Corporate audit is the independent control body of the company with responsibility for monitoring that the business is continuously subject to adequate management and control as well as operated in an efficient and appropriate manner.
Corporate audit is responsible for all internal auditing within the StatoilHydro group and also audits of partnerships, contracts counterparts and other entities dependent on contractual audit rights.
Corporate audit’s main responsibilities are:
- Establish risk-based annual audit plans
- Planning, accomplishment and communication of audits
- Provide consulting services related to management and control
- Facilitate auditing of acquisitions (due diligence) and other special tasks
- Prepare quarterly reports for executive committee and the board’s audit committee
- Examine compliance with StatoilHydro’s code of ethics and anti-corruption laws and regulations
- Perform audit activities in order to generally accommodate prevention and detection of fraud and other irregularities
- Examine and communicate the level of internal controls related to financial reporting according to the Sarbanes–Oxley act
The senior vice president of corporate audit:
- is directly subordinated to the board of directors and the chief executive officer
- acts as secretary for the audit committees of the board of directors.
- participates in executive committee’s ethics committee meetings.
- has the position of “corporate compliance officer” of StatoilHydro.
