Saudi Aramco GI 286.031 FINANCIAL REPORTING CONTROLS ASSESSMENT PROCESS

This General Instruction (GI) 286.031 from Saudi Aramco details the comprehensive Financial Reporting Controls Assessment (FRCA) process. It establishes the policies and procedures for internal control self-assessments, focusing on ensuring the accuracy and reliability of the company's financial statements.

The document outlines a robust risk assessment methodology, categorizes different types of controls (testable, IT, and subsidiary-related), and defines the critical roles and responsibilities of various departments and individuals involved. Readers will gain a thorough understanding of how Saudi Aramco identifies, evaluates, and monitors financial reporting controls, including risk analysis using a matrixed approach, proponent self-assessment procedures, and the issuance of consolidated opinions and certifications.

The appendices provide practical guidance, including a risk assessment matrix, sample attestation letters, and a proponent department certification letter. Ideal for accounting managers, internal auditors, and financial analysts working in the oil and gas industry or similar large organizations.