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Auditing in the Exploration & Production Industry
Course
In London ()
Description
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Type
Course
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Duration
5 Days
At the end of this course you will have enhanced your understanding of the various audit principles and practices being applied today. 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. The course concentrates on aspects of auditing unique to the E&P business. Suitable for: Personnel who are totally new to the discipline of audit, experienced audit practitioners who wish to update their auditing techniques. Personnel from any discipline who intend to take part in internal or joint venture audits. Personnel with a background in statutory audit in the accountancy profession who require an insight into the internal and joint venture audit areas.
Reviews
Course programme
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
Auditing in the Exploration & Production Industry