NNPCL Code of Conduct_Financial Transactions.pdf

NNPC Limited Code of Conduct 10 Financial Transactions and Disclosure NNPC Limited relies on its financial records for making business decisions and representations to the government, investors and media concerning the Company, and for asserting its legal rights. Therefore, it is critical that thes...

NNPC Limited Code of Conduct 10 Financial Transactions and Disclosure NNPC Limited relies on its financial records for making business decisions and representations to the government, investors and media concerning the Company, and for asserting its legal rights. Therefore, it is critical that these records are accurate, timely and complete. NNPC Limited is committed to: a) Full and accurate financial disclosure in compliance with applicable laws, rules, and regulations. b) Maintaining its books and records in accordance with applicable accounting policies, laws, rules, and regulations 10.1 Authorization and Approval NNPC Limited expects employees to execute only transactions that are authorised in line with management’s general or specific authorisation or delegation of authority. Intentional bypass of NNPC Limited’s authorisation channels for access to and use of NNPC Limited’s assets and resources is strictly prohibited and shall be construed as an act of fraud or misappropriation and subject to the Disciplinary and Consequence Management policy. 10.2 Applicable Accounting and Reporting Standards NNPC Limited employees who are responsible for accounting and financial reporting must ensure that all financial activities and transactions are recorded and reported in compliance with IFRS standards, governmental regulations and corporate policy; and take appropriate measures to protect NNPC Limited's assets including proprietary information against loss, theft and misuse. 10.3 Internal Controls Over Financial Reporting NNPC Limited maintains a system of internal accounting controls designed to ensure the reliability, adequacy, and integrity of its financial records and statements. Accordingly, employees charged with the responsibility for maintaining the system of internal controls must be familiar with NNPC Limited’s policies, accounting controls, and procedures and ensure that only transactions with appropriate management authorisation are executed by NNPC Limited. In addition, such transactions must be captured completely and accurately in the relevant accounting periods. 39 NNPC Limited Code of Conduct 10.4 Our Expectations of You a) Ensure that all transactions are approved in line with NNPC Limited’s delegation of authority and corporate policy. b) Ensure that all transactions are supported by accurate documentation in reasonable detail and are recorded in the proper accounts and in the proper accounting period in line with approved accounting policies. c) Maintain sufficient supporting documentation for all approved transactions in the required format and comply with NNPC Limited’s data management system. d) Co-operate fully with both internal and statutory auditors by responding to questions, providing documentation and clarifying transactions and reported data as required. e) Promptly report all irregularities or weaknesses in relation to auditing, accounting or internal control matters to management. f) Report all errors, possible errors or misstatements in NNPC Limited’s books and records to the Chief Financial Officer upon discovery thereof. g) Do not execute an unauthorised transaction. h) Never conceal information from internal or statutory auditors. i) Do not create false or misleading accounting entries, records, or documentation. j) Do not utilise NNPC Limited’s funds or resources for any purposes other than that described by their supporting documents. k) It is prohibited to take any action to influence, coerce, manipulate, or mislead any other employee, external auditor or legal practitioners of NNPC Limited for the purpose of rendering the accounting records or financial statements of NNPC Limited incorrect or misleading. l) Do not intentionally destroy financial transaction support documents or store them outside designated office premises or locations. m) Financial transactions shall be in line with DOA and DFA 40