Bapco audit report reviewed
Manama, November 11, 2012
Bahrain Finance Minister, Minister in Charge of Oil and Gas Affairs and National Oil and Gas Authority chairman Shaikh Ahmed bin Mohammed Al Khalifa met senior management of Bapco to review the audit report.
They reviewed results of the company's follow-up of the final report of the National Audit Court (NAC) on Bapco's human resources and sales, said a report in the Gulf Daily News, our sister publication.
During the meeting, Bapco board chairman Adel Almoayyed spoke about the board's commitment to implement all NAC remarks and recommendations.
He confirmed Bapco had finished implementing half of NAC recommendations in a record time, and will carry out the larger portion of them (42 per cent) within the next three month.
He said only 6 per cent of the recommendations will require more time for implementation due to their intricacy with other ministries and establishments. They include a recommendation regarding financial independence of the company.
The minister directed Bapco to enhance internal audit systems and address any shortcomings within a prompt, integral and comprehensive frame of governance. Bapco earlier received 113 remarks and recommendations from NAC.-TradeArabia News Service