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.