This course is an intensive training program designed to improve the skills of those 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 in this industry today and to equip you with the knowledge and tools to deal with complex audit cases.
Course Level: Skill Duration: 5 days Instructor: Matilde Giulianelli
Designed for you, if you are...
Personnel with an internal audit background and totally new to the discipline of JV or PSC audit
An experienced audit practitioner and keen to update your auditing techniques
Personnel from finance or any discipline who intends to take part in internal or joint venture audits
Personnel with a background in statutory audit in the accountancy profession who requires an insight into the internal and joint venture audit areas
How we build your confidence
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.
The benefits from attending
By the end of the course you will be able to:
Apply a structured methodology for conducting oil industry internal, production sharing and joint venture audits
Implement the benefits of a multi-discipline team audit approach
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
The course concentrates on aspects of auditing unique to the E&P business.
Setting the context
The typical Agreements of the Exploration and Production industry - The Joint Venture - The contracts with the Government
Purpose of audit
Independence - its application in different types of audit
Controls - objectives of controls and their application
Audit preparation and planning - to ensure an effective audit
Risk assessment - techniques to determine audit priorities
Testing/sampling - techniques to verify accounts and controls
Flowcharting techniques and their application
Team management - to ensure resources are used effectively
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