The Audit Reporting and Documenting Course provided by Imperial Corporate Training Institute will provide participants who work in the oil and gas industry with insight into the audit reporting process, the importance of accurate documentation, and the need for contract compliance. Participants will learn about the various PSA frameworks so that they can accurately assess exploration/production operations, verify expenses, and prepare International Standard Audit Reports based on PSAs.
Furthermore, participants will acquire the capabilities to navigate complex PSA agreements and will receive guidance on applying audit best practices to both financial and operational audits in order to maximise their ability to monitor all of the provisions contained within the PSA.
This course combines both theoretical training and hands-on application through the use of industry specific case studies and examples. Participants will leave the program with the ability to develop and implement auditing documentation processes that generate appropriately completed International Audit Reports that meet their contractual obligations. This course is developed specifically for both new and experienced auditors who are looking to increase their proficiency in PSA audit methodology and best practices associated with contract compliance.
Objectives
By the end of this course, participants will be able to:
- Recognize the primary components of Production Sharing Agreement audit implications from a financial/operational perspective.
- Develop expertise in Exploration and Production Audit Reporting techniques for Oil & Gas Industry Auditors and Controllers.
- Build the necessary skills and competencies to be successful when preparing any form of exploration/production financial statements, operations statements, or compliance record-keeping.
- Understand how to identify and manage potential risks associated with Joint Venture/Production Sharing Agreements.
- Use established industry methods when assessing allowable costs; revenues; expenditures; etc., under the PSA.
- Provide an informed and supported basis to enhance your organization’s decision-making capabilities through an effective reporting and documentation structure.
Target Audience
- An auditor/controller (financial) working for an oil and gas company,
- A compliance officer responsible for overseeing regulatory reporting and contract compliance (to ensure compliance),
- A project manager or engineer who manages operations under PSA/Joint Ventures,
- A consultant/analyst interested in developing a specialization in PSA Audit Reporting.