Audit-Report-on-NNPC

Investigative Forensic audit of crude oil revenues and remittances by NNPC (January 2012 – July 2013)
2.2. Our approach to this mandate
It is important to note that although PwC has reviewed documents submitted by the key
stakeholders involved, our work was conducted independently, and our findings are based on
the review of documentation, analytical reviews of data, and interviews conducted.
Due to this approach, our findings and the way we presented them in this report may not
necessarily reflect the formats of the various submissions made by the different stakeholders.
In certain instances where we were not provided with information or access to key
stakeholders (Section 6.3.2 ) we leveraged on external and available sources of information to
reach our conclusions. These external and available sources of information are clearly
highlighted in the relevant sections of this report.
Any information and/or documentation which may come to our attention subsequent to the
date of this report may alter our findings.
We have also listed some of the limitations to our scope in Section 3.2.
The procedures performed and specific limitations to scope are also discussed under the
various work stream sections.
Based on specific instructions from the <strong>Audit</strong>or General for the Federation, we returned to do
additional work, after NNPC had represented that our initial process did not provide an
opportunity for formal discussions of our findings with top management, in the form of an
exit interview.
With the exception of the Deputy Group Managing Director/ Group Executive Director
Finance and Accounts of NNPC, the <strong>Audit</strong>or-General for the Federation, and the Honourable
Minister of Petroleum Resources, we have not discussed the findings of this report with any
stakeholder.
Our work was split into two work streams as follows;
1. We estimated how much revenue is due to the FGN from crude oil liftings; and
2. We reconciled the revenues due to the FGN against the actual cash received by the
federation.
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Our findings and conclusions considered the impact of some matters which require legal
opinion to be sought by the FGN.
Confidential information for the sole benefit and use of the <strong>Audit</strong>or-General for the Federation.
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