Course description
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 course will highlight ISA requirements and target audit risk areas that are pertinent to the audit of the financial statements of oil and gas companies.
Mastering Auditing in Oil and Gas Industry training course focuses on the correct application of the ISAs and common auditing issues that occur regularly in practice.the course will provide participants with an understanding of the principles and practices applied in auditing activities undertaken in the upstream oil and gas industry.
Upcoming start dates
Upcoming start dates
Suitability - Who should attend?
Mastering Auditing in Oil and Gas Industry Training course, is ideal for;
- personnel who are new to the discipline of audit
- experienced audit practitioners who wish to update their auditing techniques
- personnel from any discipline who intend to take part in internal or joint-venture audits
- personnel with a background in statutory audit in the accountancy profession who want insights into internal and joint-venture audits
Outcome / Qualification etc.
At the end of the Mastering Auditing in Oil and Gas Industry training course , you 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 how the audit opinion is derived and communicated along with weaknesses found during the audit process
- Understand the audit completion process
Training Course Content
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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London Premier Centre
London Premier Centre is a UK leading training provider based in London and specialises in international short courses. Our inspiring, comprehensive portfolio of more than 400 professional development courses and seminars covers a wide range of professions from Administration, Leadership,...