OCEG GRCP Quiz 1 Topic 3 Questions 1-5

Question: 1

What is the relationship between the internal context and the culture of an organization within the LEARN component?

AThe internal context and culture determine the organization's financial performance.

BThe internal context and culture describe the capabilities and resources used to meet stakeholder needs.

CThe internal context and culture define the organization's risk appetite and tolerance levels.

DThe internal context and culture outline the organization's compliance requirements.

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Question: 2

How can organizations recover from negative conduct, events, and conditions, and correct identified weaknesses within their governance, management, and assurance processes?

AThrough open and transparent acknowledgment of the identified unfavorable conduct or events and acceptance of responsibility by the CEO.

BThrough the application of responsive actions and controls that recover from unfavorable conduct, events, and conditions; correct identified weaknesses; execute necessary discipline; recognize and reinforce favorable conduct; and deter future undesired conduct or conditions.

CThrough the use of both technology and physical actions and controls to recover from negative conduct and conditions, correct identified weaknesses, and establish barriers to future misconduct.

DThrough focusing on promoting positive behavior and establishing reward systems for employees who identify weaknesses in the systems of control.

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Question: 3

What is the difference between reasonable assurance and limited assurance?

AReasonable 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.

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

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

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

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Question: 4

Who are key external stakeholders that may significantly influence an organization?

ADistributors, resellers, and franchisees.

BCompetitors, employees, and board members.

CMarketing agencies, legal advisors, and auditors.

DCustomers, shareholders, creditors and lenders, government, and non-governmental organizations.

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Question: 5

Why is it essential to ensure that every issue or incident is addressed?

ATo provide incentives to employees for favorable conduct.

BTo compound and accelerate the impact of favorable events.

CTo maintain employee and other stakeholder confidence in the system's effectiveness.

DTo escalate incidents for investigation and identify them as in-house or external.

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OCEG GRCP Quiz:1 Topic:3 Questions:1-5