QMS Audit and IFRS for Oil & Gas Industry Course


Introduction

Today, in the Oil & Gas industry there is an increased need and importance for performance measurement, auditing and reporting. The need to prepare, use and critically evaluate information on upstream, midstream & downstream oil & gas activities, applying specialist industry knowledge and relevant analytical skills, is supplemented by the need for an in-depth knowledge of the international ISO management system standards on quality (ISO 9001:2015), environment (ISO 14001:2015) and occupational health and safety (ISO 45001:2018).

This QMS Audit and IFRS for Oil & Gas Industry training course develops an essential understanding of oil & gas accounting, reporting and performance measurement issues and practice and provides a detailed understanding of how to undertake system audits both of supplier companies and your own organisation. The emphasis on the results of auditing will be a focus for delegates to assist their own organisations in achieving improved performance in their businesses in the three given areas of quality, environment and health and safety, leading to improved profitability.

Duration

10 Days

Who Should Attend

  • Corporate accountants, financial controllers, treasury officers, management accountants
  • External, financial and internal auditors
  • Senior managers keen to see how to initiate improvement and increased profitability in operations, as well as improvement in environment and health and safety
  • Operations’ managers needing to gain an understanding of enhanced control and departmental improvements
  • Quality, environmental and health and safety managers wishing to enhance their knowledge of how to better manage their specialty staff and departments
  • All staff involved in receiving third party certification auditors

  • Understand the accounting standards, policies and practices used by companies in the oil & gas industry
  • Examine issues and guidelines in accounting for joint ventures
  • Identify and know how to apply international and national accounting standards most relevant to the industry
  • Improve relevance and reliability of financial reports to better meet the needs of users
  • Review and use publicly available information for benchmarking the business performance of companies in the industry
  • Plan, conduct and report management system audits focused on improvement & be a driving force in an organisation’s improvement processes

Course Outline

Quality Management System (QMS) Audit

  • ISO 29001:2010 and 9001:2015 QMS international standards
  • Review of 29001 clauses 4-8 and 9001 clause 9 internal audit requirements
  • Quality system requirements
  • Types and Levels of QMS internal audits
  • Documentation in the Quality Management System (QMS)
  • Roles and Responsibility of Auditors

Audit Preparation and Setup

  • Terminology and definitions
  • Audit concepts and principles
  • Planning and conducting effective audits
  • Producing audit programme and procedure
  • Audit terms of reference
  • Interview and note-taking skills

Conducting an Internal Audit

  • Internal audit process
  • Creation of effective audit checklists
  • Communications during audit
  • QMS documentation review
  • Key personnel interviews
  • Physical site observation

Preparing Audit Report

  • Review of non-conformities and observations
  • Audit findings and conclusions
  • Preparation of internal audit report
  • Corrective action plan
  • Presentation of audit report
  • Monitoring and close-out of non-conformities

Review of Internal Audit Process & Assessment

  • Review of internal audit process
  • Review of internal audit reporting

 International Financial Reporting Standards (IFRS) for the Oil & Gas Industry

Major Accounting Issues facing the Oil & Gas and Petrochemical Industry

(Upstream, Midstream & Downstream) and the Role of IFRS

  • The latest accounting issues facing the oil & gas and petrochemical industry (upstream, midstream & downstream)
  • The impact of commodity prices, currency & interest rate fluctuations and political and environmental developments
  • The impact on strategic development and growth within the industry
  • Establishing the case for IFRS
  • An overview of IFRS in relation to the oil & gas industry
  • The annual reports & financial statements of leading international petroleum companies

Accounting for Assets in the Oil & Gas and Petrochemical Industry

(Upstream, Midstream & Downstream)

  • IAS 16: Property, plant and equipment and depletion, depreciation & amortisation (“DD&A”)
  • IAS 36: Impairment of assets
  • IFRS 6: Exploration for and evaluation of mineral assets and the accounting approaches
  • IFRS 13: Fair value measurement
  • IAS 2: Inventories
  • Reserve reporting

Accounting for Business Combinations, Joint Ventures &  Production Sharing Agreements (“PSA”s) 

  • IFRS 3: Business combinations
  • IFRS 10: Consolidated financial statements
  • IAS 38: Intangible assets
  • IFRS 12: Disclosure of interests on other entities
  • IFRS 11: Joint arrangements
  • Break even oil, cost oil & profit oil

Accounting for Cash Flow & Financial Instruments in the Oil & Gas and Petrochemical Industry

(Upstream, Midstream & Downstream)

  • IAS 7 statement of cash flows
  • The use of derivatives in the oil & gas & petrochemical sector to manage the commodity, currency and interest-rate risks, et.
  • Treasury management issues for multi-nationals
  • IFRS 7 Financial instruments: Disclosures
  • IFRS 9 Financial instruments
  • Evaluating the cash flow & use of financial instruments by leading international oil & gas and petrochemical companies

Creative Accounting and Corporate Governance

  • Creative accounting
  • Enron and investor protection
  • Corporate governance
  • The role of the board & audit committee
  • External auditing - reporting to investors
  • Internal auditing - defining and developing the internal audit process

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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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.