Auditing In The Exploration & Production Industry

This course is an intensive training program designed to improve the skills of participants 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 today.

1. Introduction
• Origins and purpose of audit
• Audit types
2. Audit Concepts
• Independence – its application in different types of audit
• Controls – objectives of controls and their application
3. Internal Audit
• The function and objectives of the Internal Audit group
• Contract audits
• Fraud investigation
4. 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
5. 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
• UKOOA SOAP 2
6. Production Sharing Contracts Audit
• Background
• Key aspects of audit

• Applying a structured methodology for conducting oil industry internal, production-sharing and joint-venture audits
• Implementing the benefits of a multi-discipline team audit approach
• Adopting a model of best practice for conducting audits
• The course concentrates on aspects of financial auditing unique to the E&P business.

• Totally new to the discipline of financial audit.
• An experienced audit practitioner, keen to update your auditing techniques.
• A professional from any discipline, intending to take part in internal or joint-venture audits.
• A professional with a background in statutory audit in the accountancy profession, requiring an insight into internal and joint-venture audit areas