Propetrol Limited April 2014 - at PresentStart-up of Internal Audit department. Developed and maintained a risk based audit plan from the evaluation of the control environment. Prepared the department budget, created and maintained audit programs and assigned audits to a staff of 4. Financial, operational and compliance reviews were planned and performed on various strategic business units, retail outlets, lubricant production and commercial, oil depot and marine operations.
Detected and recovered over N64m fraud that was perpetuated and concealed through product diversion before my assumption of duty as head of audit. Also, detected over N38m recycled payments of which over N32m had been recovered. POS transaction fraud of over N18m was also detected and over 82% had been recovered.
Re-designed the audit planning process by developing and implementing “guiding principles” which led to better risk coverage and partnership with the external audit firm and a 25% reduction in external audit fees.