Internal Audit

The scope of Internal Audit activities encompasses but is not limited to, objective examinations of evidence for providing independent assessments to the Audit Committee, Management, Board, and outside parties on the adequacy and effectiveness of governance, risk management, and control processes of the Refinery.

The Internal Audit division is responsible for the provision of independent and objective opinion on the control environment by examining, evaluating, and reporting on the adequacy of internal control mechanisms utilized to ensure proper economic, effective, and efficient use of the company’s resources.

Internal audit assessments include evaluating whether:

Areas of significant risk are appropriately identified and managed.
Operational activities are linked to the Refinery’s priorities and mandate.
Financial and Operational Information for decision-making is accurate, relevant, sufficient, and timely.
Sound management processes and practices are promoted in the areas of risk management, control, and governance.
Actions of staff (including officers, and directors) and contactors comply with policies, procedures, applicable laws, regulations, and governing standards.
The results of operations or programs are consistent with established goals and objectives.
Quality and continuous improvement are fostered within the Refinery.
Significant legislative or regulatory issues impacting the organization are recognized and addressed properly.
To ensure that assets are safeguarded.
Opportunities for improving management control, operations, and the Refinery’s image may be identified during audits and communicated to the appropriate level of management.

The division is made up of two departments named Operational & Risk Audit and Financial Audit departments.

Operational Risk & Audit Department

The Operational Risk and Audit Department (OPRAD) audits the Operational unit to ensure effectiveness, efficiency, compliance, and economic use of resources. It carries out pre-audit and quarterly audits according to the Internal Audit Workplan, critical Audit, Emergency Audit, and any other assignment commissioned by management.

Financial Audit

This department is responsible for reviewing all transactions that involve or require disbursement of funds. This is achieved by pre-auditing and approving all payments to suppliers/contractors and staff for the supply of goods and services.

Aside from the continuous pre-audits of Payment Vouchers/ Payment Authorization Letters, the department also undertakes specific audit reviews per the annual Audit Workplan.

The department also monitors all revenue-generating activities.