This course is an intensive training program designed to improve the skills of participants involved in the financial and contractual auditing of upstream 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 today.
Course Level: Skill
Designed for you, if you are...
Totally new to the discipline of financial audit
An experienced audit practitioner, keen to update your auditing techniques
A professional from any discipline, intending to take part in internal or joint-venture audits
A professional with a background in statutory audit in the accountancy profession, requiring an insight into internal and joint-venture audit areas
How we build your confidence
Extensive use is made of realistic oil industry-based exercises and case studies. The exercises and case study materials are designed to reinforce the key teaching points and to provide participants with the opportunity to apply the lessons learned in a practical and enjoyable format.
By the end of the course you will feel confident in your understanding of:
Applying a structured methodology for conducting oil industry internal, production-sharing and joint-venture audits
Implementing the benefits of a multi-discipline team audit approach
Adopting a model of best practice for conducting audits
The course concentrates on aspects of financial auditing unique to the E&P business.
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
Internal Audit - The function and objectives of the Internal Audit group - Contract audits - Fraud investigation
Audit Techniques - Audit preparation and planning - to ensure an effective audit - Risk assessment - techniques 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
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
Production Sharing Contracts Audit - Background - Key aspects of audit
"Very good round-up of audit and accounting for non-finance professionals." - Manager at CMOC
"Very good course, easy and relaxed learning environment. The trainer was very experienced and knowledgeable. Real life examples provided made the course a lot more interesting." - Total E&P
"The trainer demonstrated an impressive knowledge about the Oil & Gas Industry coupled with really practical examples. She is an excellent trainer, very interactive, good communication skills and excellent personality. I really enjoyed this course, full of knowledge sharing and interaction between the trainer & team." - Mitsui E&P Middle East