PETRONAS Code of Conduct and Business Ethics
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Questions and Answers

What is the primary purpose of the Assurance and Regulatory Management Procedure?

  • To disregard the PETRONAS Assurance Standard and Framework
  • To ignore the PETRONAS Code of Conduct and Business Ethics
  • To promote bribery and corruption within the organization
  • To provide a structured approach to managing the integrated assurance program (correct)

    • What is the stance of the PETRONAS Group on bribery and corruption?

  • Tolerant, but only in certain situations
  • Zero tolerance (correct)
  • Encouraged, as a means to achieve business goals
  • Selective tolerance, depending on the situation

    • What document guides the PETRONAS Group's stance on bribery and corruption?

  • PETRONAS Anti-Bribery and Corruption Manual
  • PETRONAS Code of Conduct and Business Ethics (correct)
  • PETRONAS Governance and Compliance Manual
  • PETRONAS Assurance Standard and Framework

    • Who owns the copyright to this document?

    <p>Petroliam Nasional Berhad (PETRONAS)</p> Signup and view all the answers

    What is the name of the system where the PFLNG Statutory Compliance Management is approved and available?

    <p>myGOVERNANCE</p> Signup and view all the answers

    What is the date of the presentation to PFLNG staff?

    <p>23.05.2024</p> Signup and view all the answers

    What is the primary purpose of ensuring all information is up-dated and communicated regularly?

    <p>To ensure risks and internal controls are effectively managed</p> Signup and view all the answers

    Which institute's model is PETRONAS' Three Lines of Defence aligned with?

    <p>Institute of Internal Auditors (IIA)</p> Signup and view all the answers

    What is the main objective of Mandated Self-Assurance?

    <p>To ensure the effectiveness of management systems and day-to-day activities</p> Signup and view all the answers

    What are the two types of assurance activities mentioned in the text?

    <p>Functional Assessment (FA) and Management System (MS)</p> Signup and view all the answers

    What is the standard that PETRONAS' Three Lines of Defence is aligned with?

    <p>ISO 19011:2018</p> Signup and view all the answers

    What are the main components of PETRONAS' assurance program?

    <p>First Line Assurance, Second Line Assurance, and Third Line Assurance</p> Signup and view all the answers

    What is the primary purpose of the assurance program?

    <p>To provide assurance to management on the effectiveness of risk management and internal controls</p> Signup and view all the answers

    Who does the Group Internal Audit (GIA) report to?

    <p>The Board Audit Committee (BAC)</p> Signup and view all the answers

    What is the purpose of external parties conducting audits, certifications, or verifications?

    <p>To assess compliance with subscribed standards or regulatory requirements</p> Signup and view all the answers

    What is an example of a subscribed standard mentioned in the assurance program?

    <p>SIRIM</p> Signup and view all the answers

    How many components are mentioned in the assurance program?

    <p>2</p> Signup and view all the answers

    What is the primary objective of the Annual Assurance Planning stage of the assurance process?

    <p>To develop an assurance plan for the following year and subsequent year(s)</p> Signup and view all the answers

    What is the deliverable of the Assurance Reporting stage of the assurance process?

    <p>Assurance Report</p> Signup and view all the answers

    What is the number of stages in the assurance process?

    <p>5</p> Signup and view all the answers

    What is the objective of the Post Assurance and Monitoring stage of the assurance process?

    <p>To develop and monitor closure of Corrective Action Plan (CAP)</p> Signup and view all the answers

    What is the purpose of conducting audit / certification / verification / validation / witness by regulators or appointed bodies?

    <p>To evaluate the adequacy, effectiveness and compliance to regulatory requirements</p> Signup and view all the answers

    What is the number of COSO's components that the assurance program must satisfy?

    <p>5</p> Signup and view all the answers

    What is the characteristic of gaps in the LOW primary parameter rating?

    <p>Isolated within a specific area or process</p> Signup and view all the answers

    What is the indication of NO repetitive issue from previous audit or assurance in the supplementary parameter?

    <p>Gaps are not pervasive and isolated within a specific area or process</p> Signup and view all the answers

    What is the characteristic of the HIGH primary parameter rating?

    <p>Gaps are pervasive and systemic</p> Signup and view all the answers

    What is the objective of the process, governance, risk, and controls review?

    <p>To ensure internal controls are established, risks are managed, and business objectives are met</p> Signup and view all the answers

    What is the characteristic of the Effective opinion rating?

    <p>The process, governance, risk, and controls are adequate, appropriate, and effective</p> Signup and view all the answers

    What is the impact of the LOW primary parameter rating on the business?

    <p>Low impact with no significant unmitigated risks</p> Signup and view all the answers

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