Description

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

The benefits from attending

• 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

Topics

• 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
• Identifying fraud

• 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

• 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

• Background
• Key aspects of audit