activity.

Perform: Carry out the assurance activity based on the defined plan.

Report: Document and communicate findings, conclusions, and recommendations.

Follow-Up: Verify that recommendations are implemented and assess their effectiveness.

These steps help ensure that assurance activities provide valuable insights and drive improvements within the organization. Reference:

IIA Standards for the Professional Practice of Internal Auditing

COSO Internal Control -- Integrated Framework

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. Reference:

AICPA Auditing Standards

ISO 19011:2018 - Guidelines for auditing management systems

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. Reference:

ISO 31000:2018 - Risk management -- Guidelines

COSO Enterprise Risk Management -- Integrating with Strategy and Performance

To evaluate the operating effectiveness of controls, conducting control testing is essential. Control testing involves examining whether controls are operating as intended and are effective in mitigating risks. This type of testing assesses the design and implementation of controls to ensure they are functioning properly and achieving their intended purpose. Substantive testing, on the other hand, focuses on verifying the accuracy and validity of transactions and data, rather than the effectiveness of controls. Reference:

COSO Internal Control -- Integrated Framework

ISO 31000:2018 - Risk management -- Guidelines

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. Reference:

IIA Standards for the Professional Practice of Internal Auditing

ISO 19011:2018 - Guidelines for auditing management systems