quizgecko_quiz-101342-1707776402.csv

QuestionType,QuestionText,AnswerA,AnswerB,AnswerC,AnswerD,CorrectAnswer,CorrectAnswerText,CorrectAnswerInfo,,,,, multiple_choice,Which of the following is the correct abbreviation for Delegation of Authority?,DA,DFA,DOA,DofA,C,DOA,DOA stands for Delegation of Authority.,,,,, multiple_choice,Who is r...

QuestionType,QuestionText,AnswerA,AnswerB,AnswerC,AnswerD,CorrectAnswer,CorrectAnswerText,CorrectAnswerInfo,,,,, multiple_choice,Which of the following is the correct abbreviation for Delegation of Authority?,DA,DFA,DOA,DofA,C,DOA,DOA stands for Delegation of Authority.,,,,, multiple_choice,Who is responsible for approving changes to a subsidiary’s logo?,Board Establishment Committee,“Board Strategy, Finance and Investment Committee”,Board Audit Committee,CEO,C,Board Audit Committee,The Board Audit Committee is responsible for approving changes to a subsidiary’s logo.,,,,, multiple_choice,Which committee is responsible for approving changes to NNPC’s organization structure?,Board Establishment Committee,Board Audit Committee,Board Sustainability Committee,“Board Strategy, Finance and Investment Committee”,A,Board Establishment Committee,The Board Establishment Committee is responsible for approving changes to NNPC’s organization structure.,,,,, multiple_choice,Which committee is responsible for approving NNPC’s strategy formulation?,Board Audit Committee,“Board Strategy, Finance and Investment Committee”,Board Establishment Committee,Board Sustainability Committee,B,“Board Strategy, Finance and Investment Committee”,“The Board Strategy, Finance and Investment Committee is responsible for approving NNPC’s strategy formulation.”,,,,, multiple_choice,How many levels of tender committees are recognized within the DFA?,Three (3),Two (2),Five (5),Four (4),D,Four (4),Four (4) levels of tender committees are recognized within the DFA.,,,,, multiple_choice,Which decision making area is responsible for approving changes to a subsidiary’s mission and values?,Board Audit Committee,Internal Audit Decision Area,Board Establishment Committee,Subsidiary Board,B,Internal Audit Decision Area,The Internal Audit Decision Area is responsible for approving changes to a subsidiary’s mission and values.,,,,, multiple_choice,How are assigned financial limits determined?,By the human resource rank of staff,By the number of years of experience,By the level of authority,By the role occupied,D,By the role occupied,Assigned financial limits will be determined by the role occupied and not the human resource rank of staff.,,,,, multiple_choice,Which focus area covers matters related to Risk Management and Assurance?,Strategy and Policy,Governance and Board Matters,Legal,Human Resource Management,B,Governance and Board Matters,Matters related to Risk Management and Assurance fall under the Governance and Board Matters focus area.,,,,, multiple_choice,Which matters are reserved for shareholders and the Board?,“Appointment, promotion, and dismissal of Senior Management”,Appointment and remuneration of Directors,Approval of internal audit plans,Approval of dividends,B,Appointment and remuneration of Directors,Matters reserved for shareholders include appointment and remuneration of Directors.,,,,, multiple_choice,Which committee must sign off on the results of tenders evaluation for it to be valid?,CEO,Subsidiary Boards,NNPC Limited Board,Evaluation committee,D,Evaluation committee,The results of tenders evaluation must be signed off by at least 2/3rd of members of the evaluation committee either physically or electronically for it to be valid.,,,,, multiple_choice,What is the consequence for contraventions of the DFA?,Warning,Fine,Termination of employment,Dealt with in line with NNPC Limited’s consequence management framework,D,Dealt with in line with NNPC Limited’s consequence management framework,Violations of the DFA shall be dealt with in line with NNPC Limited’s consequence management framework.,,,,, multiple_choice,Who must endorse the expenditure for NNPC Limited and its subsidiaries?,Evaluation committee,CFO for NNPC Limited and ED Finance for Subsidiaries,Board of Directors,CEO,B,CFO for NNPC Limited and ED Finance for Subsidiaries,Such expenditure shall be endorsed by the CFO for NNPC Limited and ED Finance for Subsidiaries.,,,,, multiple_choice,When should the annual budgets be presented to the Board for approval?,End of the next financial year,Monthly,Quarterly,Beginning of the next financial year,D,Beginning of the next financial year,The annual budgets shall be presented to the Board for approval before the beginning of the next financial year.,,,,, multiple_choice,Which board is responsible for approving contracts within defined financial thresholds with the Secretariat of Supply Chain Management (SCM)?,NNPC Tenders Board (NTB),MEXCOM/CHQ Divisional (DIVCOM) Tenders Board,Federal Executive Council (FEC),DEXCOM Tenders Board,A,NNPC Tenders Board (NTB),The NNPC Tenders Board (NTB) is responsible for approving contracts within defined financial thresholds with the Secretariat of Supply Chain Management (SCM).,,,,, multiple_choice,“Which body is responsible for approving the procurement strategy, prequalification/bids evaluations reports, and negotiated contracts for consultancy and non-consultancy services?”,NNPC Tenders Board (NTB),Departmental (DEPCOM) Tenders Board,SBU ED (Divisional) DIVCOM/CHQ,PPMC/NPSC/NGC/NGMC Area Managers Tenders Boards,A,NNPC Tenders Board (NTB),“The NNPC Tenders Board (NTB) is responsible for approving the procurement strategy, prequalification/bids evaluations reports, and negotiated contracts for consultancy and non-consultancy services.”,,,,, multiple_choice,“Which document details matters reserved for shareholders, the Board, and the matrix of delegated authorities for strategy & policy, governance, legal, HR, finance, risk, and assurance matters?”,Guiding Principles,Delegation of Authority (DOA),Delegated Financial Authorities (DFA),Value Proposition,B,Delegation of Authority (DOA),“The Delegation of Authority (DOA) document details matters reserved for shareholders, the Board, and the matrix of delegated authorities for strategy & policy, governance, legal, HR, finance, risk, and assurance matters.”,,,,, multiple_choice,Which function is responsible for maintaining custody of the Delegation of Authority (DOA)?,F&A function,GRC function,Legal function,HR function,B,GRC function,The GRC function is responsible for maintaining custody of the Delegation of Authority (DOA).,,,,, true_false,“True or false: The NNPC Tenders Board is responsible for approving the procurement strategy, prequalification/bids evaluations reports, and negotiated contracts for consultancy and non-consultancy services?”,TRUE,FALSE,,,B,FALSE,,,,,, true_false,True or false: The DFA (Delegated Financial Authority) is a sub-set of the DOA (Delegation of Authority) and details the financial authority limits delegated to various cadres of Management?,TRUE,FALSE,,,A,TRUE,,,,,, true_false,True or false: The Board has reserved authority for certain decision items and financial thresholds across the Company and its subsidiaries?,TRUE,FALSE,,,A,TRUE,,,,,, true_false,True or false: The GRC function is responsible for maintaining custody of the Delegation of Authority (DOA)?,TRUE,FALSE,,,B,FALSE,,,,,, true_false,True or false: The Delegation of Authority (DOA) framework covers matters reserved for shareholders and the Board of Directors?,TRUE,FALSE,,,A,TRUE,,,,,, true_false,True or false: There are six (6) Decision Focus Areas within the DOA framework?,TRUE,FALSE,,,A,TRUE,,,,,, true_false,True or false: The Human Resource Management focus area is responsible for approving changes to NNPC Limited’s legal structure?,TRUE,FALSE,,,B,FALSE,,,,,, true_false,True or false: The Finance focus area is responsible for approving the Company’s annual budget and financial statements?,TRUE,FALSE,,,A,TRUE,,,,,, true_false,True or false: The Delegated Financial Authorities (DFA) define the financial approval limits for expenditures and commitments to third parties across NNPC Limited and Subsidiary levels.,TRUE,FALSE,,,A,TRUE,,,,,, true_false,“True or false: The CFO issues a converted DFA at the beginning of each year, using the same FX rate as the annual budget.”,TRUE,FALSE,,,A,TRUE,,,,,, true_false,True or false: Contract variations are applicable to all committees chaired by the CEO/MDs.,TRUE,FALSE,,,B,FALSE,,,,,, true_false,True or false: The Delegation of Authority (DOA) - Strategic Decisioning team is responsible for maintaining custody of the Delegation of Authority (DOA).,TRUE,FALSE,,,B,FALSE,,,,,, true_false,“True or false: The DFA shall be considered in the development and application of other policies, including the procurement policies to be established by NNPC Limited and its subsidiaries.”,TRUE,FALSE,,,A,TRUE,,,,,, true_false,“True or false: Management shall implement automated controls over all aspects of the expenditure cycle, including budgeting, requisition, tendering, contracting, delivering, invoicing, and payment.”,TRUE,FALSE,,,A,TRUE,,,,,, true_false,“True or false: No expenditure shall be approved unless it is covered within the budget and funded, with the exception of Payroll and any Significant Recurring OPEX which has been assigned an unrestricted budget.”,TRUE,FALSE,,,A,TRUE,,,,,, true_false,True or false: Results of tenders evaluation shall be signed off by at least 2/3rd of members of the evaluation committee either physically or electronically for it to be valid.,TRUE,FALSE,,,A,TRUE,,,,,, matching,“Match the following events with their respective times during the ‘DOA and DFA Framework for NNPC Limited: Walkthrough Session’ on July 18, 2022:”,Opening Prayer - 2nd Stanza National Anthem = 09:00 am – 09:05 am,Health & Safety Moments = 09:05 am - 09:15 am,Pre-transition to NNPC Limited: Delegation Of Financial Authority (DFA) = 09:35 am - 09:45 am,Delegation of Authority (DOA) - Strategic Decisioning = 10:05 am - 10:25 am,,,,,,,, matching,“Match the following teams with their respective topics during the ‘DOA and DFA Framework for NNPC Limited: Walkthrough Session’ on July 18, 2022:”,NMSL & GHSE = Health & Safety Moments,OALP = Overarching Legal Architecture of the new DOA Framework,SCM = Transition to NNPC Limited: Overview of the Delegation of Authority (DOA) Framework,PIA Team KPMG = Delegation of Authority (DOA) - Strategic Decisioning,,,,,,,, matching,Match the following decision making authorities with their roles in decision making items:,Board Audit Committee (BAC) = Approves some decisions,CEO = Initiates management decisions impacting the entire organization,“Board Strategy, Finance and Investment Committee (BSFIC) = Reviews and approves NNPC strategy formulation”,Relevant Subsidiary MD(s) = Informed about changes to NNPC’s activities into new businesses or geographic areas,,,,,,,, matching,Match the decision making item numbers with their corresponding descriptions:,“1 = Definition and amendments to mission, vision and values”,“3 = NNPC Limited policy articulation, reviews and approval”,5 = Investor relations strategy,8 = Changes to subsidiary company’s logo,,,,,,,, matching,Match the following key elements of the delegated financial authorities with their descriptions:,11 key policy statements = Defines the overall guidelines for financial approval limits,Approval limits for tenders = Specifies the maximum amount for tenders that can be approved by certain authorities,Contract Variation = Applicable only to the committees chaired by the CEO/MDs,Special Class of Expenditure = Significant recurring expenses that form part of cost of sales,,,,,,,, matching,Match the following decision items reserved for the NNPC Limited Board with their corresponding categories:,Changes to a Subsidiary’s legal structure = Strategy and Policy Matters,Subsidiary Company’s annual budgets = Financial Matters,Promotion of staff of Subsidiaries to Senior Management (N3 and above) = Human Resource Matters,Appointment and removal of directors in Subsidiaries = Board Operations Matters,,,,,,,, matching,Match the following focus areas with their key type of actions:,“Strategy and Policy = Initiate, Recommend, Pre-approve, Approve or reject a request”,“Risk Management and Assurance = Consult, Recommend, Pre-approve, Approve or reject a request”,“Governance and Board Matters = Initiate, Consult, Recommend, Pre-approve, Approve or reject a request”,“Human Resource Management = Initiate, Consult, Recommend, Pre-approve, Approve or reject a request”,,,,,,,, matching,Match the following decision items with the bodies they are reserved for:,Appointment and remuneration of Directors = Shareholders,Amendment of memorandum and articles of association = Board,Extension of the Company’s activities into new business or geographic areas = Board,“Appointment, remuneration and termination of external auditors = Shareholders”,,,,,,,, matching,Match the following focus areas with their descriptions:,Strategy and Policy = Propose a request for approval,Risk Management and Assurance = Consult (seek the views and opinions of other parties) before taking decision,Governance and Board Matters = Put forward or suggest a proposed decision for approval,Human Resource Management = Declare support on a matter,,,,,,,, matching,Match the following focus areas with their actions:,Strategy and Policy = Grant consent on a matter,Finance = Execute,Legal = Inform,Risk Management and Assurance = Consult,,,,,,,, matching,Match the following groups with their respective responsibilities within the NNPC Limited’s Delegation of Authority (DOA) Framework:,Shareholders of NNPC Limited = Matters reserved for shareholders,Board of Directors of NNPC Limited = Matters reserved for the Board,Management of NNPC Limited = Authority required for day-to-day running of the business,Subsidiaries of NNPC Limited = Corporate synergy between NNPC Limited and Subsidiaries,,,,,,,, matching,Match the following components and stakeholders with their custodians in the NNPC Limited’s DOA Framework:,Delegation of Authority (DOA) = The GRC function,Delegated Financial Authorities (DFA) = F&A,Roles and Responsibilities = All stakeholders,Resources and Assets = All stakeholders,,,,,,,, matching,Match the following key design elements with their descriptions in the Delegation of Authority Framework:,Enhanced Stakeholder representation = The Board has reserved authority for certain decision items and financial thresholds across the Company and its subsidiaries,Prudent and Balanced Approval Limits = Authority required for day-to-day running of the business,,,,,,,,,, matching,Match the following guiding principles with their corresponding standards in the Delegation of Authority Framework:,“Compliance with Regulatory Requirements and Leading Standards = PIA 2021, CAMA 2020, NCCG 2018”,“Alignment with NNPC Limited’s Governance Framework = MEMART Board and Board Committee charters, Related policies and procedures including Contracting and procurement policies, Consequence management framework, Code of ethics, HR policies”,“Adequate Balance of Efficiency and Financial Controls = Strategy and goals, Operational realities of NNPC Limited and its subsidiaries”,,,,,,,,, matching,Match the following policy statements with their corresponding areas of focus:,“Sub-delegation and accountability for authority exercised during interim delegation shall be in line with the defined rules on sub-delegation, as approved from time to time. = Delegation”,No expenditure shall be approved unless it is covered within the budget and funded. = Budget,Results of tenders evaluation shall be signed off by at least 2/3rd of members of the evaluation committee either physically or electronically for it to be valid. = Tender Evaluation,Subsidiary budgets shall not be approved by the Board of the subsidiary without pre-approval of the NNPC Limited Board. = Subsidiary Budget,,,,,,,, matching,Match the following aspects of the DFA policy with their related details:,Annual budgets = Presented to the Board for approval before the beginning of the next financial year,Expenditure = Endorsed by the CFO for NNPC Limited and ED Finance for Subsidiaries,Contract splitting = Taken as a serious infringement and dealt with in accordance with the Consequence Management Framework,Tenders evaluation = Results to be signed off by at least 2/3rd of members of the evaluation committee,,,,,,,, matching,Match the following statements to the appropriate NNPC Limited policy:,There shall be zero tolerance for contraventions of the DFA = Consequence Management,The annual budgets shall be presented to the Board for approval before the beginning of the next financial year = Budget Approval,Sub-delegation and accountability for authority exercised during interim delegation shall be in line with the defined rules on sub-delegation = Delegation,No payment shall be made unless due process has been followed in line with the contracting and procurement policies = Payment,,,,,,,, matching,Match the following key considerations for defining the limits and developing the DFA with their corresponding activities:,Peculiarities of the Control Environment = Review of NNPC Limited’s transaction profile and calibration of the limits to the Company,Financial Performance = Proposal of financial authorities across key categories of expenditure and decision making,“Efficiency of Operations = Presentation to SLT, SMT and finally the Board for approval”,Prevalent Practices in the Oil & Gas Industry = Benchmark analysis on practices and limits in comparative institutions,,,,,,,, matching,Match the following facts to their respective topics:,40% of spinal surgeries are unsuccessful (‘failed back surgery syndrome’). = Low Back Pain (LBP),“Cause about 700 fatalities per year in the U.S. – Bureau of Labour Statistics = Slips, Trips, and Falls”,“To walk Management staff regulatory, To clarify governance To obtain on grade levels M6 and structural, and structures, controls and feedback and seek above through the new governance controls) compliance checks to the be enforced arising from of Management staff consistent understanding. = NNPC PIA Implementation Walkthrough Session”,The Nigerian Code of Corporate Governance (NCCG) 2018 DOA/DFA do not stand on their own. They rest on the shoulders of the law. = Overarching Legal Architecture of the New DOA Framework,,,,,,,, matching,Match the components of the Legal Architecture with their corresponding levels:,Petroleum Industry Act (PIA) 2021 = Level 2,NNPC Ltd. Board & Board Committee Charter = Level 3,Delegation of Authority (DOA) and Delegated Financial Authority (DFA) = Level 1,Companies and Allied Matters Act (CAMA) 2020 = Level 1,,,,,,,, matching,Match the following figures with their corresponding facts:,84% = Percentage of adults who experience Low Back Pain (LBP) in their lifetime,95% = Percentage of people with LBP who recover within 12 weeks using conservative care options,“700 = Number of fatalities per year in the U.S. due to slips, trips, and falls”,40% = Percentage of spinal surgeries that are unsuccessful,,,,,,,, matching,Match the following prevention tips to their respective hazard categories:,More Movement = Less Back Pain = Low Back Pain (LBP) Prevention,Keep working areas well lit = Preventing Fall Accidents,“To provide insights to several linkages (legal, To walk Management staff regulatory, To clarify governance To obtain on grade levels M6 and structural, and structures, controls and feedback and seek above through the new governance controls) compliance checks to the be enforced arising from of Management staff consistent understanding. = NNPC PIA Implementation Walkthrough Session”,Alteration of share capital – Section 125 of CAMA Directors – Articles 3.4 of NNPC Ltd. MEMART; Section 273 of CAMA External auditors – Section 401 of CAMA = Overarching Legal Architecture of the New DOA Framework,,,,,,,,