An organization's mission statement defines its fundamental purpose, current state, and core activities. It answers the questions: "What do we do?", "For whom do we do it?", and "How do we do it?". It is the foundation for setting strategy and objectives. In contrast, the vision statement is a forward-looking, aspirational declaration of what the organization aims to become in the future. It provides inspiration and a long-term strategic direction, answering "Where are we going?" and "Why is it important?". The mission is about the present reality and purpose, while the vision is about the future potential and aspiration.

A. Mission and vision are not defined by a financial versus non-financial distinction; both can encompass financial and non-financial elements and are primarily strategic, not purely fiscal, statements.

C. The mission is an enduring purpose, not a short-term goal. While the vision is long-term, the mission provides the ongoing reason for the organization's existence.

D. Both the mission and vision are crucial for internal and external stakeholders. They align employees internally and communicate purpose and direction to customers, investors, and the public externally.

1. OCEG. (2015). GRC Capability Model ("The Red Book"), Version 3.0. Section 2.1.2, "Understand Internal Business Context," p. 28. This section defines the mission as "The fundamental purpose of the organization" and the vision as "What the organization aspires to be."

2. King, D. L. (2020). GRC and ERM: An Integrated Approach to Risk and Compliance. In Foundations of GRC (The OCEG GRC Fundamentals). This official OCEG publication distinguishes the mission (purpose) from the vision (aspiration) as the starting point for setting organizational strategy and objectives.

3. Lipton, M. (1996). Demystifying the Development of an Organizational Vision. Sloan Management Review, 37(4), 83-92. MIT's Sloan Management Review distinguishes the mission as what a company is, from the vision, which is what the company aspires to be.