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Internal Control Standards & Risk Management

Home » Compliance Management » Internal Control Standards & Risk Management

Our focus is to strengthen companies Internal Control Standards & Risk Management. Adherence to Internal control standards are very critical in oil & gas industry. There is no such thing as a risk-free environment. Implementing a framework where there is consistency in documented internal controls can help reduce the risk and create a more efficient working environment. Linking the relevant financial reporting risks and the infrastructure that supports the financial controls is a good direction to ensure a proper compliance. If companies fail to evaluate their internal control standards based on the Framework, they expose themselves to undue fraud risks, as well as regulatory scrutiny from the Securities and Exchange Commission (SEC) or Department of Justice (DOJ). In this framework, internal control is a process intended to provide reasonable assurance that the following will be achieved: effective and efficient operational control, accurate reporting of financial information, and compliance with applicable laws and regulations. As for any system for internal control, there can be no guarantee that all risks are completely eliminated. As a result, the internal control procedures are based on the following framework:
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  • Design and implementation of internal controls
  • Risk evaluation process
  • Internal control operations, documentation and communication of internal control rules,
  • Supervision of the internal control system

We are specialized in addressing Materials Management and to address:

Material Valuation

  • Capital Spares Valuation & Depreciation
  • Operational Spares
  • Expensed Material Valuation Control

Security of Assets

  • Monitored Access Control
  • After Hour Procedures
  • Third Party Storage Contracts

Procedural Control

  • Quality Assurance and Control
  • Physical Inventory
  • Goods Issue, Receipt, Return
  • Delegation of Authority
  • Repair Management
  • Material Transfer
  • Stock Setup and Management
  • Obsolescence & Dead Stock
  • Surplus Disposal & Investment Recovery
  • Critical Spares Management
  • Materials Requirement Planning Standards
Home » Compliance Management » Internal Control Standards & Risk Management