Internal Control and Internal Audit

 

At the current stage in the Group’s evolution, where extractive operations have yet to be commenced, the key areas of internal control centre on cash management. Project funding is strictly controlled from the Group’s head office in London and cash is only released to Oriel’s operations in the former Soviet Union on receipt of approved funding criteria. Given the nature of the Group’s operations, the Board do not consider it necessary to retain an internal audit function.