Course Details

This is an intensive training programme designed to improve and enhance the skills of personnel involved in the financial and contractual auditing of Oil & Gas Exploration and Production activities.  The objective of this course is to enhance your understanding of the various audit principles and practices being applied in this industry today and to equip you with the knowledge and tools to deal with complex audit cases. 

 

What you will learn

• apply a structured methodology for conducting oil industry internal, production sharing and joint venture audits.
• how to implement the benefits of a multi-discipline team audit approach
• how to adopt a model of best practice for conducting audits
• analyse, interpret and decide complex cases using the contracts and documents, the principles and auditor's judgement. 

 

Training Method 

Extensive use is made of realistic industry-based exercises and case studies to reinforce key teaching points and to provide participants with opportunities to apply the knowledge gained in a practical and enjoyable format.

 

35 hours CPD Certified

Setting the context

• The typical Agreements of the Exploration and Production Industry 
  
  • The Joint Venture
  • The contracts with the Government 

Audit concepts

• Purpose of audit
• Independence - its application in different types of audit
• Controls - objectives of controls and their application
• Identifying fraud

Audit techniques

• Audit preparation and planning - to ensure an effective audit
• Risk assessment - technique to determine audit priorities 
• Testing/sampling -techniques to verify accounts and controls
• Interviewing techniques
• Flowcharting techniques and their application
• Reporting
• Team management - to ensure resources are used effectively

Production-sharing contracts audit

• Background
• Key aspects of audit

Joint-venture audit

• Developing a model of joint-venture audit best practice
• The Accounting Procedure and the recommended practices - SOAP 2
• The audit cycle - planning, implementation, results, reporting
• Understanding the accounting systems
• Joint Venture, PSC and the major audit issues that arise
• Contract audit
• Audit of specific cost categories
• Multi-venture audits

 

• personnel with an internal audit background who are totally new to the discipline of JV or PSC audit
• experienced audit practitioners who wish to update their auditing techniques
• personnel from finance or any discipline who intend to take part in internal or joint-venture audits
• personnel with a background in statutory audit in the accountancy profession who require an insight into the internal and joint-venture audits

"What could have been a "dry" topic was made interesting through delivery and examples/ exercises and discussion."Tony Anderson, Dana Petroleum

"The trainer was helpful and detailed in explaining the material. "Reem Abdulla Al Yasi, Financial Audit Authority

"The presentation, content, demonstration and exercises are all as comprehensive and as well done in any in my experience. I am impressed with the training and professionalism."Mubeena Farheen, OMV Pakistan

"Matilde was incredible! It was wonderful to have a trainer with such knowledge. She led and encouraged lively debates! Very enjoyable."Joy Gilsenan, Wolverine (WPC)