A seminar on ‘Development and Implementation of a Structured Framework of Internal Controls in Oil & Gas’ was recently organised for the members of Institute of Internal Auditors (IIA), Qatar Chapter, an internationally affiliated body for professional internal auditors, at Oryx Rotana, Doha. Two financial controls professionals from Qatargas, Chris Guest, Head of the Tax and Financial Controls Division, and Girish Jain, Senior Financial Controls Analyst, shared their views on the topic.
Rajeswar Sundaresan, an IIA Board member, welcomed the guests. In his address, he said, “It is a privilege to have the speakers from Qatargas sharing their expertise and wealth of experience for the benefit of our members.” Hassan al-Mulla, President of IIA Qatar Chapter, sent his greetings and appreciation to Qatargas for the support, while Chris Adonis, another IIA Board member, introduced the speakers.
Chris Guest provided key insights into the Qatargas financial controls journey over the past decade, including initial design of the COSO-based Controls Framework and the implementation of key internal control components. He also discussed the detailed methodologies and toolkits developed to support Qatargas system such as self–assessment programme, issues management, audit interfaces, control catalogs, financial authority delegation and policy review. He also demonstrated results of the implementation of a structured financial controls system.
Girish Jain, explained to the IIA members the detailed principles, objectives, and process of ‘Self-Assessments and Issues Management’ as effective tools to assist management by providing reasonable assurance on the continued effectiveness and robustness of the internal control system.
Both the speakers conveyed the conceptual design and importance of the internal controls system in successfully supporting the business of Qatargas Finance and Planning Group and explained how these initiatives are helping the organisation in sustaining leading standards of internal control and achieving improved compliance benchmarks.
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