INTERNAL AUDIT UNIT

The Mission of the Nigeria-Saotome & Principe JDA Internal Audit unit is to provide independent and proactive auditing, control/security assurance and consulting services to Nigeria-Saotome & Principe JDA’S Management and the Board.

VISION STATEMENT AND EXPECTATIONS FOR INTERNAL AUDIT UNIT.                                            

The effectiveness of internal auditing is based on the overall organisational vision of Nigeria-Saotome & Principe JDA “To attain regional & African co-operation and integration through the development of economic resources”. And is implemented through a strategic plan.

The objectives of the Internal Audit Unit are to ensure that:

• The business of Nigeria-Saotome & Principe JDA is carried out in accordance with the Treaty & regulations establishing the Joint Development Authority.
• The business of Nigeria Saotome & Principe is carried out in an orderly and efficient manner in compliance with global best practise.
• There is adherence to established Board policies.
• The process for the granting of oil block licenses & contracts are in compliance with the petroleum regulations 2003.
• The Oil Operating costs are accurately captured, duly approved and not unnecessarily inflated.
• The royalty fees paid by Lessees or contractors are accurate .
• The taxes paid by lessees and/or contractors to states parties are not unduly recovered as operating cost.
• The Authority’s assets are optimally procured & utilised.
• The Authority’s assets are safeguarded.
• The process of disposing off identified Authority’s assets at the expiration/termination of lease or contract is transparent & economically competitive.
• The records of Nigeria Saotome & Principe JDA (like progress reports, seismograms & Geophysical records, boreholes & wells’ records, reports etc.) are not only complete and accurate but are rendered timely.
• The provision of the petroleum regulations 2003 on safety environment is not compromised.
• The License/Lease/Contract rights are not exercised in such a manner to unreasonably interfere with any fishing or other non-hydrocarbon rights granted by the authority.
• Ensure efficiency by codifying procedures in respect of all activities of the authority.
• Enhance the effectiveness of operating controls.
• Assist to institute a reliable or otherwise management system that promotes transparency and encourages orderly and systematic documentation of financial and other transactions.
• Assist to provide relevant and reliable financial and other information which will facilitate better management decision-making, improve management of physical and financial resources and efficient implementation of tasks.