Auditing in the Oil and Gas Industry

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Auditing in the Oil and Gas Industry

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About the course

This course will provide participants with an understanding of the principles and practices applied in auditing activities undertaken in the oil and gas industry. Extensive use will be 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 manner.

Participants will also learn how to develop and apply a structured methodology for conducting upstream oil industry joint venture and Production Sharing Contracts (PSC) audits.

Designed For

Staff who are new to the discipline of audit, experienced audit practitioners who wish to update the skills, personnel from any discipline who are involved in internal audits, joint venture audits, or PSC audits, and personnel with a background in statutory audit in the accounting profession who require an understanding into the specialized area of upstream auditing.

Course Objectives

Upon completion, you will know how to:

  • Define audit, and explain the importance of independence, examining different approaches to risk assessment and audit planning.
  • Explain key techniques associated with the examination of system processes
  • Test internal controls.
  • Select an appropriate sample of transactions to be audited.
  • Discuss corporate governance.
  • Explain and apply operational auditing techniques.
  • Examine issues associated with auditing a contractor.
  • Explain the importance of joint venture audit and some of the issues that arise when conducting such audits.
  • Conduct a sample joint venture audit and then summarize their key findings.
  • Discuss the differences between auditing a PSC and joint venture operations.