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Introduction to Auditing in the Oil & Gas Industry

2-Day Training Course: Examine concepts, principles and practices specific to Joint Venture Audits in the international oil and gas industry.

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overview

Key Learning Objectives

  • Understand key risks faced by exploration and production companies
  • Understand the need for audits in the oil and gas industry
  • Understand the types of audits that can be performed to address the key risks (joint venture audits, contractor audits and internal audits)
  • Understand the key aspects in planning the audit
  • Understand fundamental audit methodology within each type of audit engagement

About the Course

This 2-day training course outlines fundamental auditing concepts, principles and practices specific to the international oil and gas industry. Course participants will gain an overview of the risks faced by E&P companies and the type of audit to conduct in order to mitigate these risks. The course will provide insights into joint venture audits, contractor audits, internal audits, government audits under a production sharing regime and revenue audits.

Who Will Benefit

  • Audit staff with an audit background but new to the oil and gas industry
  • Finance professionals without an audit background who are working in the oil and gas industry
  • Industry regulators who want to gain an understanding of the audit process
  • Commercial managers who want to better understand the audit process
  • Treasury and tax specialists who want a broader understanding of the auditing issues

Testimonials

“The instructor is friendly, knowledgeable and willing to support students individually.”
Project Manager, Dar Petroleum

“I really enjoyed this course, the knowledge is very useful and I can’t wait to contribute more at my workplace.”
Assistant Accountant, Osaka Gas Australia

Agenda

DAY ONE

  • Key risks faced by oil and gas companies
  • Role of audits in mitigating risks
  • Overview of the types of audit engagements (joint venture audits, contractor audits and internal audits)
  • Production Sharing Contracts (PSC) and the role of the government auditor
  • Overview of production and revenue audits

Activities:
Group activity on identifying key risks of oil and gas companies and how audit can be used to mitigate those risks

Group discussion on the steps involved in each type of audit (joint venture audits, contractor audits and internal audits)

Group discussions on the workings of a PSC

Group activity on conducting revenue audits

DAY TWO

  • Planning the audit (including joint venture, contractor and
    internal audits)
  • Understanding the role of audit procedures and audit evidence
  • Report writing – key elements of the audit report

Activities:
Group discussion on the audit procedures relevant to vendor audits

Group discussions on conducting internal audit reviews

Group activity on drafting an audit report

On-site & in-house training

Deliver this course how you want, where you want, when you want – and save up to 40%! 8+ employees seeking training on the same topic?

Talk to us about an on-site/in-house & customised solution.

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