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
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