Control Objectives
- Protect company assets.
- Ensure accurate financial reporting.
- Prevent fraud and unauthorized transactions.
- Maintain compliance with financing obligations.
- Support transparent project governance.
- Strengthen operational accountability.
Control Environment
| Control Area | Requirement |
|---|---|
| Governance Oversight | Board and management supervision |
| Approval Authority | Defined approval matrix |
| Segregation of Duties | Separate initiation, approval and execution |
| Documentation | Complete audit trail |
| Compliance Monitoring | Periodic review |
Financial Controls
| Process | Control |
|---|---|
| Payments | Dual approval and supporting documentation |
| Procurement | Vendor verification and purchase approval |
| Budgeting | Annual budget approval and variance monitoring |
| Cash Management | Bank reconciliation and treasury reporting |
| Project Drawdowns | Milestone certification and lender approval |
Fraud Prevention Controls
- Authorized signatory controls.
- Payment verification procedures.
- Vendor due diligence.
- Conflict of interest declaration.
- Whistleblowing channel.
- Independent audit review.
Audit & Review Framework
| Review | Frequency |
|---|---|
| Bank Reconciliation | Monthly |
| Budget Variance Review | Monthly |
| Internal Control Review | Quarterly |
| External Audit | Annual |
| Lender Compliance Review | Quarterly |
Control Statement
PT Sapta Borneo Utama is committed to maintaining internal controls that support institutional governance, lender transparency, financial discipline, operational integrity and long-term stakeholder confidence.