Pilipinas Shell Petroleum Corporation (PSPC) recently secured the highest possible conformance rating awarded by External Quality Assurance Reviewers for the professional practice of Internal Audit.
Independent assessors conducted the Review from Punongbayan & Araullo, a member firm of Grant Thornton.
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.
Pilipinas Shell president and CEO Lorelie Quiambao-Osial expressed her appreciation, saying that “… it serves as another testament of Pilipinas Shell’s commitment to nation-building by holding itself to the highest of standards.” She thanked the company’s CAAD team, headed by Mark Nicdao, PSPC’s Chief Audit Executive, for their “hard work, resilience, and agility” and P&A for “their independent, objective and honest assessment.”
The external auditors’ assessment is integral to a company’s journey in maintaining product quality, operational standards, and consumer trust. It recognizes that an organization’s compliance with guidelines shows its commitment to higher standards and customer-centricity. It provides keen insight into how the company can improve the efficacy of its operations, evaluate and mitigate its risks, and the further future proof is business.
Pilipinas Shell’s vital internal audit function is a testament to its sound corporate governance practices, strengthening stakeholder confidence. Its achievement in this area signifies CAAD’s commitment to professionalism, quality, collaboration, and continuous learning. 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.