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131-576: On the eve of Portuguese Angola 's independence from Portugal following the Carnation Revolution and the election of a democratic government in Portugal in 1976, the company ANGOL (ANGOL Sociedade de Lubrificantes e Combustíveis SARL), founded in 1953 as a subsidiary of Portuguese company SACOR ) was nationalized and split in two, forming Sonangol U.E.E. and Direcção Nacional de Petróleos . Directive 52/76 instituted Sonangol as

262-511: A photovoltaic power plant in Lubango , with Sonangol possessing a 30% stake and Total Eren with a 51% majority. Sonangalp Limitada is a fuel and lubricant distribution company formed in 1994 in partnership with Petrogal. It is one of the three main subsidiary companies through which Galp Energia operates in Angola. Sonangalp owns 54 filling stations in Angola. Sonangol owns a 30% stake which

393-796: A state-owned company with a mandate to manage the country's substantial petroleum industry . Using the extant remains of Texaco , Total , Shell and Mobil 's oil works, Sonangol obtained the assistance of Algerian Sonatrach and of Italian Eni . As the company grew it had a need to obtain services, such as telecommunications services , retail network support, trucking , shipping , data management , scientific , engineering , seismic , and others. The company created subsidiaries to meet these needs. Sonangol and its many subsidiaries have continued to expand into other lines of business. In 1983, Sonangol opened its first international subsidiary, Sonangol Limited , in London . In 1992, Sonangol P & P

524-598: A 33.45% share in Galp, and Esperaza, which holds a 45% stake in Amorim. Exem Energy BV was controlled and 40% owned by Sindika Dokolo , who was the husband of President dos Santos's daughter Isabel dos Santos . This move was later described in 2020 as "tainted by illegality" by a Dutch international arbitration tribunal in Amsterdam , "to reap an extraordinary financial gain to the detriment of Sonangol and, consequently, of

655-648: A disastrous defeat at the Battle of Kitombo when they tried to invade Kongo in 1670. Control of most of the central highlands was achieved in the 18th century. Further reaching attempts at conquering the interior were undertaken in the 19th century. However, full Portuguese administrative control of the entire territory was not achieved until the beginning of the 20th century. In 1884, the United Kingdom , which up to that time refused to acknowledge that Portugal possessed territorial rights north of Ambriz , concluded

786-649: A fleet of tankers bearing the Sonangol name, which transport both crude and refined oil to destinations worldwide. The company is registered in Nissau, Bahamas, though the subsidiaries running the individual ships are all registered in Malta . Sonasing was founded in 1999 as a 50-50 joint venture between Sonangol and SBM Production . Its mission is to acquire FPSOs and FSOs for use by the Angolan oil industry. Sonasing owns

917-513: A hands-on management tool for achieving continual improvement in an organization. To benefit the organization, quality auditing should not only report non-conformance and corrective actions but also highlight areas of good practice and provide evidence of conformance. In this way, other departments may share information and amend their working practices as a result, also enhancing continual improvement. A project audit provides an opportunity to uncover issues, concerns and challenges encountered during

1048-483: A huge increase of the European population. The white population increased from 44,083 in 1940 to 172,529 in 1960. With around 1,000 immigrants arriving each month. On the eve of the end of the colonial period, the ethnic European residents numbered 400,000 (1974) (excluding enlisted and commissioned soldiers from the mainland) and the mixed race population was at around 100,000 (many were Cape Verdian migrants working in

1179-455: A later date. According to the judgement of a Swiss court in 2020, Didier Kelley paid key Sonangol officials a total of US$ 6.8 million in bribes between 2005 and 2008 while CEO of SBM Offshore . Kelley was fined over US$ half a million. At the time the bribery took place, the chairman of the board of directors of Sonangol was Manuel Vicente , who was also Vice President of Angola under President José Eduardo dos Santos . Though Vicente

1310-448: A legislative assembly. Portuguese Angola was a territory covering 1,246,700 km , an area greater than France and Spain put together. It had 5,198 km of terrestrial borders and a coastline with 1,600 km. Its geography was diverse. From the coastal plain, ranging in width from 25 kilometres in the south to 100–200 kilometers in the north, the land rises in stages towards the high inland plateau covering almost two-thirds of

1441-518: A major enemy of Castile , invaded many Portuguese overseas possessions, including Luanda. The Dutch ruled Luanda from 1640 to 1648 as Fort Aardenburgh. They were seeking black slaves for use in sugarcane plantations of Northeastern Brazil ( Pernambuco , Olinda and Recife ), which they had also seized from Portugal. John Maurice, Prince of Nassau-Siegen , conquered the Portuguese possessions of Saint George del Mina , Saint Thomas, and Luanda on

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1572-622: A majority stake of the company and, through its subsidiary SonaGás , is its primary supplier of fuel and its sole supplier of butane and liquefied natural gas . Pumangol is a network of gas stations and airport and marine fuel terminals formerly belonging to Swiss oil company Puma Energy . Sonangol acquired Pumangol and other assets in April 2021 when it sold its stake in Puma Energy to Trafigura in April 2021 for US$ 600 million, then purchased Puma's assets in Angola, including Pumangol, for

1703-438: A new project manager is provided, there is no indication the projects in trouble and there is a need to report whether the project is as opposed to where its supposed to Informal audits can apply the same criteria as formal audit but there is no need for such a in depth report or formal report. An energy audit is an inspection, survey and analysis of energy flows for energy conservation in a building, process or system to reduce

1834-487: A peaceful and mutually profitable relationship with the rulers and nobles of the Kongo Kingdom. Kings such as João I and Afonso I studied Christianity and learned Portuguese , in turn Christianising their nation and sharing the benefits from the slave trade. The Portuguese established small trading posts on the lower Congo , in the area of the present Democratic Republic . A more important trading settlement on

1965-597: A pragmatic hearts and minds policy, the military conflict in Angola was effectively won for the Portuguese. In June 1972, the Portuguese National Assembly approved a new version of its Organic Law on Overseas Territories , in order to grant its African overseas territories a wider political autonomy and to tone down the increasing dissent both internally and abroad. It changed Angola's status from an overseas province to an autonomous state with authority over some internal affairs, while Portugal

2096-436: A professional class protest of Portuguese Armed Forces captains against the 1973 decree law Dec. Lei n. 353/73 . These events prompted a mass exodus of Portuguese citizens, overwhelmingly white but some mestiço (mixed race) or black, from Portugal's African territories, creating hundreds of thousands destitute refugees — the retornados . On 11 November 1975 Angola became a sovereign state in accordance with

2227-490: A result of an audit, stakeholders may evaluate and improve the effectiveness of risk management, control, and governance over the subject matter. In recent years auditing has expanded to encompass many areas of public and corporate life. Professor Michael Power refers to this extension of auditing practices as the "Audit Society". The word "audit" derives from the Latin word audire which means "to hear". Auditing has been

2358-546: A safeguard measure since ancient times. During medieval times, when manual bookkeeping was prevalent, auditors in Britain used to hear the accounts read out for them and checked that the organization's personnel were not negligent or fraudulent. In 1951, Moyer identified that the most important duty of the auditor was to detect fraud. Chatfield documented that early United States auditing was viewed mainly as verification of bookkeeping detail. The Central Auditing Commission of

2489-625: A smaller pro-independence guerrilla organisation established in the East, supported the MPLA. Until 1970, the combined guerrilla forces of MPLA and UNITA in the East Front were successful in pressuring Portuguese Armed Forces (FAP) in the area to the point that the guerrillas were able to cross the Cuanza River and could threaten the territory of Bié , which included an important urban centre in

2620-640: A treaty recognising Portuguese sovereignty over both banks of the lower Congo. However, the treaty, meeting with opposition there and in Germany , was not ratified. Agreements concluded with the Congo Free State , the German Empire and France in 1885–1886 fixed the limits of the province, except in the south-east, where the frontier between Barotseland ( north-west Rhodesia ) and Angola was determined by an Anglo-Portuguese agreement of 1891 and

2751-463: A truce with the pro-independence African guerrillas in an effort to promote peace talks and independence. The military-led coup returned democracy to Portugal, ending the unpopular Colonial War where hundreds of thousands of Portuguese soldiers had been conscripted into military service, and replacing the authoritarian Estado Novo (New State) regime and its secret police which repressed elemental civil liberties and political freedoms . It started as

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2882-463: Is an "independent examination of financial information of any entity, whether profit oriented or not, irrespective of its size or legal form when such an examination is conducted with a view to express an opinion thereon." Auditing also attempts to ensure that the books of accounts are properly maintained by the concern as required by law. Auditors consider the propositions before them, obtain evidence, roll forward prior year working papers, and evaluate

3013-665: Is an oil exploration and production arm of the Sonangol group. In addition to its activities in Angola, it also operates the Najmah and Qayara oil fields in Iraq through its subsidiary, Sonangol P & P Iraq. Sonangol (through holding company subsidiary Sonangol Holdings) holds a 30% stake in the operating company of a logistics base for the petroleum industry on Kwanda Island in Soyo, alongside Italy's Saipem (49%) and fellow Angolan companies Casoy (11%) and Sangemental (10%). The base

3144-508: Is gaining momentum. And the US Public Company Accounting Oversight Board has come out with a concept release on the same. Cost accounting is a process for verifying the cost of manufacturing or producing of any article, on the basis of accounts measuring the use of material, labor or other items of cost. In simple words, the term, cost audit means a systematic and accurate verification of

3275-554: Is located strategically to provide services both to the Port of Soyo and to nearby oil blocks. The facilities at the base include three quays for oil and gas ships to dock, with storage, catering, housing, and medical services on shore. Kwanda has over 700 employees. OPS Servicos de Producao de Petroleos Ltd is a joint venture between Sonangol and SBM Offshore that operates and manages a fleet of five FPSOs owned by Sonasing : Kuito, Mondo, Sanha, and Saxi Batuque, as well as N’Goma, which

3406-399: Is slated for divestment. Sonangol Distribuidora is a downstream petroleum product distribution subsidiary of Sonangol. It operates numerous retail gasoline stations. In 2018, Sonangol Distribuidora employed 910 workers. In 2021, an unnamed former Sonangol Distribuidora CEO was charged with taking bribes from Trafigura and its CEO Mike Wainwright during the dos Santos presidency, gaining

3537-636: Is to measure something or calculate a value for it. An auditor's objective is to determine whether financial statements are presented fairly, in all material respects, and are free of material misstatement. Although the process of producing an assessment may involve an audit by an independent professional, its purpose is to provide a measurement rather than to express an opinion about the fairness of statements or quality of performance. Auditors of financial statements & non-financial information (including compliance audit) can be classified into various categories: The most commonly used external audit standards are

3668-596: Is vast and complex, described as "an economic octopus". It operates in offices around the world, and owns, owned, or shared dozens of subsidiary and joined venture companies upstream , midstream , downstream , and outside of the petroleum industry, not only in Africa , but North America , Latin America , Europe , and Asia as well. As of 2024, the company is currently in the process of divesting of many of its non-core assets. Sonangol's main corporate headquarters are in

3799-667: The Alvor Agreement and the newly independent country was proclaimed the People's Republic of Angola . In the 20th century, Portuguese Angola was subject to the Estado Novo regime. In 1951, the Portuguese authorities changed the statute of the territory from a colony to an overseas province of Portugal. Legally, the territory was as much a part of Portugal as Lisbon but as an overseas province enjoyed special derogations to account for its distance from Europe. Most members of

3930-672: The Centennial Tower in Singapore's Downtown Core . Sonangol Limited is Sonangol's European trading subsidiary in the United Kingdom . Its 9,000 square foot head office is located on Brompton Road in the Knightsbridge district of London. Sonangol USA, or Sonusa, is Sonangol's trading company in the United States . since November 12th, 1997. Its 40,000 square foot headquarters are on Enclave Parkway in

4061-614: The Congo River system, and the Kwando and Cubango Rivers , both of which drain generally southeast to the Okavango Delta . As the land drops from the plateau, many rapids and waterfalls plunge downward in the rivers. Portuguese Angola had no sizable lakes, besides those formed by dams and reservoirs built by the Portuguese administration. The Portuguese authorities established several national parks and natural reserves across

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4192-684: The Cuanza basin in the 1950s, in the Congo basin in the 1960s, and in the exclave of Cabinda in 1968. The Portuguese government granted operating rights for Block Zero to the Cabinda Gulf Oil Company, a subsidiary of ChevronTexaco , in 1955. Oil production surpassed the exportation of coffee as Angola's largest export in 1973. By the early 1970s, a variety of crops and livestock were produced in Portuguese Angola. In

4323-850: The Energy Corridor of Houston , Texas . Sonamer is an oil and natural gas well drilling company established in 1998 between Sonangol (49%) and Pride International (51%), specializing in deep and ultra-deep waters. It operates a fleet of drillships including the Pride Africa and Pride Angola. The company is registered to a post office box in Nassau , Bahamas . Sonangol Hidrocarbonetos Brazil Ltda, formerly Sonangol Starfish Oil & Gas SA, formed in 2010 after Sonangol purchased Starfish Oil and Gas. It produces and explores for oil in Brazil . Sonangol Pesquisa e Produção (Sonangol P&P)

4454-496: The Estado Novo regime's establishment. While these changes were taking place, a few guerrilla nuclei stayed active inside the territory, and continued to campaign outside of Angola against Portuguese rule. The idea of having the independence movements take part in the political structure of the revamped territory's organization was absolutely unthinkable (on both sides). However, the Portuguese authorities were unable to defeat

4585-586: The League of Nations and wrote a scathing report describing the labor system as "virtually state serfdom ", that did not allow Africans time to produce their own food. In addition, when their wages were embezzled and they were denied access to the colonial judicial system. From the mid-1950s until 1974, iron ore was mined in Malanje , Bié , Huambo , and Huíla provinces, and production reached an average of 5.7 million tons per year between 1970 and 1974. Most of

4716-495: The Ministry of Finance inject three billion US$ into the company, claiming it was necessary to rescue Sonangol from immediate bankruptcy , though this was not granted. Isabel and her inner circle were paid salaries , described in one indictment as "exorbidant renumerations," that cost Sonangol over US$ 13 million in 14 months between 2016 and 2017, with her own monthly salary set at more than US$ 50,000. In November 15, 2017,

4847-660: The National Front for the Liberation of Angola (FNLA) and the People's Movement for the Liberation of Angola ( MPLA ) began to organize strategies and action plans to fight Portuguese rule and the remunerated system which affected many of the native African people from the countryside, who were relocated from their homes and made to perform compulsory work, almost always unskilled hard labour, in an environment of economic boom . Organised guerrilla warfare began in 1961,

4978-516: The New World , mainly to Brazil , but also to North America. According to Oliver and Atmore, "for 200 years, the colony of Angola developed essentially as a gigantic slave-trading enterprise". Portuguese sailors, explorers, soldiers and merchants had a long-standing policy of conquest and establishment of military and trading outposts in Africa with the conquest of Muslim-ruled Ceuta in 1415 and

5109-574: The Portugal national football team . Since the 1960s, with the latest developments on commercial aviation , the highest ranked football teams of Angola and the other African overseas provinces of Portugal, started to compete in the Taça de Portugal (the Portuguese Cup). Other facilities and organizations for swimming , nautical sports , tennis and wild hunting became widespread. Beginning in

5240-479: The Portuguese Army in the Angolan theatre, the independence guerrilla movements were never fully defeated. From 1966 to 1970, the pro-independence guerrilla movement MPLA expanded their previously limited insurgency operations to the East of Angola. This vast countryside area was far away from the main urban centres and close to foreign countries where the guerrillas were able to take shelter. The UNITA,

5371-507: The Portuguese Empire a sort of federal structure , conferring some degree of autonomy to the "states". In fact, the structural changes and increase in autonomy were extremely limited. The government of the "State of Angola" was the same as the old provincial government, except for some cosmetic changes to personnel and titles. As in Portugal itself, the government of the "State of Angola" was entirely composed of people aligned with

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5502-735: The Revolutionary Government of Angola in Exile (Portuguese: Governo revolucionário de Angola no exílio , GRAE) in Kinshasa in an attempt to claim on the international scene the sole representation of forces fighting Portuguese rule in Angola. In 1966, the National Union for the Total Independence of Angola ( UNITA ) also started pro-independence guerrilla operations. Despite the overall military superiority of

5633-484: The Sarbanes–Oxley Act of 2002. Such an audit is called an integrated audit, where auditors, in addition to an opinion on the financial statements, must also express an opinion on the effectiveness of a company's internal control over financial reporting, in accordance with PCAOB Auditing Standard No. 5. There are also new types of integrated auditing becoming available that use unified compliance material (see

5764-578: The overseas province Portuguese West Africa of Estado Novo Portugal (1951–1972), and the State of Angola of the Portuguese Empire (1972–1975). It became the independent People's Republic of Angola in 1975. In the 16th and 17th century Portugal ruled along the coast and engaged in military conflicts with the Kingdom of Kongo , but in the 18th century Portugal gradually managed to colonise

5895-481: The 1920s, Portugal's administration showed an increasing interest in developing Angola's economy and social infrastructure. In the 1930s, the Portuguese estimated that there were around 5,000 Mucubal , occupying an area two-thirds the size of Portugal. Between 1939 and 1943, Portuguese army operations against the Mucubal, who they accused of rebellion and cattle-thieving, resulted in hundreds of Mucubal killed. During

6026-535: The 1920s, it became incorporated into the larger colony (later the overseas province ) of Portuguese Angola. The two colonies had initially been contiguous, but later became geographically separated by a narrow corridor of land, which Portugal ceded to Belgium, allowing the Belgian Congo access to the Atlantic Ocean. Following the decolonisation of Portuguese Angola with the 1975 Alvor Agreement ,

6157-452: The 1950s, and the proportion of the age group that went on to secondary school in the early 1970s was an all-time record high enrollment. Primary school attendance was also growing substantially. In general, the quality of teaching at the primary level was acceptable, even with instruction carried on largely by black Africans who sometimes had substandard qualifications. Most secondary school teachers were ethnically Portuguese, especially in

6288-415: The 1950s, motorsport was introduced to Angola. Sport races were organized in cities like Nova Lisboa , Benguela , Sá da Bandeira and Moçâmedes . The International Nova Lisboa 6 Hours sports car race became noted internationally. Football became very popular in Angola during the 20th century. Football was mostly spread to Angola by the Portuguese people who settled in the colonies. This was mostly due to

6419-685: The 1960s, the Portuguese mainland had four public universities, two of them in Lisbon (which compares with the 14 Portuguese public universities today). In 1968, the Estudos Gerais Universitários de Angola was renamed Universidade de Luanda ( University of Luanda ). From the 1920s onward, city and town expansion and modernization included the construction of several sports facilities for football , rink hockey , basketball , volleyball , handball , athletics , gymnastics and swimming . Several sports clubs were founded across

6550-536: The Atlantic coast was erected at Soyo in the territory of the Kongo Kingdom. It is now Angola's northernmost town, apart from the Cabinda exclave . In 1575, the settlement of Luanda was established on the coast south of the Kongo Kingdom. In the 17th century the settlement of Benguela , even farther to the south. From 1580 to the 1820s, well over a million people from present-day Angola were exported as slaves to

6681-585: The Communist Party of the Soviet Union ( Russian : Центральная ревизионная комиссия КПСС ) operated from 1921 to 1990. An information technology audit , or information systems audit , is an examination of the management controls within an Information technology (IT) infrastructure . The evaluation of obtained evidence determines if the information systems are safeguarding assets, maintaining data integrity , and operating effectively to achieve

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6812-548: The Congolese Minister of State , Pierre-Victor Mpoyo, as its first CEO. Sonangol later increased its stake to 75%. Sonangol Congo focuses on the importing, marketing, storage, transportation of refined oil products in the DRC. It is Angola's largest commercial enterprise in the DRC. Portuguese Angola In southwestern Africa , Portuguese Angola was a historical colony of the Portuguese Empire (1575–1951),

6943-637: The Portuguese Government of the Estado Novo regime under Marcelo Caetano , the corporatist and authoritarian regime established by António de Oliveira Salazar that had ruled Portugal since the 1930s, was overthrown in the Carnation Revolution , a military uprising in Lisbon . In May of that year, the Junta de Salvação Nacional (the new revolutionary government of Portugal) proclaimed

7074-479: The Portuguese cabinet on recommendation of the Overseas Minister. The governor-general had both executive and legislative authority. A Government Council advised the governor-general in the running of the province. The functional cabinet consisted of five secretaries appointed by the Overseas Minister on the advice of the governor. A Legislative Council had limited powers and its main activity was approving

7205-402: The Portuguese. In order to gain the confidence of the local rural populations, and to create conditions for their permanent and productive settlement in the region, the Portuguese authorities organised massive vaccination campaigns, medical check-ups, and water, sanitation and alimentary infrastructure as a way to better contribute to the economic and social development of the people and dissociate

7336-608: The Prime Minister's office in Lisbon, authority extended down to the most remote posts of Angola through a rigid chain of command . The authority of the government of Angola was residual, primarily limited to implementing policies already decided in Europe. In 1967, Angola also sent a number of delegates to the National Assembly in Lisbon. The highest official in the province was the governor-general, appointed by

7467-667: The Sonangol Building located on Rua Rainha Ginga, No 29-31 in the commercial Baixo neighborhood of the Ingombota district in Luanda. The Sonangol Building was built in 2005, designed by Chinese architect Sung-ho Hang. 2,000 people are employed in the building. Sonangol Asia Limited (Sonasia) is a subsidiary trading company headquartered in Singapore which has been in operation since 2005. Its head offices are located in

7598-441: The State of Angola," which froze Exem's assets, ruling in favor of a legal complaint by Sonangol that Exem owes them the shares back because of the corrupt way in which they were acquired. In December 2011, Human Rights Watch said that the government of Angola should explain the whereabouts of US$ 32 billion missing from government funds linked to Sonangol. A December 2011 report by the International Monetary Fund (IMF) said that

7729-447: The US GAAS of the American Institute of Certified Public Accountants and the International Standards on Auditing (ISA) developed by the International Auditing and Assurance Standard . Performance audit refers to an independent examination of a program, function, operation or the management systems and procedures of a governmental or non-profit entity to assess whether the entity is achieving economy, efficiency and effectiveness in

7860-604: The War of Liberation , erupted in the North of the territory when UPA rebels based in Republic of the Congo massacred both white and black civilians in surprise attacks in the countryside. After visiting the United Nations , rebel leader Holden Roberto returned to Kinshasa and organised Bakongo militants. Holden Roberto launched an incursion into Angola on 15 March 1961, leading 4,000 to 5,000 militants. His forces took farms, government outposts, and trading centres, killing everyone they encountered. At least 1,000 whites and an unknown number of blacks were killed. Commenting on

7991-596: The agricultural, commercial and industrial town of Silva Porto . In 1970, the guerrilla movement decided to reinforce the Eastern Front by relocating troops and armament from the North to the East. In 1971, the Portuguese Armed Forces started a successful counter-insurgency military campaign that expelled the three guerrilla movements operating in the East to beyond the frontiers of Angola, the Frente Leste . The last guerrillas lost hundreds of soldiers and left tons of equipment behind, disbanding chaotically to neighbouring countries or, in some cases, joining or surrendering to

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8122-639: The amount of energy input into the system without negatively affecting the output(s). An operations audit is an examination of the operations of the client's business. In this audit, the auditor thoroughly examines the efficiency, effectiveness and economy of the operations with which the management of the entity (client) is achieving its objective. The operational audit goes beyond the internal controls issues since management does not achieve its objectives merely by compliance of satisfactory system of internal controls. Operational audits cover any matters which may be commercially unsound. The objective of operational audit

8253-423: The arbitration award of King Vittorio Emanuele III of Italy in 1905. During the period of Portuguese colonial rule of Angola, cities, towns and trading posts were founded, railways were opened, ports were built, and a Westernised society was being gradually developed, despite the deep traditional tribal heritage in Angola which the minority European rulers were neither willing nor interested in eradicating. From

8384-510: The arrival of the explorer Diogo Cão in 1484 until the decolonization of the territory in November 1975. Over these five centuries, several different situations existed. When in 1484 Diogo Cão and other explorers reached the Kongo Kingdom at the end of the 15th century, its present territory comprised a number of separate peoples, some organized as kingdoms or tribal federations of varying sizes. The Portuguese were interested in trade, principally in slave trade . They therefore maintained

8515-406: The auditor's opinion on the fairness of financial statements or other subjects on which the auditor expresses an opinion. The audit must therefore be precise and accurate, containing no additional misstatements or errors. In the US, audits of publicly traded companies are governed by rules laid down by the Public Company Accounting Oversight Board (PCAOB), which was established by Section 404 of

8646-422: The board of directors of Sonangol; Francisco Maria de Lemos, financial director of Sonangol; and Orlando Veloso, director of the engineering department. The terms of this contract stipulated that Sonangol would compensate Dream's Leisure for any net losses incurred through management of the hotel . Furthermore, the contract forbade Sonangol to transfer any third-party rights without approval from Dream's Leisure. In

8777-409: The campaign, 3,529 were taken prisoner, 20% of whom were women and children, and imprisoned in concentration camps . Many died in captivity from undernourishment, violence and forced labor . Around 600 were sent to Sao Tome and Principe . Hundreds were also sent to a camp in Damba , where 26% died. In 1951, the Portuguese Colony of Angola became an overseas province of Portugal. In the late 1950s

8908-406: The company saw no benefit to mechanizing its operations, because local labour was so inexpensive. Work was done with shovels into the 1970s. Even the voluntary contract workers, or contratados, were exploited and had to build their own housing and often cheated of their wages. However Diamang, which was exempt from taxes and grew affluent in the 1930s also realized that in a remote area like Lunda,

9039-541: The cost accounts and records, and checking for adherence to the cost accounting objectives. According to the Institute of Cost and Management Accountants , cost audit is "an examination of cost accounting records and verification of facts to ascertain that the cost of the product has been arrived at, in accordance with principles of cost accounting." In most nations, an audit must adhere to generally accepted standards established by governing bodies. These standards assure third parties or external users that they can rely upon

9170-437: The country, with an average altitude of between 1,200 and 1,600 metres. Angola's two highest peaks were located in these central highlands. They were Moco Mountain (2,620 m) and Meco Mountain (2,538 m). Most of Angola's rivers rose in the central mountains. Of the many rivers that drain to the Atlantic Ocean, the Cuanza and Cunene were the most important. Other major streams included the Kwango River , which drains north to

9301-471: The effectiveness of a quality management system. This is part of certifications such as ISO 9001 . Quality audits are essential to verify the existence of objective evidence showing conformance to required processes, to assess how successfully processes have been implemented, and to judge the effectiveness of achieving any defined target levels. Quality audits are also necessary to provide evidence concerning reduction and elimination of problem areas, and they are

9432-576: The employment of available resources. Safety, security, information systems performance, and environmental concerns are increasingly the subject of audits. There are now audit professionals who specialize in security audits and information systems audits . With nonprofit organizations and government agencies , there has been an increasing need for performance audits, examining their success in satisfying mission objectives. Quality audits are performed to verify conformance to standards through review of objective evidence. A system of quality audits may verify

9563-401: The entire territory, among them were some of the largest and oldest sports organizations of Angola, like Sporting Clube de Luanda , established in 1920 as a branch of Sporting Clube de Portugal . Several sportsmen, especially football players, that achieved wide notability in Portuguese sports were from Angola. José Águas , Rui Jordão and Jacinto João were examples of that, and excelled in

9694-472: The establishment of bases in present-day Morocco and the Gulf of Guinea . The Portuguese had Catholic beliefs and their military expeditions included from the very beginning the conversion of foreign peoples. In the 17th century, conflicting economic interests led to a military confrontation with the Kongo Kingdom. Portugal defeated the Kongo Kingdom in the Battle of Mbwila on 29 October, 1665, but suffered

9825-498: The fact that immigration to the colonies was encouraged, both Angola and Mozambique saw an influx of Portuguese migrants. People started to follow teams that were from the Portuguese mainland. In the latter half of the 20th century, Portugal would recruit many players form Angola. Miguel Arcanjo was one such player who played in Portugal. The colonial players would help Portuguese teams win many championships. 15th century 16th century Audit An audit

9956-421: The financial records of a company or a business. Financial audits also assess whether a business or corporation adheres to legal duties as well as other applicable statutory customs and regulations. Financial audits are performed to ascertain the validity and reliability of information, as well as to provide an assessment of a system's internal control . As a result, a third party can express an opinion of

10087-606: The government funds were spent or transferred from 2007 through 2010 without being properly documented in the budget. The IMF was assured that most of $ 32 billion was being used for "legitimate government reasons" and considered to be "found". In June 2016, President dos Santos removed the entire board of Sonangol, and installed his daughter Isabel as chairwoman of the company, to "ensure transparency and apply global corporate-governance standards". This led to many accusations of corruption and nepotism . One year later, Maka Angola reported that Isabel dos Santos demanded, with threat, that

10218-416: The government of Angola were from Portugal, but a few were Angolan. Nearly all members of the bureaucracy were from Portugal, as most Angolans did not have the necessary qualifications to obtain positions. The government of Angola, as it was in Portugal, was highly centralised. Power was concentrated in the executive branch , and all elections where they occurred were carried out using indirect methods. From

10349-544: The guerrillas as a whole during the Portuguese Colonial War , particularly in Portuguese Guinea , and suffered heavy casualties in the 13 years of conflict. Throughout the colonial war Portugal faced increasing dissent, arms embargoes and other punitive sanctions from most of the international community . The war was becoming even more unpopular in Portuguese society due to its length and costs,

10480-602: The incursion, Roberto said, "this time the slaves did not cower". They massacred everything. The effective military in Angola were composed of approximately 6,500 men: 5,000 black Africans and 1,500 white Europeans sent from Portugal. After these events the Portuguese Government , under the dictatorial Estado Novo regime of António de Oliveira Salazar and later Marcelo Caetano , sent thousands of troops from Europe to perform counterterrorism and counterinsurgency operations. In 1963 Holden Roberto established

10611-480: The interior highlands. Other polities in the region included the Kingdom of Ndongo , Kingdom of Lunda , and Mbunda Kingdom . Full control of the entire territory was not achieved until the beginning of the 20th century, when agreements with other European powers during the Scramble for Africa fixed the colony's interior borders. The history of Portuguese presence on the territory of contemporary Angola lasted from

10742-559: The iron ore was shipped to Japan , West Germany , and the United Kingdom , and earned almost US$ 50 million a year in export revenue. During 1966–67 a major iron ore terminal was built by the Portuguese at Saco, the bay just 12 km North of Moçâmedes (Namibe). The client was the Compania Mineira do Lobito , the Lobito Mining Company, which developed an iron ore mine inland at Cassinga . The construction of

10873-465: The latter being noted for its production of foodstuffs and rubber. The colonial power, Portugal, becoming ever richer and more powerful, would not tolerate the growth of these neighbouring states and subjugated them one by one, enabling Portuguese hegemony over much of the area. During the period of the Iberian Union (1580–1640), Portugal lost influence and power and made new enemies. The Dutch ,

11004-497: The latter profits of profits of US$ 143.7 million between 2009 and 2011. Sonangol Gás Natural (SonaGás) develops and distributes natural gas. SonaGás has a 22.8% stake in Angola LNG , a major liquefied natural gas (LNG) plant near Soyo , along with its partners Cabinda Gulf Oil Company (a subsidiary of Chevron), BP , Eni, and Total. In 2017, SonaGás became the exclusive supplier of butane and liquid natural gas to ENCO ,

11135-521: The mine installations and a 300 km railway were commissioned to Krupp of Germany and the modern harbour terminal to SETH, a Portuguese company owned by Højgaard & Schultz of Denmark. The small fishing town of Moçâmedes hosted construction workers, foreign engineers and their families for two years. The Ore Terminal was completed on time within one year and the first 250,000 ton ore carrier docked and loaded with ore in 1967. The Portuguese discovered petroleum in Angola in 1955. Production began in

11266-530: The national gas company of São Tomé and Príncipe . In July 2024, Afreximbank announced plans to open a fertilizer factory called AMUFERT in Soyo, with SonaGás owning a 10% stake and responsibilities for supply of gas to the factory. In 1998, Sonangol incorporated a subsidiary in Kinshasa in the Democratic Republic of the Congo as a 60-40 joint venture with Zimbabwean company COMIEX , with

11397-454: The new President of Angola, João Manuel Gonçalves Lourenço , dismissed both Isabel and the entire board of directors under her and named Carlos Saturnino Guerra Sousa e Oliveira as the Sonangol chairman. An internal audit later revealed that after she had been dismissed, Isabel had transferred US $ 38 million of the company's funds to the Dubai based company Ironsea (later renamed Matter), which

11528-591: The north, cassava , coffee , and cotton were grown; in the central highlands, maize was cultivated; and in the south, where rainfall is lowest, cattle herding was prevalent. In addition, there were large plantations run by Portuguese that produced palm oil , sugarcane , bananas , and sisal . These crops were grown by commercial farmers, primarily Portuguese, and by peasant farmers, who sold some of their surplus to local Portuguese traders in exchange for supplies. The commercial farmers were dominant in marketing these crops, however, and enjoyed substantial support from

11659-576: The opinion of Rui Verde, a lawyer and legal expert of anti-corruption watchdog Maka Angola , "the contract clearly encourages Dream's Leisure to inflate costs and declare losses, in order to plunder the State as much as possible." In 2006, a company named Exem Energy BV acquired, in exchange for a US $ 11 million loan from Sonangol, a 6% stake in multibillion dollar Portuguese international energy company Galp Energia worth US$ 750 million through shares in holding companies Amorim Energia , which holds

11790-531: The organization's goals or objectives. These reviews may be performed in conjunction with a financial statement audit , internal audit , or other form of attestation engagement. Due to strong incentives (including taxation , misselling and other forms of fraud) to misstate financial information, auditing has become a legal requirement for many entities who have the power to exploit financial information for personal gain. Traditionally, audits were mainly associated with gaining information about financial systems and

11921-400: The overseas province's Portuguese government in the form of technical assistance , irrigation facilities, and financial credit. They produced the great majority of the crops that were marketed in Angola's urban centres or exported for several countries. Fishing in Portuguese Angola was a major and growing industry. In the early 1970s, there were about 700 fishing boats , and the annual catch

12052-489: The overseas territories profited from this new educational developments and change in policy at Lisbon . Starting in the early 1950s, the access to basic, secondary and technical education was expanded and its availability was being increasingly opened to both the African indigenes and the ethnic Portuguese of the territories. Education beyond the primary level became available to an increasing number of black Africans since

12183-593: The person / organization / system (etc.) in question. The opinion given on financial statements will depend on the audit evidence obtained. A statutory audit is a legally required review of the accuracy of a company's or government's financial statements and records. The purpose of a statutory audit is to determine whether an organization provides a fair and accurate representation of its financial position by examining information such as bank balances, bookkeeping records, and financial transactions. Due to constraints, an audit seeks to provide only reasonable assurance that

12314-561: The population from the guerrillas and their influence. On 31 December 1972, the Development Plan of the East ( Plano de Desenvolvimento do Leste ) included in its first stage 466 development enterprises (150 were completed and 316 were being built). Nineteen health centres had been built and 26 were being constructed. 51 new schools were operating and 82 were being constructed By 1972, after the Frente Leste , complemented by

12445-424: The project lifecycle. Conducted midway through the project, an audit affords the project manager, project sponsor and project team an interim view of what has gone well, as well as what needs to be improved to successfully complete the project. If done at the close of a project, the audit can be used to develop success criteria for future projects by providing a forensic review. This review identifies which elements of

12576-500: The project were successfully managed and which ones presented challenges. As a result, the review will help the organization identify what it needs to do to avoid repeating the same mistakes on future projects Projects can undergo 2 types of Project audits: Other forms of Project audits: Formal: Applies when the project is in trouble, sponsor agrees that the audit is needed, sensitivities are high, and need to be able prove conclusions via sustainable evidence. Informal: Apply when

12707-447: The propositions in their auditing report. Audits provide third-party assurance to various stakeholders that the subject matter is free from material misstatement. The term is most frequently applied to audits of the financial information relating to a legal person . Other commonly audited areas include: secretarial and compliance, internal controls, quality management, project management, water management, and energy conservation. As

12838-478: The provincial budget. Finally, an Economic and Social Council had to be consulted on all draft legislation, and the governor-general had to justify his decision to Lisbon if he ignored its advice. In 1972, the Portuguese National Assembly changed Angola's status from an overseas province to an autonomous state with authority over some internal affairs; Portugal was to retain responsibility for defense and foreign relations. In 1973, elections were held in Angola for

12969-457: The regime of the dos Santos family. Sonangol will refocus on its core business: the petroleum industry. Finally, Sonangol itself is to undergo a partial privatization , making 30% of shares of itself available for purchase by 2027. These reforms are aimed at transforming Sonangol from being both regulating body and oil producer into a corporate entity overseen by a separate state entity, though it will remain majority state owned. The Sonangol Group

13100-421: The region developed a slave trade with the help of local Imbangala and Mbundu peoples, who were notable slave hunters . Trade was mostly with the Portuguese colony of Brazil in the New World . Brazilian ships were the most numerous in the ports of Luanda and Benguela. By this time, Angola, a Portuguese colony, was in fact more like a colony of Brazil, another Portuguese colony. A strong Brazilian influence

13231-541: The same amount. Pumangol owns 81 fuel stations, fuel terminals in four airports, and the Terminal de Combustíveis da Pumangol em Luanda (TCPL) in Luanda Bay , with its 81st fuel station opened on January 27, 2024 in Luanda. Ivanilson Machando is CEO. In 2021, Sonangol joined forces with French company Total Eren (a Total Energy subsidiary) and Angolan company Greentech-Angola Environment Technology to begin building

13362-529: The same year that a law was passed to improve the working conditions of the largely unskilled native workforce, which was demanding more rights. In 1961, the Portuguese Government indeed abolished a number of basic legal provisions which discriminated against black people, like the Estatuto do Indigenato (Decree-Law 43: 893 of 6 September 1961). However, the conflict, conversely known as the Colonial War or

13493-564: The ships OPS manages and operates. Empresa Nacional de Combustíveis, SARL (ENACOL) is owned by Sonangal (32.5%), Petrogal (32.5%), the government of Cape Verde (29.3%), and other minor partners. It markets, stores, and distributes petrochemicals in Cape Verde. It is headquartered in Mindelo , São Vicente . Empresa Nacional de Combustíveis e Óleos, SARL (ENCO) is the national fuel and gas company of São Tomé and Príncipe . Sonangol owns

13624-501: The short-lived Republic of Cabinda unilaterally declared its independence. However, Cabinda was soon overpowered and re-annexed by the newly proclaimed People's Republic of Angola and never achieved international recognition . Portuguese explorers and settlers founded trading posts and forts along the coast of Africa beginning in the 15th century, and reached the Angolan coast in the 16th. Portuguese explorer Paulo Dias de Novais founded Luanda in 1575 as "São Paulo de Loanda", and

13755-495: The slave trade was abolished in 1836. In 1844, Angola's ports were opened to legal foreign shipping. By 1850, Luanda was one of the most developed cities outside Mainland Portugal in the Portuguese Empire : it was full of trading companies, exporting (together with Benguela ) palm and peanut oil, wax, copal , timber, ivory, cotton, coffee, and cocoa, among many other products. Maize, tobacco, dried meat and cassava flour also began to be produced locally. The Angolan bourgeoisie

13886-669: The sole financier, Sonangol only held a 30% stake in the CCTA, which was majority held by Simaroco and also partially by Oil International Supply Services S.A. (OISS) and a Chinese investor. Simaroco was founded in 2005 by José Carlos de Castro Paiva, then chairman of Sonangol Limited and Sonangol's representative on the board of directors of the Banco Africano de Investimentos . OISS was owned in part by Alberto Cardoso Severino Pereira, Sonangol's former financial director , and lawyer Domingos de Assunção de Sousa de Lima Viegas, who

14017-406: The south where the white population was more established. All of these cities had European majorities from 50% to 60%. The capital of the territory was Luanda, officially called São Paulo de Luanda. Other cities and towns were: The exclave of Cabinda was to the north. Portuguese Congo (Cabinda) was established a Portuguese protectorate by the 1885 Treaty of Simulambuco . Sometime during

14148-405: The statements are free from material error. Hence, statistical sampling is often adopted in audits. In the case of financial audits , a set of financial statements are said to be true and fair when they are free of material misstatements – a concept influenced by both quantitative (numerical) and qualitative factors. But recently, the argument that auditing should go beyond just true and fair

14279-491: The supply of workers was not inexhaustible and so the workers there were somewhat better treated than on some of the other mines or on the sugar plantations . On the whole, African laborers performed brutal work in poor conditions for very little pay that they were frequently cheated of. The American sociologist Edward Ross visited rural Angola in 1924 on behalf of the Temporary Slavery Commission of

14410-484: The territory). The total population was around 5.9 million at that time. Luanda grew from a town of 61,208 with 14.6% of those inhabitants being white in 1940, to a major cosmopolitan city of 475,328 in 1970 with 124,814 Europeans (26.3%) and around 50,000 mixed race inhabitants. Most of the other large cities in Angola had around the same ratio of Europeans at the time, with the exception of Sá da Bandeira ( Lubango ), Moçâmedes ( Namibe ) and Porto Alexandre ( Tombua ) in

14541-401: The territory: Bicauri , Cameia , Cangandala , Iona , Mupa , Namibe and Quiçama . Iona was Angola's oldest and largest national park, it was proclaimed as a reserve in 1937 and upgraded to a national park in 1964. Angola was a territory that underwent a great deal of progress after 1950. The Portuguese government built dams, roads, schools, etc. There was also an economic boom that led to

14672-559: The unified compliance section in Regulatory compliance ). Due to the increasing number of regulations and need for operational transparency, organizations are adopting risk-based audits that can cover multiple regulations and standards from a single audit event. This is a very new but necessary approach in some sectors to ensure that all the necessary governance requirements can be met without duplicating effort from both audit and audit hosting resources. The purpose of an assessment

14803-763: The urban centers. Two state-run university institutions were founded in Portuguese Africa in 1962 by the Portuguese Ministry of the Overseas Provinces headed by Adriano Moreira —the Estudos Gerais Universitários de Angola in Portuguese Angola and the Estudos Gerais Universitários de Moçambique in Portuguese Mozambique —awarding a wide range of degrees from engineering to medicine. In

14934-463: The vast countryside, which taught black Africans in Portuguese language and culture. As a consequence, each of the missions established its own school system, although all were subject to ultimate control and support by the Portuguese. In mainland Portugal, the homeland of the colonial authorities who ruled in the territory from the 16th century until 1975, by the end of the 19th century the illiteracy rates were at over 80 percent and higher education

15065-538: The west coast of Africa. After the dissolution of the Iberian Union in 1640, Portugal reestablished its authority over the lost territories of the Portuguese Empire . The Portuguese started to develop townships, trading posts, logging camps , and small processing factories. From 1764 onwards, there was a gradual change from a slave-based society to one based on production for domestic consumption and export. Portuguese Brazil became independent in 1822, and

15196-427: The worsening of diplomatic relations with other United Nations members, and the role it played as a factor in the perpetuation of the Estado Novo regime. It was this escalation that would lead directly to the mutiny of members of the Portuguese armed forces in the Carnation Revolution of April 1974 – an event that would lead to the independence of all of the former Portuguese colonies in Africa. On 25 April 1974,

15327-545: Was also employed by Sonangol and was Sonangol’s representative on the auditing committee of the BAI. In effect, this transferred millions of dollars worth of assets held by a state entity into private hands. A ten-year, a US$ 12 million contract for management of the HCTA was then awarded to Dream's Leisure, a company created thirteen days prior to the issuing of the contract, which was owned by Manuel Vicente , then chairman of

15458-572: Was also exercised by the Jesuits in religion and education. The philosophy of war gradually gave way to the philosophy of trade. The great trade routes and the agreements that made them possible were the driving force for activities between the different areas; warlike states become states ready to produce and to sell. In the Brazilian Highlands , Planalto or high plains, the most important states were those of Bié and Bailundo ,

15589-515: Was born. From the 1920s to the 1960s, strong economic growth, abundant natural resources and development of infrastructure, led to the arrival of even more Portuguese settlers from the metropole . Diamond mining began in 1912, when the first gems were discovered by Portuguese prospectors in a stream of the Lunda region , in the northeast. In 1917, the Companhia de Diamantes de Angola ( Diamang )

15720-659: Was convicted of embezzling € 52.6 million from Sonangol in June 2023. In February 2019, the Angolan government began its Propriv privatization program, and created the National Oil, Gas and Biofuel Agency (ANPG) to take over regulation and promotion of the Angolan petroleum industry from Sonangol. ANPG was given the power to supervise Sonangol, and became the new national concessionaire . In this regard, ANPG now controls who wins licenses to explore for petroleum, and awards contracts for production. In May 2019, Carlos e Oliveira

15851-413: Was designed in 1993, inaugurated in 1995, and expanded in 1998, 2004, and 2008, then given a new dock extension in 2012. Sonangol Logística is a liquid fuel storage subsidiary of Sonangol. In 2020, Sonangol Logística possessed 358,511 cubic meters of total fuel storage, representing over half the country's total capacity. Sonangol Shipping Holdings Limited and its subsidiary, Sonangol Shipping Angola, own

15982-518: Was founded as a prospection and production subsidiary. In 1999, Sonangol U.E.E. became Sonangol E.P. Oil giant Marathon Oil announced in September 2013 that it had agreed a deal in principle to sell a 10% stake in its offshore Angolan oilfield to Sonangol. In December 2013, Sonangol acquired the exploration rights to five onshore oil blocks in Angola , which could be tendered for development at

16113-485: Was granted the concession for diamond mining and prospecting in Portuguese Angola. Diamang had exclusive mining and labor rights in a huge concession in Angola and used this monopoly to become the colony's largest commercial operator and also its leading revenue generator. Its wealth was generated by African laborers, many of whom were forcibly recruited to work on the mines with Lunda's aggressive state-company recruitment methods (See also chivalo/ shibalo ). as late as 1947,

16244-406: Was more than 300,000 tons. Including the catch of foreign fishing fleets in Angolan waters, the combined annual catch was estimated at over 1 million tons. The Portuguese territory of Angola was a net exporter of fish products, and the ports of Moçâmedes , Luanda and Benguela were among the most important fishing harbours in the region. Non-urban black African access to educational opportunities

16375-611: Was not accused of accepting these bribes directly, in the opinion of the Swiss authorities, he would have been aware of them. Starting in 2006, Sonangol financed the construction of the Centro de Convenções de Talatona (CCTA), a convention center which was opened in December 2009 by President dos Santos. The CCTA included the five-star Hotel de Convenções de Talatona (HCTA), and in total cost Sonangol over US$ 200 million. Despite being

16506-437: Was only created by herself and her friend, Mário Leite da Silva, earlier that year. In total, Ironsea/Matter charged Sonangol more than US$ 130 million. Isabel fled to Dubai to avoid arrest in Angola, and in 2022 Interpol issued a red notice towards her. She is accused of crimes including abuse of power , abuse of trust , embezzlement , forgery of documents, influence peddling , money laundering , and tax fraud . She

16637-525: Was previously named Xikomba prior to a major refit. Sonangol Integrated Logistics Services operates a two-million square meter petroleum industry onshore supply base in Luanda Bay with a 2 kilometer long quay, equipment rentals, cargo facilities, warehouses, medical facilities, and other support services for ships. Over 3,000 people work at the Luanda facility, over half of whom are Angolan nationals. 65% of Angola's oil goes through SONILS. The SONILS base

16768-416: Was reserved for a small percentage of the population. 68.1 percent of mainland Portugal's population was still classified as illiterate by the 1930 census. Mainland Portugal's literacy rate by the 1940s and early 1950s was low by North American and Western European standards at the time. Only in the 1960s did the country make public education available for all children between the ages of six and twelve, and

16899-621: Was sacked and replaced by Sebastião Gaspar Martins as head of the company. In July 2019, President Lourenço canceled the Dream's Leisure contract, returning control of the Talatona hotel to the state. In April 2020, the Ministry of Finance began conducting a pruning of Sonangol's other functions, including a selling of its peripheral businesses such as its ventures in aviation , banking , hotels, and real estate , many of which were built during

17030-520: Was to retain responsibility for defense and foreign relations. However, the intent was by no means to grant Angolan independence, but was instead to "win the hearts and minds" of the Angolans, convincing them to remain permanently a part of an intercontinental Portugal. Renaming Angola (like Mozambique ) in November 1972 (in effect 1 January 1973) "Estado" (state) was part of an apparent effort to give

17161-434: Was very limited for most of the colonial period , most were not able to speak Portuguese and did not have knowledge of Portuguese culture and history . Until the 1950s, educational facilities run by the Portuguese colonial government were largely restricted to the urban areas. Responsibility for educating rural Africans were commissioned by the authorities to several Roman Catholic and Protestant missions based across

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