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 program 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 program focuses on the correct application of the ISAs and common auditing issues that occur regularly in practice. In order to make the program 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 program, 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 

Course Objectives:

By the end of this course delegates 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

Who Should Attend?

Auditors, Finance Personnel, IT Personnel, and those with responsibility for managing audits who want a comprehensive guide to operational auditing together with the latest risk based auditing techniques, 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 organizations that deal with the external audit process or who would like a better understanding of how the auditors go about their work 

Course Outline:

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

COURSE LOCATIONS