CONTENTS
1. EXECUTIVE SUMMARY 2. INTRODUCTION Literature Review Global Oil & Gas Industry Overview Indian Oil & Gas Industry Overview Company Overview (ONGC) 2 4 6 6 20 23 24 26 28 38 39 40 41
3. INTERNAL CONTROL & INTERNAL AUDIT Internal Control Internal Audit Standards on Internal Audit 4. PROJECT PROFILE Objectives Research Methodology 5. LEARNINGS & OBSERVATIONS Learnings Audit Scope & Coverage Organisation Structure of IA Department Audit planning & process Audit approach & methodology Life cycle of an audit Performance evaluation Quality systems
42 43 44 46 47 50 52 54 58 59 61 62
Observations Recommendations Learning outcome 6. REFERENCES 7. ANNEXURE
Page 1
EXECUTIVE SUMMARY
The word „Economic Recession‟ has become a very common one during the present year. The major reason for this being fall of American majors like the Lehman Brothers, etc. From the time of fraud by Enron, the fall of these American majors and to the most recent, our own Satyam the major reason has been lack of corporate governance in the organisations. Despite such things coming in to picture there are still many organisation which are being run successfully with a very effective and responsible corporate governance practices in their organisations. ONGC can be named as one of them. Being such a large and multi - locational organisation ONGC is still very efficiently and effectively running. It has very well planned and structured internal control system which helps in the smooth running of the organisation. The efficiency of the internal audit at ONGC has been proved by the ISO certification achieved by the Internal Audit Department of the organisation. The project was to attain a complete understanding of the audit set up, plan, process, procedures, execution, winding up and reporting at the organisation. With cases like Satyam coming up, the statutory requirement by SEBI has made it compulsory to abide by the Clause 49 of the... [continues]
1. EXECUTIVE SUMMARY 2. INTRODUCTION Literature Review Global Oil & Gas Industry Overview Indian Oil & Gas Industry Overview Company Overview (ONGC) 2 4 6 6 20 23 24 26 28 38 39 40 41
3. INTERNAL CONTROL & INTERNAL AUDIT Internal Control Internal Audit Standards on Internal Audit 4. PROJECT PROFILE Objectives Research Methodology 5. LEARNINGS & OBSERVATIONS Learnings Audit Scope & Coverage Organisation Structure of IA Department Audit planning & process Audit approach & methodology Life cycle of an audit Performance evaluation Quality systems
42 43 44 46 47 50 52 54 58 59 61 62
Observations Recommendations Learning outcome 6. REFERENCES 7. ANNEXURE
Page 1
EXECUTIVE SUMMARY
The word „Economic Recession‟ has become a very common one during the present year. The major reason for this being fall of American majors like the Lehman Brothers, etc. From the time of fraud by Enron, the fall of these American majors and to the most recent, our own Satyam the major reason has been lack of corporate governance in the organisations. Despite such things coming in to picture there are still many organisation which are being run successfully with a very effective and responsible corporate governance practices in their organisations. ONGC can be named as one of them. Being such a large and multi - locational organisation ONGC is still very efficiently and effectively running. It has very well planned and structured internal control system which helps in the smooth running of the organisation. The efficiency of the internal audit at ONGC has been proved by the ISO certification achieved by the Internal Audit Department of the organisation. The project was to attain a complete understanding of the audit set up, plan, process, procedures, execution, winding up and reporting at the organisation. With cases like Satyam coming up, the statutory requirement by SEBI has made it compulsory to abide by the Clause 49 of the... [continues]
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