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Thomas BishopGinger Edmonds
Daniel CarrierCory Facemire
Group 7
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Criteria for Company Framework
CIA Fact book
Research Insight
Company 10K for last five years
Individual Company Website
Yahoo Finance
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The Ranking System 1). Does the company include an external audit within their
10k Reports? Scoring: 0 – was not included in the reports 5 – included, but showed weak internal controls 10 – included and showed no internal control weakness
2). What is the degree that risk, controls and governance are mentioned within the reports? (Norway Government stds)
Scoring: 0 – if controls are only mentioned briefly 5 – if internal controls are mentioned in additional sections more than once 10 – internal controls are mentioned throughout the reports greater than two
different occurrences
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3.) Does the company disclose improvements about their internal controls?
Scoring: 0 – no mention of any weakness or strengths 5 – shows weakness within the system 10 – show improvements upon prior areas of weakness
4.) Does the company mention or show that management is ultimately responsible for the company’s internal controls?
Scoring : 0 – no mention of management responsibility 5 – show that management is held responsible for internal controls 10 – based on management’s evaluation of the company’s internal
controls are effective
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5). How well do the companies disclose their Internal Controls?
Scoring : 0 – no framework or structure was mentioned for internal controls
within the report 5-mention internal controls and disclosures 10 – internal controls substantially presented within the reports
6). How does the company rank according to it’s financial and operational risk?
Scoring : 0-High risk 5-Medium risk 10-Low risk
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STATOILHYDRO ASA
Integrated Oil & Gas
World’s largest operator in
water > 100 meters
Norwegian State holds 65%
Focus upstream oil & gas
operations
Wright Investment Services
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Scorecard: STATOILHYDRO ASAYear ended 2003 2004 2005 2006 2007
Question:
1 – External Audit 5 5 10 10 0
2 – RCG 0 0 0 5 10
3 – Improvements 10 10 5 5 5
4 – Mgmt Responsibility 0 0 0 0 0
5 – Internal Control 5 5 10 10 10
6 – Fin/Oper. Risk 5 5 5 5 5
Total: 25/60 25/60 30/60 35/60 30/60
Average: 24/60=40%
StrengthInternal Control
WeaknessManagement Responsibility
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AKER SOLUTIONS ASA Oil & Gas Exploration & Prod
Subsidiary to Aker Asa
Ownership
Multiple Industries
Wright Investment Services
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Scorecard: AKER SOLUTIONS ASA
Year ended 2003 2004 2005 2006 2007
Question:
1 External Audit 0 0 0 0 0
2 RCG 0 0 0 5 5
3 Improvements 5 5 10 10 10
4 Mgmt Responsibility 5 10 10 10 10
5 Internal Control 5 5 10 10 10
6 Fin/Oper. Risk 5 10 0 0 0
Total: 20/60 30/60 30/60 35/60 35/60
Average: 25/60=42%
StrengthManagement Responsibility
WeaknessRisk, control & governance
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SOLSTAD OFFSHORE ASA
Oil & Gas Drilling
29 vessels, 3 segments
1000 personal 73% @ sea
2216 million NOK
North Sea, Mediterranean,
West Africa, Asia, and
The Americas
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Scorecard: SOLSTAD OFFSHORE ASA
Year Ended: 2003 2004 2005 2006 2007
Question:
1 External Audit 0 0 0 0 0
2 RCG 5 5 5 5 10
3 Improvements 0 0 0 0 0
4 Mgmt Responsibility 0 0 0 0 0
5 Internal Control 5 5 5 5 5
6 Fin/Oper. Risk 5 5 5 5 5
Total: 15/60 15/60 15/60 15/60 15/60
Average: 15/60=25%
StrengthRisk, control & governance
WeaknessManagement Responsibility
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PGS-PETROLEUM GEO-SERVICES
Oil & Gas Drilling
Multi-client data library
Corporate Governance
Geophysical Services
Investor Relations
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Scorecard: PGS-PETROLEUM GEO-SERVICES
Year Ended: 2003 2004 2005 2006 2007
Question:
1 External Audit 5 5 0 10 10
2 RCG 0 0 5 5 5
3 Improvements 0 0 5 0 5
4 Mgmt Responsibility 5 5 5 10 10
5 Internal Controls 0 5 5 0 5
6 Fin/Oper. Risk 5 0 0 0 0
Total: 15/60 15/60 20/60 25/60 35/60
Average: 18/60=30%
StrengthExternal Audit
WeaknessFin/Oper. Risk
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REVUS ENERGY ASA Oil & Gas Exploration & Prod
Founded in 2002
Medium Sized company
Explores Norwegian continental
shelves
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Scorecard: REVUS ENERGY ASA
Year Ended: 2003 2004 2005 2006 2007
Question:
1 External Audit 0 0 5 5 5
2 RCG 0 0 5 5 10
3 Improvements 0 0 0 0 0
4 Mgmt Responsibility 0 0 0 5 5
5 Internal Controls 0 0 10 10 10
6 Fin/Oper. Risk 5 5 10 10 10
Total: 5/60 5/60 30/60 35/60 40/60
Average: 19/60=32%
StrengthFin/Oper. Risk
WeaknessImprovements
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SUBSEA 7 INC Oil & Gas Drilling
Global operations
5500 personal on & offshore
World leading subsea engineering
& construction
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Scorecard: SUBSEA 7 INC
Year Ended: 2003 2004 2005 2006 2007
Question:
1 External Audit 0 0 10 10 5
2 RCG 0 0 5 10 10
3 Improvements 0 0 0 0 0
4 Mgmt Responsibility 0 0 0 10 10
5 Internal Controls 0 0 10 10 10
6 Fin/Oper. Risk 0 5 0 10 10
Total: 0/60 5/60 25/60 50/60 45/60
Average: 21/60=35%
StrengthInternal Controls
WeaknessImprovements
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Recap of initial rankings
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Rankings of Criteria
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Conclusions: Higher income does not equal increased controls
Overall – internal and external controls were increased due to the implementation of IFRS in 2005
Aker Solutions & Solstad Solutions did not support an external audit in the past 5 years
There was an overall concern to increase governance after the implementation of IFRS in 2005
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Recommendations: Corruption control-government Institution of Internal Auditors Norway More External Audits Put more internal controls in place Invest in Statoilhydro Benchmark against Statiolhydro
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Any Questions?