News

             A meeting with representatives of the Audit Department of SOCAR was held at Baku Higher Oil School (BHOS).

 

            The main purpose of the meeting was to discuss the risks identified during the planning of the audit of auxiliary business processes occurring in the BHOS, as well as to include risk-minimizing measures into the Action Plan for 2020.  

 

             The meeting was attended by employees of Baku Higher Oil School, Deputy Head of the Audit Department of SOCAR Azer Ismayilov, internal auditors at this department Nazim Iskandarov and Azulla Huseynov.

 

              Deputy Head of the Audit Department of SOCAR Azer Ismayilov emphasized the importance of assessing the risks that were identified as a result of the last audit conducted by the department’s employees and strengthening control in this area.

 

              Internal auditor at the Audit Department of SOCAR Nazim Iskandarov noted that when conducting an internal audit of an organization, it is necessary to conduct a risk assessment, implement a risk control procedure, carry out risk-minimizing measures and make recommendations. He also emphasized the importance of clarifying the list of risks associated with planning an audit for the next year.

 

              Speaking about the important risk-related issues that are on the school's agenda, Head of the Economics and Accounting Department of BHOS Oktay Mammadov noted that the recommendations made by the auditors regarding the Baku Higher Oil School will be taken into account in the Action Plan for 2020. He said that the shortcomings identified during the last audit at the BHOS were completely eliminated.

 

               At the end of the meeting, a decision was reached to take into account the risks identified during the planning of the audit of auxiliary business processes occurring in the BHOS during the preparation of audit plans for 2020.