This is an intensive and highly practical training program designed to improve and enhance the skills of participants involved in auditing upstream exploration and production activities, concentrating on aspects of auditing that are unique to this industry. On completion you will be able to conduct and/or participate in internal, production sharing and joint venture audits.
Course Level: Intermediate
Designed for you, if you are...
New to the discipline of audit
An experienced audit practitioner who wishes to update your auditing techniques
From any discipline intending to take part in internal or joint-venture audits
Someone with a background in statutory audit in the accountancy profession wanting an insight into internal and joint-venture audits
How we build your confidence
Extensive use is made of realistic oil 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.
The benefits from attending
By the end of the course you will feel confident in your understanding of:
How to 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
How to apply a risk-based approach to audit
How to investigate fraud
Introduction - Origins and purpose of audit - Audit types
Audit concepts - Independence - its application in different types of audit - Controls - objectives of controls and their application - Risk assessment - techniques to determine audit priorities
Audit techniques - Audit preparation and planning - to ensure an effective audit - Testing/sampling - techniques to verify accounts and controls - Interviewing techniques - Flowcharting techniques and their application - Reporting - Team management - to ensure resources are used effectively
Internal audit - Developing a model of internal best practice - Contract audits - COPAS AG - 9 & 11
Production-sharing contracts audit - Background - Key aspects of audit
Joint-venture audit - Developing a model of joint-venture audit best practice - The audit cycle - planning, implementation, results, reporting - Joint-venture accounting and the major audit issues that arise - Multi-venture audits - UKOOA SOAP 2
"The course was excellent; the real-life based exercises helped me a lot, and can be used in our future JV audit. This will give me more confidence in participating in the JV audit team, as it will enable me to apply a lot of gained techniques." - Mitsui E&P Middle East "The trainer demonstrated an impressive knowledge about the oil & gas industry coupled with really practical examples. Excellent trainer who is very interactive with good communication skills and an excellent personality. I really enjoyed this course, full of knowledge sharing and interaction between the trainer & team." - Mitsui E&P Middle East