Shell PH gets highest rating for Internal Audit from EQAR

MANILA: Pilipinas Shell Petroleum Corporation (PSPC) has received the highest rating from External Quality Assurance Reviewers (EQAR) for Internal Audit.

The Corporate Assurance & Audit Department (CAAD) of PSPC bagged the prestigious award after a comprehensive review of its charter, methodology, practices, and impact and value added to its key stakeholders. The review was conducted by independent assessors from Punongbayan & Araullo (P&A), a member firm of Grant Thornton.

In a statement, PSPC President and Chief Executive Officer Lorelie Quiambao-Osial said, “It serves as another testament of Pilipinas Shell’s commitment to nation-building by holding itself to the highest of standards.” She also expressed her gratitude to PSPC’s CAAD, led by PSPC Chief Audit Executive Mark Nicdao, for their “hard work, resilience, and agility” and to P&A for “their independent, objective and honest assessment.”

The review conducted by external auditors is an essential part of PSPC’s commitment in maintaining product quality, operational standards, and customer trust. It recognizes that a company’s compliance with guidelines proves its commitment to higher standards and customer centricity. It also shows how the company can improve the efficacy of its operations, mitigate its risks, and future-proof its business.

The strong internal audit function of PSPC also shows its sound corporate governance practices to fortify stakeholder confidence. The recognition proves CAAD’s commitment to professionalism and continuous improvement. It also shows that the CAAD is committed to improving the company’s controls and risk management framework and processes.

Among the auditing activities done by PSPC 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.

“This is the first time Pilipinas Shell underwent this activity, and it has earned the Generally Conforms Award,” P&A Lead Quality Assessor Michael Gallego stated. “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.”

Photos from Pilipinas Shell Petroleum Corporation

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