The Gazprom Neft Board of Directors has completed its review of the company’s internal audit activities throughout 2015.
A key focus of the work of the internal audit department involves monitoring the effectiveness of the company’s internal control over its various business processes. Internal audit at Gazprom Neft is predicated upon a risk-based approach to planning, allowing strategies for improving the effectiveness of the company’s most important business processes to be identified.
Ninety-eight projects were implemented by the internal audit department in 2015, including assessments of business processes in the company’s key areas of activity — exploration and production, refining, and retailing. Audits were also undertaken in information technology, finance, and capital construction.
A number of initiatives — directed at improving the company’s internal control system — have been developed and implemented as a result of recommendations arising from investigations by the internal audit department.
The company’s “anti-fraud hotline” also remains in operation.
A register of the key risks facing the company was updated by the internal audit department in the course of an initiative directed at organising and monitoring an integrated risk management system.