Auditing in the Oil and Gas Industry :: مركز المجد للجودة وتطوير الموارد البشرية

Training Course 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

Training Course Content

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