Shell PH gets highest rating for internal audit practices

Pilipinas Shell Petroleum Corporation (PSPC) announced that it received the highest possible conformance rating awarded by External Quality Assurance Reviewers (EQAR) for the professional practice of Internal Audit.

The local oil player said that its Corporate Assurance and Audit Department (CAAD) received the “Generally Conforms” recognition after being reviewed by independent assessors from Punongbayan and Araullo (P&A), a member firm of Grant Thornton.

In a statement, the company said that the award was given after undergoing 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.”

Pilipinas Shell President and Chief Executive Officer Lorelie Quiambao-Osial said that the achievement serves as another testament of the firm’s commitment to nation-building "by holding itself to the highest of standards.”

She thanked the company’s CAAD team, headed by Chief Audit Executive Mark Nicdao, for the “hard work, resilience, and agility” as well as P&A for its “independent, objective and honest assessment.”

PSPC explained that the external auditors’ assessment will help the company maintain product quality, operational standards, and consumer trust.

“It recognizes that an organization’s compliance with guidelines shows its commitment to higher standards and to customer centricity. It provides keen insight into how the company can improve the efficacy of its operations, evaluate and mitigate its risks, and further future proof is business,” PSPC noted.

Further, The PSPC’s latest honor indicates the CAAD’s commitment to professionalism, quality, collaboration, and continuous learning as well as demonstrate dedication in upholding and enhancing the organization's controls and risk management framework and processes.

Included in Pilipinas Shell’s auditing activities are data privacy, price risk management, staff health and productivity in work-from-home, business tax processes, information security, environmental social and governance (ESG) reporting, and enterprise risk management.

Michael Gallego, who served as the lead quality assessor of the P&A external assessment team, said that it was the first time for PSPC to undergo the activity.

 “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,” he added.

Photos from Pilipinas Shell Petroleum Corporation

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