AUDITING IN THE OIL AND GAS INDUSTRY

Introduction:

More and more countries are implementing International Standards on Auditing established by the International Auditing and Assurance Standards Board (IAASB), which are now the primary global auditing standards. The audit criteria in his training will concentrate on the ISA specifications and target audit risk areas related to the audit of the oil and gas companies’ financial statements. This course focuses on the proper implementation of the ISAs and raising problems in auditing that occur routinely in practice. During this course, participants will learn about auditing the risk areas in oil and gas companies, consider the effect of fraud in these companies and formulate controls and measures for fraud prevention and detection, prepare, perform and conclude an external audit in the most effective manner, while gaining useful insights into audit concerns in all areas of the audit file.

Course Objectives;

At the end of this course, participants will be able to:

• Explain the position of the external and internal auditor and the confidence they offer investors in oil and gas businesses.
• Demonstrate a sound knowledge of the nature of oil and gas firms and the associated threats linked to these businesses
• Acquire a detailed understanding of the relevant fieldwork in all areas of the audit file and usual issues and problems.
• State the process of conducting an audit

Course Outline:

Day 1: Oil and Gas Market

• Knowing the oil and gas market and the risks in the market
• Chain of ownership for oil and gas, and significant accounting problems
• Activities upstream, midstream, and downstream
• Regulations and Laws

Day 2: Revenue, investments and Joint Partnerships

• Recognition of sales-contracts
• Joint venture audit
• Auditing operations that are outsourced
• Third party due diligence programs

Day 3: Fraud, Disability and Regulations

• Prevention of fraud, and prevention of fraud
• Issues surrounding procurements
• An important role of internal audit at the oil and gas companies
• Executive audits

Day 4: Stocks, Financial Instruments, etc

• Oil and Gas Reserves Audits
• Relying on expert jobs
• Financial instruments
• Other concerns surrounding auditing

Day 5: Corporate Governance, Internal Audit and Reporting

• Issues in governance
• Details of both internal and external audits
• Corporate boards – Risk and Policy viewpoints

Who should attend?

• Internal and External Auditors dealing with Oil and Gas firms
• Management and Financial employees within audit firms that deal with Oil and Gas companies.

Delivery Method: Lectures, discussions, syndicate work, case studies, role – play and group exercises. Audio – Visual aids will be used to reinforce these training and learning methods.

Venue: Rwanda

Fee: $5,000.00

Duration: 1 Week

Course Date: Jul 24th – 28th 2023