Course description
This is an intensive training programme designed to improve and enhance the skills of personnel involved in the financial and contractual auditing of 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.
What you will learn
- apply a structured methodology for conducting oil industry internal, production sharing and joint venture audits.
- how to implement the benefits of a multi-discipline team audit approach
- how to 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.
35 hours CPD
accreditation
Upcoming start dates
Suitability - Who should attend?
- personnel with an internal audit background who are totally new to the discipline of JV or PSC audit
- experienced audit practitioners who wish to update their auditing techniques
- personnel from finance or 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 audits
Training Course Content
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 - technique 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
Production-sharing contracts audit
- Background
- Key aspects of audit
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
Course delivery details
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.
Why choose MDT International
Over 90% of participants say our training met or exceeded their expectations
MDT have worked with 500+ organisations worldwide
Our trainers have 25+ years of experience in the O&G Industry
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Reviews
Average rating 4.7
This course is suitable to my career and exercises are easy to understand. Trainer has much knowledge and experience in E&P oil and industry.
The concepts are better understood and appreciated because of the examples and exercises provided. Our trainer listened to our questions and answered/ explained them very well.
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MDT International - Finance, Commercial & Management Courses for the Oil & Gas Industry
MDT delivers commercial training courses in most major established and emerging international oil and gas hubs. Whether you're taking part in an open course, or benefiting from the customised experience of our in-house training, you know what you’ll learn from some...
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