PETRONAS Code of Conduct and Business Ethics Quiz

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What is the primary focus of the Control Environment (CE) evaluation?

Development and deployment of control activities

Risk identification and assessment

Commitment to integrity and ethical values (correct)

Information generation and communication

Which evaluation component focuses on the mitigation of risk through control activities?

Monitoring Activities (MA)

Control Activities (CA) (correct)

Risk Assessment (RA)

Information & Communication (IC)

What is the primary purpose of the Monitoring Activities (MA) evaluation?

To ascertain whether internal controls are present and functioning (correct)

To identify and assess risks

To develop and deploy control activities

To generate and communicate internal control information

What is the classification of findings that have actual or potential major impact to the business?

High Signup and view all the answers

What type of control is not functioning effectively in the Primary Parameters with medium impact?

Primary control only Signup and view all the answers

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

To provide a structured and consistent approach in managing the integrated assurance program Signup and view all the answers

What is the main difference between the High and Primary Parameters classification?

The level of impact on the business Signup and view all the answers

What is the PETRONAS Group's stance on bribery and corruption?

Zero tolerance Signup and view all the answers

What is the document's copyright owner?

Petroliam Nasional Berhad (PETRONAS) Signup and view all the answers

What is the objective of the presentation to PFLNG Staff?

To communicate on Self-Regulation procedures Signup and view all the answers

What is referenced in the establishment of the procedure?

PETRONAS Assurance Standard and PETRONAS Assurance Framework Signup and view all the answers

What is available in myGOVERNANCE?

PFLNG Statutory Compliance Management Signup and view all the answers

What is the primary objective of updating and communicating information to relevant personnel and stakeholders?

To ensure all information is up-dated and communicated regularly Signup and view all the answers

What is the scope of application for the First Line Assurance procedure?

All PFLNG1 and PFLNG2 planning, executing, reporting, and monitoring Signup and view all the answers

What is the basis for PETRONAS' Three Lines of Defence model?

Institute of Internal Auditor's (IIA's) Three Lines Model Signup and view all the answers

What is the purpose of Functional Assessment (FA) and Management System (MS)?

To evaluate internal controls and risks Signup and view all the answers

What is the primary focus of Mandated Self-Assurance?

To ensure adequacy and effectiveness of management system & compliance of day-to-day activities Signup and view all the answers

What is the purpose of the Three Lines of Assurance?

To ensure effective management of risks and internal controls Signup and view all the answers

What is a characteristic of gaps with a High or Medium rating in the supplementary parameters?

They are pervasive and systemic, affecting the whole unit or entity. Signup and view all the answers

What is the consequence of a Low rating in the primary parameters?

Minor deviations from well-implemented processes. Signup and view all the answers

What is the primary focus of the opinion rating?

Rating the overall performance of the process, governance, risk, and controls. Signup and view all the answers

What is a characteristic of an effective process, governance, risk, and control system?

It is adequate, appropriate, and effective in managing risks and achieving business objectives. Signup and view all the answers

What is the consequence of a repetitive issue with a previous issue rated as Low or Observation?

It is considered a High or Medium supplementary parameter. Signup and view all the answers

What is the main difference between primary and supplementary parameters?

Primary parameters evaluate the effectiveness of controls, while supplementary parameters assess the gaps in the system. Signup and view all the answers

What does 'SIN' stand for in the context of internal controls and risks?

Some Improvement Needed Signup and view all the answers

What is the consequence of having 'Major Improvement Needed' (MIN) in internal controls and risks?

Internal controls and risks are unlikely to be managed to meet business objectives Signup and view all the answers

What is the purpose of the 'Functional Assessment' (FA) in the management system?

To evaluate the management system's elements Signup and view all the answers

What is the objective of the procedure described in the text?

To ensure full statutory compliance Signup and view all the answers

What is the focus of the management system in the text?

HSSE and non-HSSE legal requirements Signup and view all the answers

What is the context of the text?

Petroliam Nasional Berhad (PETRONAS) operations Signup and view all the answers