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Auditing in the Oil & Gas Industry - Level 2 (FIN07)


    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

    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 - 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 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

    Production Sharing Contracts Audit
    • Background
    • Key aspects of audit



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