REVIEW ON THE ROLE OF AUDITING IN ACHIEVING COMPLIANCE IN ENERGY INFRASTRUCTURE

Chibuike Daraojimba (), Mutiu Alade Shonibare, Casandra Okogwu, Abel Olusegun Adesanya, Ahmed Raji and Tochukwu Chinwuba Nwankwo
Additional contact information
Chibuike Daraojimba: Graduate School of Technology Management, University of Pretoria, South Africa
Mutiu Alade Shonibare: Pan-Atlantic University Foundation
Casandra Okogwu: Independent Researcher, Lagos
Abel Olusegun Adesanya: Lagos State University of Science and Technology
Ahmed Raji: Greenlight Planet (Sun King Solar), Nigeria
Tochukwu Chinwuba Nwankwo: National Open University, Abuja

Materials & Corrosion Engineering Management (MACEM), 2024, vol. 5, issue 1, 11-19

Abstract: In the ever-evolving energy infrastructure landscape, compliance with regulations and standards has become imperative for sustainable development and public trust. This research paper reviews the pivotal role played by auditing in achieving and maintaining compliance within the energy sector. The study begins by elucidating the concept of compliance and its significance in the context of energy infrastructure. The literature review explores existing research on auditing practices, compliance challenges, and governance frameworks within the industry. The paper investigates the diverse types of audits employed to monitor various facets of energy operations, encompassing financial, operational, and environmental aspects. Through a careful analysis of real-world case studies, the study illustrates how auditing mechanisms have facilitated successful compliance outcomes. It also addresses auditors’ potential limitations and obstacles in the complex energy domain. Furthermore, this research explores cutting-edge advancements and best practices in energy auditing, including integrating innovative technologies and data-driven approaches. Evaluating the regulatory framework and governance structures provides insights into the effectiveness of existing policies while presenting proposals for enhancements to bolster compliance efforts. As the global demand for clean and efficient energy escalates, ensuring compliance becomes even more critical. This study underscores the vital role of auditing as a powerful instrument for upholding transparency, accountability, and sustainable practices in energy infrastructure. This paper sheds light on the symbiotic relationship between auditing and compliance, making a valuable contribution to responsible energy development and establishing a strong basis for further research in this crucial field.

Keywords: Auditing; compliance; energy infrastructure; energy sector; regulations; sustainability; environmental audits; financial audits; sustainable development; clean energy (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:zib:zmacem:v:5:y:2024:i:1:p:11-19

DOI: 10.26480/macem.01.2024.11.19

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