INTERNAL AUDIT

The mission of the Internal Audit Department in NILEPET is to provide independent and objective assurance services designed to add value and improve the operations. Internal Audit helps NILEPET accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of internal controls, risk management, compliance, and governance processes. The Internal Audit assist NILEPET’s Management and the Board of Directors in identifying, avoiding, transferring, mitigating and accepting various types of risks.

Nile Petroleum Corporation must maintain the confidence of its Board of Directors (BODs), the public, elected officials and various other constituencies.

The Department reports directly to the Managing Director & CEO, it means that important risks are timely evaluated and that appropriate means of improvements are initiated and followed.  The Department of Internal Audit helps senior management demonstrate that they are managing the corporation effectively on behalf of their stakeholders.

The Internal Audit Department was established in January 2016. Its main responsibilities are:-

The internal auditor’s work includes assessing the tone and risk management culture of NILEPET at one level through to evaluating and reporting on the effectiveness of the implementation of management policies.

Achieving objectives and managing valuable organizational resources requires systems, processes and people. Internal auditors work closely with all managers to review operations, then report their findings to the NILEPET’s Managing Director. The internal auditors must be well versed in the strategic objectives of the Nile pet Corporation, so that they have a clear understanding of how the operations of any given part of the organization fit into the bigger picture.

The Department of Internal Audit makes sure that the payment procedures are followed, and that all necessary documentations are in place when executing a payment. If the internal audit is doubtful of the processes and payment procedures, the payment may not continue.

NILEPET internal auditors identify key activities and relevant risk factors and assess their significance. Changing trends and business or economic conditions impact the way the internal auditor assesses risk. The techniques of internal auditing have changed from a reactive and control-based form to a more proactive and risk based approach, and many others.