Pilipinas Shell Petroleum Corporation recently secured the highest possible conformance rating awarded by External Quality Assurance Reviewers (EQAR) for the professional practice of internal audit.
The review was conducted by independent assessors from Punongbayan & Araullo (P&A), a member firm of Grant Thornton.
“This serves as another testament of Pilipinas Shell’s commitment to nation-building by holding itself to the highest of standards,” said Pilipinas Shell President and CEO, Lorelie Quiambao-Osial.
Pilipinas Shell’s Corporate Assurance & Audit Department (CAAD) received this prestigious award after a thorough in-depth review of its charter, methodology, practices, and more importantly its impact and value added to its key stakeholders—particularly the PSPC Board and Senior Management.
Quiambao-Osial thanked the company’s CAAD team, headed by Mark Nicdao, PSPC’s Chief Audit Executive, for its “hard work, resilience, and agility” as well as P&A for “its independent, objective and honest assessment.”
Pilipinas Shell’s strong internal audit function is a testament to its sound corporate governance practices, which strengthen stakeholder confidence.
It further demonstrates to the Pilipinas Shell board, management, and staff that CAAD is dedicated to upholding and enhancing the organization’s controls and risk management framework and processes.
Pilipinas Shell’s auditing activities include Data Privacy, Price Risk Management, Staff Health and Productivity in Work-From-Home, Business Tax Processes, Information Security, Environmental Social & Governance (ESG) Reporting, and Enterprise Risk Management.
“This is the first time Pilipinas Shell underwent this activity, and it has earned the Generally Conforms Award,” said Michael Gallego, the Lead Quality Assessor who was part of the P&A external assessment team.
“Pilipinas Shell’s standards on internal auditing are outstanding and have met the global standards for a company in its industry. We’re happy to have provided the external assessment for them and we look forward to what Pilipinas Shell has in store for the future.”