OCEG GRCA Exam Dumps

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. Reference:

ISO 19011:2018 - Guidelines for auditing management systems

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

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

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. Reference:

OCEG (Open Compliance and Ethics Group) Red Book GRC Capability Model

ISO 37001:2016 - Anti-bribery management systems

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. Reference:

ISO 31000:2018 - Risk management -- Guidelines

COSO Enterprise Risk Management -- Integrating with Strategy and Performance