30 Questions
What is the primary focus of the Control Environment (CE) evaluation?
Commitment to integrity and ethical values
Which evaluation component focuses on the mitigation of risk through control activities?
Control Activities (CA)
What is the primary purpose of the Monitoring Activities (MA) evaluation?
To ascertain whether internal controls are present and functioning
What is the classification of findings that have actual or potential major impact to the business?
High
What type of control is not functioning effectively in the Primary Parameters with medium impact?
Primary control only
What is the purpose of the Assurance and Regulatory Management Procedure?
To provide a structured and consistent approach in managing the integrated assurance program
What is the main difference between the High and Primary Parameters classification?
The level of impact on the business
What is the PETRONAS Group's stance on bribery and corruption?
Zero tolerance
What is the document's copyright owner?
Petroliam Nasional Berhad (PETRONAS)
What is the objective of the presentation to PFLNG Staff?
To communicate on Self-Regulation procedures
What is referenced in the establishment of the procedure?
PETRONAS Assurance Standard and PETRONAS Assurance Framework
What is available in myGOVERNANCE?
PFLNG Statutory Compliance Management
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
What is the scope of application for the First Line Assurance procedure?
All PFLNG1 and PFLNG2 planning, executing, reporting, and monitoring
What is the basis for PETRONAS' Three Lines of Defence model?
Institute of Internal Auditor's (IIA's) Three Lines Model
What is the purpose of Functional Assessment (FA) and Management System (MS)?
To evaluate internal controls and risks
What is the primary focus of Mandated Self-Assurance?
To ensure adequacy and effectiveness of management system & compliance of day-to-day activities
What is the purpose of the Three Lines of Assurance?
To ensure effective management of risks and internal controls
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.
What is the consequence of a Low rating in the primary parameters?
Minor deviations from well-implemented processes.
What is the primary focus of the opinion rating?
Rating the overall performance of the process, governance, risk, and controls.
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.
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.
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.
What does 'SIN' stand for in the context of internal controls and risks?
Some Improvement Needed
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
What is the purpose of the 'Functional Assessment' (FA) in the management system?
To evaluate the management system's elements
What is the objective of the procedure described in the text?
To ensure full statutory compliance
What is the focus of the management system in the text?
HSSE and non-HSSE legal requirements
What is the context of the text?
Petroliam Nasional Berhad (PETRONAS) operations
This quiz is designed to test your understanding of PETRONAS' Code of Conduct and Business Ethics, including anti-bribery and corruption policies. It covers the company's stance on ethics and compliance.
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