Responsible for operating a network of oil, gas, condensate, and other petroleum products transmission pipelines across Libya, Zueitina Oil Company (ZOC) plays a vital role in the country’s energy sector. As a subsidiary of a larger parent company, ensuring transparent and reliable supervision of ZOC’s operations is critical for maintaining shareholder’s confidence. To strengthen its internal control mechanisms and align with best practices, ZOC engaged Qabas to deliver a specialised internal audit training programme for four of its C-level executives over a 6-day period.
The Situation
Operating in a complex environment where efficiency, transparency, and regulatory compliance are crucial, ZOC recognised the need to enhance its internal audit practices. The company’s extensive operations, which involve transporting significant volumes of petroleum products across Libya, require robust internal controls to mitigate risks, ensure accuracy, and uphold financial integrity. The parent company, committed to maintaining transparency and operational excellence, sought to bolster ZOC’s internal auditing capabilities to ensure a reliable and well-supervised operation. This initiative was particularly focused on empowering top executives with the knowledge and skills needed to lead by example in implementing and overseeing best practices in internal auditing.
Our Approach
Qabas developed a comprehensive and focused training programme tailored specifically for ZOC’s C-level executives, covering the essential elements of internal auditing while incorporating the latest industry standards and practices. The training was designed to provide actionable insights and practical skills that these leaders could directly apply to enhance ZOC’s internal controls and governance.
Key focus areas included:
- Best Practices in Internal Audit: Focused on globally recognised audit standards, risk management frameworks, and compliance strategies to ensure effective oversight and monitoring within the organisation.
- Strengthening Internal Controls: Provided training on designing, implementing, and assessing internal control systems, with a focus on identifying potential risks and ensuring operational transparency.
- Audit Leadership and Strategy: Empowered C-level executives to lead audit initiatives with a strategic mindset, aligning audit functions with the broader organisational objectives while promoting a culture of accountability and continuous improvement.
- Risk Assessment and Management: Covered advanced methodologies for identifying, assessing, and prioritising risks within the organisation, ensuring that ZOC’s audit function effectively mitigates vulnerabilities in operations.
- Data-Driven Audit Techniques: Introduced the use of data analytics and technology in internal audits to enhance accuracy, detect anomalies, and drive informed decision-making.
Implementation
The training was delivered over a 6-day intensive programme, combining theoretical knowledge with practical exercises. The sessions included case studies, interactive discussions, and real-world scenarios tailored to ZOC’s unique operational context. This approach allowed participants to apply best practices directly to their existing challenges, equipping them with the skills needed to enhance their organisation’s audit processes.
Results
Following the training, ZOC’s executives gained a deeper understanding of how to implement and manage effective internal control systems. The training has equipped them to lead audit functions with enhanced strategic insight, ensuring that ZOC’s operations are transparent, compliant, and resilient. This initiative has strengthened market confidence in ZOC by demonstrating the company’s commitment to upholding the highest standards of governance and operational integrity.
By integrating best practices into its audit processes, ZOC is now better positioned to maintain consistent oversight, mitigate risks, and continue operating as a reliable and transparent entity within Libya’s energy sector.
