Risk Control Matrices. Volume II (Part-C)

Transcription

1 Volume II (Part-C) Risk Control Matrices 522

2 Contents Volume II Part C - Risk Control Matrices Order to Cash Procurement Legal and Regulatory Hire to Pay (H2P) Fixed Assets Inventory Treasury Financial Closing & Reporting Process Joint Venture Production

3 Order to Cash 1. Sales Order creation : O2C01 : Invalid orders are created for further processing. : Sales Order (all products) is prepared on the basis of the reports received from Production department. Crude Oil - report having measurement of dispatch through tank dips receipt & Gas - SCADA report LPG - report of bulk & cylinder quantities dispatch location wise Wind Energy - report of units exported to the grid / customer 2. Billing : : Validity : Combination Automated and Manual : SAP Core Team / Concerned executive from the Finance department : O2C02 : Crude Oil - Unauthorized Invoices are generated using incorrect terms and prices. Every month Price master is updated by Finance department on the basis of Rate per barrel derived from Reuters Marketwire adjusted to the Gross Product Worth (GPW) formula for the particular assay. Exchange rate master is updated by Finance dept. on the basis of rate derived from RBI website. SAP creates the invoice based on the system configuration considering the prices updated by Finance dept. on monthly basis with reference to the delivery note created in the system by the pipeline department. : Validity, Valuation : Combination Automated and Manual : SAP Core Team / Concerned executive from the Finance department 524

4 3. LPG Sale 4. Gas Sale 5. Power Sale : : O2C03 : LPG - Unauthorized Invoices are generated using incorrect terms and prices. : SAP automatically calculates value of invoice based on condition types defined for LPG sale. The quantity is picked up from the Sales Order. : Validity, Valuation : Combination Automated and Manual : SAP Core Team / Concerned executive from the Finance department : O2C04 : Gas - Unauthorized Invoices are generated using incorrect terms and prices. : Value of invoice is automatically calculated by SAP using condition types defined for gas sale (for instance, condition types for Quality, Calorific value, Pressure & Volume according to the agreement with customers). : Validity, Valuation : Combination Automated and Manual : SAP Core Team / Concerned executive from the Finance department : O2C05 : Power - Unauthorized Invoices are generated using incorrect terms and prices. Value of invoice is automatically calculated by SAP using condition types defined for power sale based on the agreement. : Validity, Valuation : Combination Automated and Manual : SAP Core Team / Concerned executive from the Finance department 525

5 6. Crude Oil Billing, Gas sale, LPG sale, Power : 7. Credit Notes for discount to OMC : 8. Credit Notes for discount to OMC : O2C06 : Incorrect recording of invoices. Sales Invoices can be prepared only by Accounts officer. These invoices can be released only by Senior Manager (Finance and Accounts) (SMFA) who verifies & signs the invoice. : Completeness, Recording, Valuation : Combination Automated and Manual : SAP Core Team / Concerned executive from the Finance department : O2C07 : Invalid Credit notes and adjustments to accounts receivable Condition types have been configured in SAP which automatically calculates customer-wise discount and generates credit notes. The credit notes are prepared by Accounts Officer & signed by SMFA. : Validity, Recording, Valuation : Combination Automated and Manual : SAP Core Team / Concerned executive from the Finance department : O2C08 : Credit notes and adjustments to accounts receivable are based on invalid discount rates : Ministry of petroleum and natural gas (MOPNG) provides rate of discount per barrel in its order at the end of every quarter. These rates are entered in SAP by accounts officer and verified by SMFA. : Validity : Quarterly 526

6 9. Carbon Credits 10. Collections 11. Collections : O2C09 : Carbon credits revenue is not appropriately identified and accounted : Carbon credits revenue is identified with each billing and entry made in the books. : Validity, Recording, Valuation, Cut-off : O2C10 : All receipts are recorded inaccurately and in the wrong period : Statement of Accounts received from customer is reconciled with AR balances periodically by accounts officers. : Recording, Cut-off : O2C11 : Dispute with customer due to incorrect balances : Balance confirmation is taken from the customer on quarterly basis to ensure correct balances. : Validity, Completeness : Quarterly 12. Write-off : O2C12 : Unauthorized write-offs : Any write-offs are approved as per delegation of authority defined, before posting in SAP. : Validity, Cut-off 527

7 Procurement 1. Purchasing 2. Processing Accounts Payable : P2P01 : Purchase orders are placed only for unapproved requisitions. : Materials Purchase orders are created in the system based on approved budgetary requisition. Purchase orders can be created in the system only with reference to the purchase requisition. Services The Service orders are based on Approved Service Requisition. The Service Requisition is prepared on the basis of approved budgetary requisition/ internal estimation duly approved by Committee/ F&A. : Validity : Combination Automated and Manual : SAP Core Team : P2P02 : Posting of amounts in incorrect accounts payable account and represent goods received / in transit : Goods / Services Received SAP automatically matches vendor invoice transactions to receipts of goods / Service Entry Sheet (SES) and purchase orders. It then posts the invoices to the appropriate vendor account in Accounts Payable and to the Accounts Payable control account in the general ledger. Alternatively, SAP can automatically generate and post vendor invoices once the goods receipt / SES is posted. Goods In Transit: In case of goods in transit where the property has passed as per PO terms, the accounts payable is immediately recognized on receipt of Vendor Invoice. Later on the receipt, inspection & acceptance of goods the GRN is prepared. : Validity, Recording 528

8 : Combination Automated and Manual : SAP Core Team / Concerned executive from the Finance department 3. Processing Accounts Payable : P2P03 : Credit notes and other adjustments are incorrectly calculated and recorded. : Quantity in invoice is linked to GRN while invoice rate is linked to the PO rate in SAP. There is automated 3-way matching of invoice with GRN and PO. Discrepancy Report are raised by MM Dept indicating the nature of discrepancy of materials. Landed cost of short shipped/defective materials are debited to the vendors' account which ensures recovery of the same from the vendors. In case of services, as per delegation each authorized officer reviews supporting documentation before approving payments. Supporting documentation (hard copy of vendor invoices, delivery documents, etc) is cancelled once payment is made. : Recording, Valuation : Combination Automated and Manual : SAP Core Team / Concerned executive from the Finance department 529

9 4. Processing Disbursements 5. Processing Disbursements : P2P04 : Disbursements not made for goods and services as per terms of Purchase Order : Goods: As per delegation each authorized officer reviews supporting documentation before approving payments. Supporting documentation (hard copy of vendor invoices, delivery documents, etc) is cancelled once payment is made, to prevent duplicate recording of invoices. Services: As per delegation each authorized officer reviews supporting documentation before approving payments. Supporting documentation (hard copy of vendor invoices, delivery documents, etc) is cancelled once payment is made. : Validity : P2P05 : Advances are not adjusted before making final payments : Advances appear in vendor ledgers in special G/L Transaction codes and before making payments they are adjusted in the SAP system. : Validity, Valuation 530

10 6. Processing Disbursements 7. Processing Disbursements 8. Vendor Ageing : P2P06 : Disbursements are distributed to the wrong suppliers. : Bank statements are regularly reconciled to general ledger regularly by finance executive/cashier and errors/omissions are rectified and the same is reviewed by concerned Finance executive. : Validity : P2P07 : Payments not routed through PO / WO route (FI Payments). : All FI payments are certified by appropriate user authority as per delegation of power and note for approval is sent along with invoice. : Validity, Valuation : P2P08 : Dispute with vendor due to incorrect balances : Balance confirmation is taken from the vendor on quarterly basis to ensure correct balances. : Validity, Completeness : Quarterly 531

11 9. Maintaining Supplier Master Files 10. Processing Disbursements : P2P09 : Unauthorized changes to supplier master : Changes/ updations to vendor master are made on the basis of approval by management and person granting approval does not have access to update the same in the system. : Validity, Completeness : P2P10 : Deductions not made as per discrepancy report, before making payments : Discrepancies report to be checked alongwith GRN before booking invoices : Validity 11. Bank Guarantees : P2P11 : Performance / Advance bank guarantees not taken / renewed timely : Monitoring over Advance / Performance bank guarantees - Tagging in SAP with PO. : Validity 532

12 Legal and Regulatory 1. Taxes 2. Taxes : L&R01 : Risk of inaccurate charging of various direct/ indirect taxes as per the requirement of law. : The various tax rates are updated in the SAP system. System configuration ensures that tax is calculated and deducted at appropriate rate. : Validity, Completeness, Recording : Combination Automated and Manual : SAP Core Team : L&R02 : Risk of incorrect calculation and recording of various direct/ indirect taxes (e.g. Income tax, Dividend tax etc.) : Concerned finance executive (tax) calculates the income tax, dividend tax and cess at the stipulated frequency. This is verified by authorized finance executive (tax and Financial Accounting) for recording in the books of accounts. : Validity, Completeness, Recording 3. Taxes : L&R03 : Delay in submission or incorrect submission of various taxes and related returns with statutory authorities. : Tax compliances are timely monitored Consultants are hired to get advice on selected matters. Checklist of various due dates of submission of taxes and returns should be prepared and monitored : Validity, Completeness, Recording 533

13 4. Legal : L&R04 : Incorrect assessment of contingent liability on account of various regulatory cases in dispute. : Legal department shares the details with finance department for appropriate reporting : Validity, Recording, Cut-off 5. Statutory dues : L&R05 : Tracker to be maintained to monitor statutory dues like VAT, cess, royalty, PF. : Value of invoice is automatically calculated by SAP using condition types defined for power sale based on the agreement. : Validity, Recording 534

14 Hire to Pay (H2P) 1. Recruitment : H2P01 : Risk of payroll disbursements and recorded payroll expenses not related to actual time worked : Payroll variance analysis is reviewed by Payroll Manager & Fund manager prior to disbursement. Payroll manager also verifies calculation of payroll on a sample basis. : Validity, Completeness, Recording 2. Payroll : H2P02 : Incorrect processing of salary resulting into excess or short payout : Salary is processed from the SAP based on the master entered at the time of joining. Changes to payroll master files in SAP is restricted to authorised personnel. All changes are made based on authorized source documents. Payment process directly through Finance should be authorised by the responsible person. Salary processed should be reconciled with the master and previous month salary for identifying any inaccuracy. : Validity, Completeness, Recording : Combination Automated and Manual : SAP Core Team / Concerned executive from the Finance department 535

15 3. Payroll : H2P03 : Inadequate deduction or settlement of loan and advances resulting into financial loss or incorrect reporting of loans and advances : Payroll variance analysis is reviewed by Payroll Manager & Fund manager prior to disbursement. Payroll manager also verifies calculation of payroll on a sample basis. : Validity, Completeness, Recording 536

16 Fixed Assets 1. Constructed Assets : FA01 : Risk of delay in capitalization of Assets : Finance enters the date put to use after AUC settlement based on Job Closing Advise received from user departments as and when the assets is commissioned/ installed. After entering the date put to use, asset moves from AUC to Fixed Assets. : Validity, Completeness, Recording 2. Constructed Assets 3. Acquisition : FA02 : Incorrect identification and classification of constructed asset under correct category resulting into incorrect depreciation. : Finance verifies the assets categorized and capitalized under appropriate head. : Validity, Completeness, Recording, Cut-off : FA03 : Risk of not recording or delay in recording of acquired Fixed Assets in the FAR with accurate value : Concerned finance executive periodically reviews all changes to the fixed asset register with the base documents. : Validity, Recording : Quarterly 537

17 4. Physical Verification : FA04 : Risk of incorrect reporting of Fixed Assets details in the Financial Report Inter-sphere/intra-sphere movement of assets not recorded : 1. The fixed asset register and/or master file data are periodically reviewed by management for accuracy and ongoing pertinence and are reconciled to the corresponding general ledger accounts. 2. Any reconciling items are identified and addressed in a timely manner 3. Access to Fixed Asset Register is restricted to authorized personnel. 4. Physical verification of fixed assets is performed by concerned department in SAP. Authorization for the same is provided by ERP-FI. 5. Prenumbered identification tags are attached to fixed assets on acquisition to facilitate accurate identification of assets and recording of details : Validity, Completeness, Recording, Valuation, Cut-off 538

18 5. Depreciation : FA05 : Depreciation charges are not correctly calculated and recorded in the appropriate period. : 1. Depreciation is calculated by the system based on the master data updated at the time of capitalization of Assets. 2. Concerned finance executives reviews the depreciation calculated by the system and performs variance analysis for depreciation charge and in case of any major deviations investigates the same. : Completeness, Recording, Cut-off : Quarterly 6. Pre producing Properties : FA06 : Pre Producing properties not being recorded and capitalized correctly : On the basis of Well status reports received by Finance dept. from Drilling/ G&R on monthly basis:- In case of success the transfer from well-wbs accounts to Asset-under-construction (AUC) i.e. Pre-Producing Property Account. In case of failure the well WBS account is written off to P&L manually in SAP after taking approval as per defined delegation of authority. In case of deviation from drilling plan the abortive portion of well WBS account is written off to P&L account through manual journal entry : Validity, Completeness, Recording, Valuation, Cut-off : Quarterly 539

19 7. Depletion charges : FA07 : Depletion charges are not accurately calculated and recorded in the appropriate period. : Finance records depletion of Production Properties in SAP based on the Reserves and Production figures given in the G&R report & Production Department report on a quarterly basis. SAP automatically calculates depletion and passes necessary accounting entries. Concerned finance executives verifies the accounting entries passed by SAP using offline calculations done in Excel sheet. Necessary corrective entries, if any, are passed. : Validity, Completeness, Recording, Valuation, Cut-off 540

20 Inventory 1. Material Receipt : INV01 : Risk of incorrect recording of inventory at the time of receipt of material resulting into incorrect inventory record and excess/ short payout : Goods received are matched on-line or manually with purchase order details and/or invoices with challans, packing list, and invoice and suitability report before being accepted and taken into stock. Two layer check is in place to verify goods received with PO. First layer check is done by concerned finance officer (Accounts Payable). Second layer check is done by concerned finance executive (Accounts Payable2). : Validity, Completeness, Recording 2. Material Receipt : INV02 : Rejected material are not returned and accounted on timely basis : Rejected materials are adequately segregated from other materials and regularly monitored to ensure timely return to suppliers. Reports of rejected materials are verified by top field/project management on a monthly basis. : Validity, Recording 541

21 3. Material Accounting : INV03 : Incorrect inventory value being reported in financial reports : 1. Physical inventory is counted periodically and reconciled to the bin card by the materials department. On a monthly basis, the same are reconciled with the price stock ledger by the concerned finance executive, Stores. Discrepancies are reported to the top management monthly. Adjustment entries, if any, are passed based on approved documents. 2. If goods received by the user department do not meet merchantability standards, user departments initiate return of inventories to materials department through SAP (using MIGO) and taken up by materials department with the vendor for correction/replacement. : Validity, Completeness, Recording, Valuation, Cut-off : Quarterly 4. Material Accounting : INV04 : Incorrect recording of material issue and consumption figures : 1. Material is issued or consumed against the approved requisition in system. 2. Material issued is verified by the store/ material department. : Validity, Recording 542

22 5. Material Receipt : INV05 : Delay in recording of GRN resulting into delay in updating the inventory figures in financial records. : Material receipt is monitored to ensure timely recording of GRN. Recording of all GRNs to be ensured before closure of financial period : Validity, Recording, Cut-off 543

23 Treasury 1. Investment : TR01 : Investments of the organization are not recorded. : Authorized personnel reviews the investments recorded manually with the approval as per delegation and values are reconciled in books : Validity 2. Investment 3. Interest Accounting : TR02 : All Investment purchases, sales, and maturities are not recorded accurately in the appropriate period. : Reconciliation of GL account with Mutual funds statement, bank statement and incoming remittances is done by concerned finance executive. : Completeness, Recording, Cut-off : TR03 : Income on all investments is not correctly calculated and recorded in the appropriate period. : Interest is recalculated in excel sheets. These calculations are verified with bank statements on maturity. Accounting entry is passed by Accounts officer and approved by concerned finance executive. : Completeness, Recording, Cut-off : Quarterly 544

24 4. Dividend Receivable 5. Term Loans (including ECBs) : TR04 : All dividend income is not correctly calculated and recorded in the appropriate period. : Concerned Executives at Corporate Finance verifies the proceedings of the Board Meetings/AGMs of the companies, where investment has been made, to ascertain Dividend declaration and probable date of receipt. Same is manually monitored and requisite entries are passed in books. : Completeness, Recording, Cut-off : TR05 : Interest on loans is not calculated and recorded accurately in the appropriate period. : Interest is recalculated in excel sheets. These calculations are verified with bank statements. Accounting entry is passed by Accounts officer and approved by Treasury Manager : Completeness, Recording, Cut-off : Quarterly 545

25 6. Bank Guarantees (BG) Issued : TR06 : Charges for BG issued are not accounted correctly. : BG to be issued are approved appropriately as per delegation and are opened through designated banks only. All BG charges are accounted by the concerned finance executive. : Validity, Recording, Valuation 7. Insurance : TR07 : Inadequate / Inappropriate insurance coverage : Insurance is centralized and should be taken for all - All wells, transit, public liability (Only NELP blocks are decentralized) : Validity, Completeness, Valuation : Yearly at Duliajan 546

26 Financial Closing & Reporting Process 1. Financial Closing & Reporting Process : FCRP01 : The financial closing and reporting process is not adequate to identify and update the internal and external financial reporting requirements and deadlines; the methodology, format, and frequency of required analyses; and the content of reporting packages from departments. : Management has established well-defined accounts closure circulars to process financial reporting. The circulars detail all key attributes (e.g., overall timing, methodology, format and frequency of analyses). Circulars are approved, and reviewed on a regular basis. : Validity, Completeness, Recording, Valuation, Cut-off, Presentation 2. Financial Closing & Reporting Process : FCRP02 : Procedures and timetables for communicating relevant information affecting the financial closing and reporting process within the entity are not established / documented, and updated on a timely basis. : Processes and policies are established and documented regarding the requirements for entity personnel to communicate information timely to the financial reporting department with respect to events and transactions affecting financial reporting, including reservoir data from G&R department, production oil/gas/lpg disposal statement from production departments, electricity generation and distribution from electrical engineering department, business development from business development department, joint venture statements from joint venture operators in case of nonoperating joint ventures, SLOC status, imprest cash, etc. The compliance with communication processes and policies is monitored on a regular basis. 547

27 : Validity, Completeness, Recording, Valuation, Cut-off, Presentation 3. Financial Closing & Reporting Process : FCRP03 : Reconciliations for all significant accounts are not performed or not prepared on a timely basis. Also, issues identified (if any) are not resolved and recorded in the general ledger on a timely basis. : All significant analyses and reconciliations are independently reviewed in comparison with established guidelines. Key reconciliations done are, sub-ledger to general ledger reconciliations, bank reconciliations, cost ledger to finance ledger, sales reconciliations (sales value is calculated separately and reconciled with general ledger balances. Similar reconciliations are done for royalty, cess, sales tax and service tax). Unusual items and exceptions in analyses and reconciliations are documented upon identification. Resolution and treatment of unusual items identified are documented and reviewed independently for appropriateness on a timely basis. Management reviews resolution of items on a regular basis. : Validity, Completeness, Recording, Valuation, Cut-off, Presentation 548

28 4. Financial Closing & Reporting Process : FCRP04 : Journal entries are not reviewed, validated, authorized, properly and inadequate recording in the accounting period. : Journal entries have adequate supporting documentation and are reviewed and approved independently prior to posting. : Validity, Completeness, Recording, Valuation, Cut-off, Presentation 5. Financial Closing & Reporting Process : FCRP05 : Disclosure checklists and instructions (or other suitable mechanisms) are not used in preparing and reviewing of all draft financial-statement disclosures for completeness and consistency. : The entity uses up-to-date accounts closure circulars to ensure that all relevant financial information is disclosed (1) appropriately in accordance with generally accepted accounting principles and the entity's accounting and disclosure policies and (2) in the appropriate accounting period. Closure circulars provide relevant checklists and instructions to perform assigned duties in accordance with the entity's disclosure policies. : Validity, Completeness, Recording, Valuation, Cut-off, Presentation 549

29 6. Financial Closing & Reporting Process 7. Financial Closing & Reporting Process : FCRP06 : The application of the entity's accounting policies to each non-routine event or transaction is not performed and documented. : Accounting treatment for significant non-routine events and transactions (including those requiring the use of accounting estimates and judgment (for e.g., actuarial valuation of retirement benefits, reservoir estimation based on engineering estimates in the selection and application of accounting principles, service liability for service provided but invoice not received) is researched, analyzed, documented, updated, and communicated to responsible parties on a regular basis. Such communication also includes the timeframes and appropriate methods for computing estimates and the framework for judgments involved. : Validity, Completeness, Recording, Valuation, Cut-off, Presentation : FCRP07 : Dividends paid / declared are not in accordance with the company policy and prescribed laws and regulation. : Dividend distribution is recommended by the BOD and approved by the AGM. : Validity : Yearly 550

30 Joint Venture 1. Operated Venture : JV01 : SAP is not configured correctly for joint ventures : JV team (maker ; checker -concerned finance executive) creates the JV in SAP on the basis of terms and conditions (like, penalty percentage, share of overhead, share of payroll etc.) agreed with the joint venture partners as per the PSC/JOA. SAP automatically calculates penalties, allocates share of expenses etc. based on the configuration for the respective JV : Validity, Completeness : Not Applicable : Automated/Combination Control : JV Team 2. Operated Venture : JV02 : Expenses recorded for particular joint ventures are not valid : Operator creates the budgets for expenses to be incurred on the joint venture. This budget is approved by the partners and DGH. JV team (maker checker - concerned finance executive) configures the WBS in SAP based on the approved budget. Any further changes to the WBS are done similarly based on necessary approvals. SAP does not allow recording any expense for the JV that is not defined in the WBS. : Validity : Not Applicable : Automated/Combination Control : JV Team 551

31 3. Operated Venture : JV03 : Inaccurate processing of all JOA expenses & revenues and recording after the period which they are disbursed/ received : The share of each Joint Venture partner as per JOA terms is configured in SAP. SAP automatically allocates from Joint Venture 1, the joint cost of operation to all Joint venture partners as per share of involvement defined in PSC/JOA. Based on this the Finance dept. monthly raises Cash Call to JV partners. Quarterly, Finance dept. runs cut-back procedures in SAP & verifies that the JV1 is reduced to zero balance. : Validity, Completeness, Recording, Valuation 4. Non- Operated Venture : JV04 : Inaccurate processing of all JOA expenses & revenues and recording after the period which they are disbursed/ received : Finance dept. books OIL's share of expenditures on the JV's, on the basis of Cash calls & Monthly Billing Statement received from Joint Operators. Any deviation in cash call is reported to the operator for modification/correction. : Validity, Completeness, Recording, Valuation 552

32 Production 1. Production of crude oil/ condensate 2. Production of crude oil/ condensate : PROD01 : Crude oil produced is not recorded accurately and the recorded period is not correct. : Production is recorded in books (SAP transaction MIGO) on the basis of measurement of receipt & dispatch through tank dips taken on as & when basis by Installation Manager of field installation, reviewed by Chief Engineer / Zonal In-Charge and approved by Chief Engineer. : Recording, Valuation, Cut-off : Daily : Chief Engineer - Production Oil : PROD02 : Crude oil produced is not recorded accurately and the recorded period is not correct. : Production department provides details of production, losses, dispatch and stock to the Finance dept. on a monthly basis which is then used by Finance department to review inventory records in SAP. : Recording, Valuation, Cut-off : Chief Engineer - Production Oil 553

33 3. Production of Gas : PROD03 : Gas produced is not recorded accurately and the recorded period is not correct. : As per contract, quantity produced is sold to the customer, thus any adjustments to be made to the production quantity as per contract terms, are based on the reconciliation meeting held among the gas customer as well as producer (OIL) / AGCL. This reconciliation meeting is held in the first week of each month. : Validity, Completeness, Recording, Valuation, Cut-off : Chief Engineer - Production Gas (Utilization) 4. Production of Gas : PROD04 : Gas produced is not recorded accurately and the recorded period is not correct. : The Production of gas is recorded on the basis of daily report from "SCADA wherever the facility is available. In other places where "SCADA" connection is not available the data is collected manually (periodically) through Square Root chart using planimeter. Composition of gas is measured by Chemical department against the gas sample provided by Production Gas department. : Validity, Completeness, Recording, Valuation, Cut-off : Daily : Chief Engineer - Production Gas (Gas Field) 554

34 5. Production of LPG/ condensate 6. Renewable energy : PROD05 : LPG / Condensate produced is not recorded accurately and the recorded period is not correct. : The production of LPG and Condensate are recorded and reported daily on the basis of measurement taken through Mass Flowmeter by Sr. Engineer Operation (LPG) and approved by Head-LPG : Validity, Completeness, Recording, Valuation, Cut-off : Daily : Head-LPG : PROD06 : Power produced is not recorded accurately and the recorded period is not correct. : The Production is recorded on the basis of meter reading taken by the Engineer - Renewable Energy : Validity, Completeness, Recording, Valuation, Cut-off : Daily : Chief Engineer - Wind Power 555