Auditing in the Oil & Gas Industry

Course details

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

Is it right for me?

• External auditors dealing with oil and gas companies or those considering moving into such roles
• Internal auditors who work within oil and gas companies
• Management and Financial staff within such organisations that deal with the external audit process or who would like a better understanding of how the auditors go about their work

What will I learn?

By the end of this 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 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

What will it cover?

• DAY 1 - UNDERSTANDING OIL AND GAS COMPANIES
• DAY 2 - REVENUE, JOINT VENTURES AND RESERVES
• DAY 3 - FRAUD, IMPAIRMENT AND PROVISIONS
• DAY 4 - RESERVES, FINANCIAL INSTRUMENTS AND OTHER ISSUES
• DAY 5 - CORPORATE GOVERNANCE, INTERNAL CONTROLS AND AUDIT REPORTS