Internal Auditing Strategies in the Oil and Gas Sector

There is no doubt that because of the peculiarities of oil and gas industry operations, internal auditing in that sector has presented special challenges for corporate internal auditors in the industry. To live up to such challenges, the internal auditor must be especially professionally equipped and technically grounded. He should not be like every other auditor because he has special responsibilities which he must efficiently discharge. It is important that every internal auditor should attend this workshop where he will have the opportunity to interact and share professional ideas with opportunity to intereact and share professional ideas with others.

CONTENT

* Introduction

• Oil and Gas Operations background, Upstream and Down stream
• Operations peculiarities, legal issues, Internal audit issues

* Basics of Oil and Gas Financial Reporting

• Oil and Gas administration and budgeting
• Oil and Gas financial options

* Audit Concepts

• Independence-its applications in different types of audit
• Controls-objectives and their application
• Risk assessment-techniques to determine audit priorities

* Audit Techniques

• Audit preparation and planning-to ensure an effective audit
• Interviewing techniques
• Reporting
• Team management-to ensure resources are used effectively

* Audit Reporting Procedures

• Audit planning method in the Oil and Gas Sector
• Key aspects of audits

* Joint Venture Audit

• Developing a model of joint venture audit best practice
• The audit cycle-planning, implementation, results, reporting
• Joint Venture accounting and the major audit issues that arise
• Multi-venture audits.

FOR WHOM:

Auditors, Risk Managers, Financial Managersand Controllers, and others who perform relatedfunctions in the Oil and Gas Sector.

TRAINING METHODOLOGY

The training methodology combines lectures, discussions, group exercises and illustrations. Participants will gain both theoretical and practical knowledge of the topics. The emphasis is on the practical application of the topics and as a result participant will go back to the workplace with both the ability and the confidence to apply the techniques learned to their duties.