TRAINING COURSES

Auditing in the Oil & Gas Industry

Start Date: 22 Dec 2019
End Date: 26 Dec 2019
Duration: 5
Fees:
Country: Istanboul / Turkey
Category: Petroleum and Oil Programs
Details:

INTRODUCTION

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 

WHO SHOULD ATTEND?

         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 

PROGRAMME 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 METHODOLOGY

The programme uses training methods chosen to ensure effective learning, to reinforce understanding, to develop practical skills to promote critical evaluation of information. Interest is maintained throughout each session by use of a variety of formats, including:

         Lively and informative presentations

         Quizzes

         Case studies based on real life scenarios, and

PROGRAMME SUMMARY

This programme is aimed at those involved with auditing within the oil and gas industry. Not only does it cover many of the particular external audit considerations within the industry from the perspective of ensuring that the financial statements of oil and gas companies are fairly stated it also covers specific internal audit considerations too.

PROGRAMME OUTLINE

DAY 1 -

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 2 -

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 3 -

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 4 -

RESERVES, FINANCIAL INSTRUMENTS AND OTHER ISSUES

         Auditing oil and gas reserves

         Relying on the work of experts

         Financial Instruments

         Other auditing issues

DAY 5 -

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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