Auditing in the Exploration & Production Industry

An intensive training programme designed to improve the skills of those involved in auditing of upstream oil/gas exploration and production activities.

Course Content

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, system, or 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

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