Auditing in the Oil and Gas Industry

Auditing in the Oil and Gas Industry


Choose from the following table the course date which you would like to attend the course on :

Sart
End
Fees
Venue
Length
25-Mar-2018
29-Mar-2018
7500$
Istanbul (Turkey)
One Week
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18-Mar-2018
22-Mar-2018
4700$
Dubai (UAE)
One Week
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25-Mar-2018
29-Mar-2018
6950$
Paris (France)
One Week
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8-Apr-2018
12-Apr-2018
4700$
Kuala Lumpur (Malaysia)
One Week
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1-Apr-2018
5-Apr-2018
5700$
London (UK)
One Week
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27-May-2018
31-May-2018
7500$
Istanbul (Turkey)
One Week
Click Here
13-May-2018
17-May-2018
4700$
Dubai (UAE)
One Week
Click Here
27-May-2018
31-May-2018
6950$
Paris (France)
One Week
Click Here
3-Jun-2018
7-Jun-2018
4700$
Kuala Lumpur (Malaysia)
One Week
Click Here
24-Jun-2018
28-Jun-2018
5700$
London (UK)
One Week
Click Here
22-Jul-2018
26-Jul-2018
7500$
Istanbul (Turkey)
One Week
Click Here
1-Jul-2018
5-Jul-2018
4700$
Dubai (UAE)
One Week
Click Here
22-Jul-2018
26-Jul-2018
6950$
Paris (France)
One Week
Click Here
5-Aug-2018
9-Aug-2018
4700$
Kuala Lumpur (Malaysia)
One Week
Click Here
19-Aug-2018
23-Aug-2018
5700$
London (UK)
One Week
Click Here
16-Sep-2018
20-Sep-2018
7500$
Istanbul (Turkey)
One Week
Click Here
23-Sep-2018
28-Sep-2018
4700$
Dubai (UAE)
One Week
Click Here
16-Sep-2018
20-Sep-2018
6950$
Paris (France)
One Week
Click Here
7-Oct-2018
11-Oct-2018
4700$
Kuala Lumpur (Malaysia)
One Week
Click Here
14-Oct-2018
18-Oct-2018
5700$
London (UK)
One Week
Click Here
11-Nov-2018
15-Nov-2018
7500$
Istanbul (Turkey)
One Week
Click Here
18-Nov-2018
22-Nov-2018
4700$
Dubai (UAE)
One Week
Click Here
11-Nov-2018
15-Nov-2018
6950$
Paris (France)
One Week
Click Here
23-Dec-2018
27-Dec-2018
4700$
Kuala Lumpur (Malaysia)
One Week
Click Here
2-Dec-2018
6-Dec-2018
5700$
London (UK)
One Week
Click Here
6-Jan-2019
10-Jan-2019
7500$
Istanbul (Turkey)
One Week
Click Here
27-Jan-2019
31-Jan-2019
4700$
Dubai (UAE)
One Week
Click Here
6-Jan-2019
10-Jan-2019
6950$
Paris (France)
One Week
Click Here
17-Feb-2019
21-Feb-2019
4700$
Kuala Lumpur (Malaysia)
One Week
Click Here
10-Feb-2019
14-Feb-2019
5700$
London (UK)
One Week
Click Here

Intorduction

International Standards on Auditing (ISAs) developed by The International Auditing and Assurance Standards Board (IAASB) are being adopted by more and more countries and now represent the main global auditing standards.

The audit considerations in this programme will focus on ISA requirements and target audit risk areas that are pertinent to the audit of the financial statements of oil and gas companies.

This highly interactive programme focuses on the correct application of the ISAs and common auditing issues that occur regularly in practice. In order to make the programme as practical as possible it includes formal presentations, quizzes, case studies and role play exercises so that “essential people skills” are improved along with the technical knowledge.  During this programme, you will learn how to:

  • Audit the main risk areas in oil and gas companies
  • Consider the impact of fraud in such companies and devise controls and tests for the prevention and detection of fraud
  • Plan, conduct and conclude an external audit in the most efficient way whilst gaining valuable insights into audit related issues in all areas of the audit file for oil and gas companies
  • Understand the requirements of International Standards on Auditing (ISAs) and specifically how they impact on the audit of oil and gas companies.
  • Set up an effective internal audit function in such companies
  • Improve your technical and “soft skills” such as communication skills, dealing with conflict and working as part of a team. This will be through role plays, quizzes and case studies

Objectives

  • 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 auditors 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 the audit completion process
  • Understand how the audit opinion is derived and communicated along with weaknesses found during the audit process

Day One

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

Day Two

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

Day Three

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

Day Four

Reserves, Financial Instruments and other Issues

  • Auditing oil and gas reserves
  • Relying on the work of experts
  • Financial Instruments
  • Other auditing issues

Day Five

Corporate Governance, Internal Controls and Audit Reports

  • Governance issues
  • Sarbanes Oxley
  • External and Internal Audit Reports
  • Corporate Boards – perspective on risk and compliance issues

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