Introduction:
The International Auditing and Assurance Standards Board (IAASB) produced the International Standards on Auditing (ISAs), which are currently the primary worldwide auditing standards and are being implemented by an increasing number of countries.
This course’s audit considerations will focus on audit risk areas and emphasize ISA standards that are relevant to the financial statement audit of oil and gas firms.
Course Objectives:
At the end of the Mastering Auditing in Oil and Gas Industry training course, you will be able to:
- Understand the role of the external and internal auditor and the confidence they give to investors in oil and gas companies
- Understand how oil and gas companies work and the associated risks connected with such companies
- Understand the importance of communication with the client, the audit team and possibly with regulators in a whistle-blowing situation
- Understanding how fraud can impact on an audit and the auditor’s responsibilities in this respect
- Gain a thorough understanding of the fieldwork required in all areas of the audit file and typical problems and issues
- Understand how the audit opinion is derived and communicated along with weaknesses found during the audit process
- Understand the audit completion process
Who Should Attend?
Mastering Auditing in Oil and Gas Industry Training course, is ideal for;
- personnel who are 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 want insights into internal and joint-venture audits
- Professionals involved in designing, selecting, sizing, specifying, installing, testing, operating and maintaining systems.
- Professionals, Technologists, Supervisory personnel, Senior Engineers, Team Leaders and Managers engaged in the refinery operation and oil production/exploration activities, who have a considerable experience and who are required to understand and discuss issues related to their processes.
- Process and Process Control Engineering, Technologists, Supervisory personnel, Senior Engineers, Team Leaders and Managers.
- Operational Planning, Refinery Scheduling Engineers, Team Leaders and Managers.
- Oil and Gas Operation (Upstream/Downstream): Supervisors, Engineers, Team Leaders and Managers.
- Mechanical, Rotating and Maintenance Planning: Supervisors, Engineers, Team Leaders and Managers.
- Chemicals storage warehouses: Supervisors, Engineers, Team Leaders and Managers.
- Laboratory Service: Technologists, Supervisory personnel, Senior Technologists, Team leaders and Managers.
- Health, Safety and Environment (HSE): Supervisors, Engineers, Team Leaders and Managers.
- Instrument Maintenance: Supervisors, Engineers, Team Leaders and Managers.
- Project Management: Supervisors, Engineers, Team Leaders and Managers.
- Commercial, Financial, Insurance and Legal Management: Controllers, Senior Engineers, Team Leaders and Managers engaged in the refinery operation and oil production/exploration activities.
- IT, Data and Document Management: Controllers, Senior Engineers, Team Leaders and Managers.
- Business, sales, technical, and scientific personnel with limited or no broad refinery operating and oil production/exploration experience, along with technical sales personnel.
- Those involved in selling equipment or supplies to the refinery operations and oil production/ exploration industry.
- Those involved with economic evaluations of refinery operations and oil production/ exploration will benefit from this training course.
- Those involved in marketing, selling refined, final export products will benefit from this training course.
Course Outlines:
Understanding Oil and Gas Companies
Oil and Gas Companies – understanding the industry and the risks
Oil and gas value chain and significant accounting issues
Upstream, midstream and downstream activities
Laws and Regulations
Emerging Risk Areas
Revenue, Joint Ventures and Reserves
Revenue recognition – contracts
Auditing shutdown management
Auditing Joint Ventures
Auditing outsourced operations
Due diligence programs on third parties
Reserves reporting issues
Fraud, Impairment and Provisions
Fraud, fraud prevention and detection
Procurement issues
An effective internal audit function in oil and gas companies
Operational audits
Decommissioning and environmental provisions
Non-current assets and impairment
Reserves, Financial Instruments and other Issues
Auditing oil and gas reserves
Relying on the work of experts
Financial Instruments
Other auditing issues
Corporate Governance, Internal Controls and Audit Reports
Governance issues
Sarbanes Oxley
External and Internal Audit Reports
Corporate Boards – perspective on risk and compliance issues