The board of directors of Gazprom Neft has reviewed the work of its internal audit department during 2014

Press-release

The Gazprom Neft board of directors has completed its evaluation of the company’s internal audit activities throughout 2014.

The Gazprom Neft internal audit department is responsible for monitoring the effectiveness of the company’s internal control over its various business processes, as well as the comprehensive audit of its financial and operational activities, and the soundness of subsidiaries’ assets. Internal audit at Gazprom Neft is predicated upon a risk-based approach to planning, allowing the identification of strategies for improving the effectiveness of the company’s most important business processes.

Seventy five audits were conducted by the internal audit department over the past year. A number of initiatives — directed at improving internal control systems for various business processes — have been developed and implemented as a result of recommendations arising from investigations by the internal audit department.

The Gazprom Neft anti-fraud “hotline” continued in operation throughout 2014. A review of the key risks facing the company was the main outcome of the company’s work in organisation and monitoring of an integrated risk management system.