Podcast
Questions and Answers
What type of documents are included in the Enterprise Risk Management Report?
What type of documents are included in the Enterprise Risk Management Report?
How often is the Enterprise Risk Register output provided?
How often is the Enterprise Risk Register output provided?
Who is responsible for providing the Enterprise Risk Management Report?
Who is responsible for providing the Enterprise Risk Management Report?
What is the purpose of the Enterprise Risk Matrix in the Enterprise Risk Management Report?
What is the purpose of the Enterprise Risk Matrix in the Enterprise Risk Management Report?
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Who utilizes the outputs provided by GRC for the development of the internal audit plan?
Who utilizes the outputs provided by GRC for the development of the internal audit plan?
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What is the frequency of providing the Enterprise Risk Management Report?
What is the frequency of providing the Enterprise Risk Management Report?
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What is the primary role of the Audit Function (AF) in the Nigerian National Petroleum Company Limited and its subsidiaries?
What is the primary role of the Audit Function (AF) in the Nigerian National Petroleum Company Limited and its subsidiaries?
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What does the AF support the Board of Directors in doing?
What does the AF support the Board of Directors in doing?
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What is one of the specific assessments that the Audit Function shall conduct?
What is one of the specific assessments that the Audit Function shall conduct?
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What does the Internal Audit Policies and Procedures Manual ('the Manual') aim to guide?
What does the Internal Audit Policies and Procedures Manual ('the Manual') aim to guide?
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What is a key focus area for the AF when conducting assessments?
What is a key focus area for the AF when conducting assessments?
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What is the purpose of follow-up action taken by the AF?
What is the purpose of follow-up action taken by the AF?
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What is the primary objective of NNPC Limited's Enterprise Risk Assessment process?
What is the primary objective of NNPC Limited's Enterprise Risk Assessment process?
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What activities are involved in the risk identification process of NNPC Limited's Enterprise Risk Assessment?
What activities are involved in the risk identification process of NNPC Limited's Enterprise Risk Assessment?
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Who determines the risk assessment criteria and approach for NNPC Limited's Enterprise Risk Assessment?
Who determines the risk assessment criteria and approach for NNPC Limited's Enterprise Risk Assessment?
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How are risks assessed in NNPC Limited's Enterprise Risk Assessment?
How are risks assessed in NNPC Limited's Enterprise Risk Assessment?
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What are the outputs of NNPC Limited's Enterprise Risk Assessment?
What are the outputs of NNPC Limited's Enterprise Risk Assessment?
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Who uses the results of NNPC Limited's Enterprise Risk Assessment for developing the risk-based audit plan?
Who uses the results of NNPC Limited's Enterprise Risk Assessment for developing the risk-based audit plan?
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What is the main focus of the RBIA Methodology in NNPC Limited's internal audit?
What is the main focus of the RBIA Methodology in NNPC Limited's internal audit?
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Which of the following is NOT mentioned as a method for conducting risk assessment in the RBIA Methodology?
Which of the following is NOT mentioned as a method for conducting risk assessment in the RBIA Methodology?
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What is the purpose of the Business Understanding Document (BUD) in the risk assessment process?
What is the purpose of the Business Understanding Document (BUD) in the risk assessment process?
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Who conducts the annual strategic analysis to understand NNPC's organizational imperatives?
Who conducts the annual strategic analysis to understand NNPC's organizational imperatives?
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What is the aim of the risk assessment process within the RBIA Methodology?
What is the aim of the risk assessment process within the RBIA Methodology?
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What is the primary outcome of the risk assessment phase in the RBIA Methodology?
What is the primary outcome of the risk assessment phase in the RBIA Methodology?
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According to the NNPC Limited Internal Audit Processes and Procedures manual, who is required to comply with the guidelines and minimum standards outlined?
According to the NNPC Limited Internal Audit Processes and Procedures manual, who is required to comply with the guidelines and minimum standards outlined?
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What is the frequency of updating the NNPC Limited Internal Audit Processes and Procedures manual?
What is the frequency of updating the NNPC Limited Internal Audit Processes and Procedures manual?
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In which phase of the Risk-Based Internal Audit Methodology (RBIA Methodology) is the identification of risks conducted?
In which phase of the Risk-Based Internal Audit Methodology (RBIA Methodology) is the identification of risks conducted?
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What does the NNPC Limited Internal Audit Processes and Procedures manual focus on when employing the Risk-Based Internal Audit Methodology (RBIA Methodology)?
What does the NNPC Limited Internal Audit Processes and Procedures manual focus on when employing the Risk-Based Internal Audit Methodology (RBIA Methodology)?
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Who is involved in the risk assessment process under the scalable top-down risk-based approach employed by NNPC Limited Internal Audit Processes and Procedures manual?
Who is involved in the risk assessment process under the scalable top-down risk-based approach employed by NNPC Limited Internal Audit Processes and Procedures manual?
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What is the purpose of the NNPC Limited Internal Audit Processes and Procedures manual's shift from a traditional approach to a more value-added approach?
What is the purpose of the NNPC Limited Internal Audit Processes and Procedures manual's shift from a traditional approach to a more value-added approach?
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Study Notes
- The text is about the NNPC Limited Internal Audit Processes and Procedures manual.
- The manual provides guidelines and minimum standards for the execution of the Audit Function's (AF) responsibilities.
- Contains a high-level Mandate, SIPOC Model, and Relationship Map for the IA Function.
- Consists of four core chapters, each with an Introduction, Objectives, Policies, Procedures, Input and Output Documents, and Key Performance Indicators.
- Compliance with the manual is mandatory for all users, with exceptions requiring prior written waiver from the Chief Audit Officer.
- Applies to all sub-functional areas in the Audit Function and all auditable business functions within NNPC Limited.
- Intended to be updated every two years, with communication to all relevant departments and units.
- Adopted a Risk-Based Internal Audit Methodology (RBIA Methodology) focusing on objectives and hindrances to their achievement, employing a top-down approach to delivering efficient and effective audits.
- RBIA Methodology comprises of five major phases: Identification, Risk Assessment, Planning, Execution, and Reporting.
- Employs a scalable top-down risk-based approach, involving business process owners and Senior Management in the risk assessment process, and focusing on the review of the adequacy and effectiveness of the system of internal controls within NNPC Limited and its subsidiaries.
- Incorporates the Nigerian code of corporate governance and other leading governance codes on internal audit.
- Shifts internal auditing from a traditional approach to a more value-added approach.
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Description
Test your knowledge on audit accounting issues, risk management, and existing policies and procedures with this quiz. Explore the importance of proactive risk anticipation and the role of the 'Third Line' in empowering risk management.
