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This course will provide participants with an understanding of the principles and practices applied in auditing activities undertaken in the upstream 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.
Audit Principles, Audit Concepts, and Internal Audit
The first day will to set the scene by providing a generic definition of audit, while stressing the importance of independence, as well as the importance of examining different approaches to risk assessment and audit planning. Participants will complete a number of practical exercises to illustrate the key learning outcomes.Day 2
Some of the key techniques associated with the examination of system processes will be explained before participants learn about considering how to test internal controls and selecting an appropriate sample of transactions to be audited. The importance of corporate governance will be addressed. The day will close with some examples of operational auditing techniques.Day 3
The Joint Venture Audit Process
Participants will start by examining issues associated with auditing a contractor before focusing on the importance of joint venture audit and some of the issues that arise when conducting such audits.Day 4
Joint Venture Operations and Typical Major Audit Issues
The focus on joint venture audits will continue with the emphasis on the major areas of expenditure and the audit issues that frequently arise. A number of examples and exercises will be conducted to illustrate the main learning outcomes.Day 5
General and Administrative Costs, Case Study, and PSC Audits
Participants will put into practice the principles that they have learned during the course by participating in a case study. They will conduct an audit and then summarize their key findings. Participants will also learn to appreciate the differences between auditing a PSC and joint venture operations.
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.
Some previous audit experience is preferable however the course is suitable for any staff who would like to gain an understanding of audit principles
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