GRCP Practice Questions

A.  

Likelihood and impact

B.  

Probability and consequence

C.  

Certainty and effect

D.  

Accuracy and precision

A.  

Risk

B.  

Hazard

C.  

Obstacle (Threat)

D.  

Challenge

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.

A.  

Assurance is the practice of monitoring and controlling the organization’s financial performance and reporting

B.  

Assurance is the establishment of policies and procedures to ensure compliance with applicable laws and regulations

C.  

Assurance is the act of objectively and competently evaluating subject matter to provide justified conclusions and confidence that statements and beliefs about the subject matter are true

D.  

Assurance is the process of identifying and mitigating risks that could negatively impact the organization’s objectives

A.  

Mapping objectives not only at the enterprise level but also across all units shows how they impact one another and how resources may be best allocated

B.  

Mapping objectives not only at the enterprise level but also across all units is important for determining the compensation and bonuses of employees based on their contributions to achieving objectives

C.  

Mapping objectives not only at the enterprise level but also across all units is important for creating a visual representation of the organization’s hierarchy and reporting structure

D.  

Mapping objectives not only at the enterprise level but also across all units is important for identifying redundant objectives and eliminating them from the organization’s strategic plan

A.  

These notifications are always more reliable than traditional paper-based methods

B.  

These notifications often (though not always) alert the organization sooner than other methods, especially when human methods fail or are delayed

C.  

Use of this type of notification is only beneficial for large organizations with complex structures

D.  

These notifications eliminate the need for any human involvement in the assignment of follow-up tasks

A.  

Identification criteria are used to determine the order in which units undertake identification activities.

B.  

Identification criteria are used to calculate the total budget for the organization based on priority objectives and the number of related obstacles and obligations.

C.  

Identification criteria are used to focus on priority objectives and results.

D.  

Identification criteria are used to establish the communication channels within the organization regarding opportunities, obstacles, and obligations.

A.  

To prioritize the discovery of favorable events.

B.  

To avoid the need for technology-based inquiry methods.

C.  

To detect them as soon as possible.

D.  

To prevent the need for observations and conversations.

A.  

Discarding information that is not directly related to compliance

B.  

Focusing solely on findings related to unfavorable events

C.  

Sharing all findings with external stakeholders and the public

D.  

Analysis of information and findings to identify, prioritize, and route findings to management and stakeholders

A.  

Through the design and operating effectiveness of the capabilities to monitor the capability, provide assurance, and learn from prior mistakes and improve

B.  

Through the number of new products launched

C.  

Through the organization’s stock price and market capitalization

D.  

Through the number of employees and their job satisfaction