Internal control over the Company’s financial and business activities is carried out by the Internal audit Department.
Main functions of the Internal Audit Service:
- assessing the efficiency of the internal control system for business processes;
- confirming compliance with legislative requirements and internal regulations;
- controlling the performance efficiency of subdivisions;
- controlling the integrity of OJSC Gazprom Neft assets;
- confirming the reliability of OJSC Gazprom Neft financial statements;
- monitoring the implementation of corrective measures.
- identifying, analyzing, assessing, revising and updating the risks of OJSC Gazprom Neft;
- developing and updating IRMS procedures;
- monitoring and assessing the efficiency of implemented procedures related to managing key risks and other risks of OJSC Gazprom Neft business units (blocks);
- integrating IRMS into key managerial business processes (business planning, management of project risks, management objectives).
- organizing and maintaining a fraud prevention hot line;
- carrying out special inspections designed to identify any fraud;
- preparing fraud prevention recommendations.
- developing, revising and updating procedural documentation governing Internal Audit Department activities;
- engaging with functional management of regional internal audit units;
- providing methodological support and professional training for Internal Audit Department employees and regional internal audit units;
- assuring audit function quality control.
Accountability of the Internal Audit Service, interaction with the issuer’s executive management bodies and the issuer’s Board of Directors (Supervisory council)
The Internal Audit Department is accountable directly to the Company’s Chief Executive Officer; the Board of Directors approves the appointment and dismissal of the Director of the Internal Audit Department.
Interaction of the Internal Audit Department with the issuer’s external auditor
The Internal Audit Department regularly reports on the results of its activities to the Company’s Board of Directors and submits information to the Audit Committee about material violations revealed in the course of auditing the financial and business activities of OJSC Gazprom Neft.