Auditing in the Oil and Gas Industry Course


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

Duration

5 days

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

Course Outline

Module1: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

Module 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

Module 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

Module 4:Reserves, Financial Instruments and other Issues

  • Auditing oil and gas reserves
  • Relying on the work of experts
  • Financial Instruments
  • Other auditing issues

Module 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

Enroll for this Course

We are proud to offer this course in a variety of training formats to suit your needs.

IRES

Enroll to In-Person (Face to Face)

We use the highest quality learning facilities to make sure your experience is as comfortable as possible.

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Enroll for a Virtual Zoom Class

Join a scheduled class with a live instructor and other delegates.

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IRES

Enroll for Online Self-paced Class

Keep track of your own progression throughout your course and ensure continuous improvement.

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Benefits of Taking a Course at IRES

LEARN

Our courses are carefully curated to keep you abreast of latest industry trends, technological advancements, and best practices. We employ a variety of teaching methodologies, including hands-on workshops, case studies, and interactive sessions, all aimed at fostering an engaging and effective learning environment. Our expert instructors bring a wealth of knowledge and real-world experience, providing our clients with insights that can be immediately applied in their professional lives.

NETWORK

Our courses serve as a vibrant platform for professionals to connect and engage with a diverse community of peers, industry leaders, and experts. By participating in our programs, you gain access to an invaluable network that spans across various sectors and geographical boundaries. This networking aspect is not just about forming professional relationships; it's about creating a supportive ecosystem where ideas, opportunities, and collaborations can flourish.

GROW

Our courses are designed to challenge and inspire professionals to step out of their comfort zones and explore new horizons. Through a combination of theoretical knowledge and practical application, our programs help professionals refine their existing skills and acquire new ones, making them more versatile and competitive.

FAQs & Course Administration Details:

This training can also be customized to suit the needs of your institution upon request. You can have it delivered in our IRES Training Centre or at a convenient location. For further inquiries, please contact us on Phone: +254 715 077 817 or Email: [email protected].
The instructor led trainings are delivered using a blended learning approach and comprise of presentations, guided sessions of practical exercise, web-based tutorials and group work. Our facilitators are seasoned industry experts with years of experience, working as professional and trainers in these fields. All facilitation and course materials will be offered in English. The participants should be reasonably proficient in English.
Upon successful completion of this training, participants will be issued with an Indepth Research Institute (IRES) certificate certified by the National Industrial Training Authority (NITA).
Payment should be transferred to IRES account through bank on or before start of the course. Send proof of payment to [email protected].
Accommodation and airport pickup are arranged upon request. For reservations contact the Training Officer. Email: [email protected] Phone: +254 715 077 817.