The Joint Venture Operating Agreement Audit Training Course is a training program that focuses on the oil and gas industry’s specialised needs related to Joint Operating Agreements (JOA) in joint venture structures and how these agreements are subject to contract, regulatory and contractual auditing requirements. For this reason, JOAs are essential in defining the rights and obligations of the joint venture partners and to provide a framework for defining cost sharing, governance, operational control and so forth. In turn, this course is designed to provide the participants with the skills to understand the business, financial and operational components of a JOA and how they impact the audit process for upstream and midstream.
The course is conducted through the Imperial Corporate Training Institute which bridges the gap between understanding the contractual/judicial nature of JOAs and how they are completed in a real-world context. All participants will have an idea of how to plan, execute, document and conclude audits in a joint venture environment. Another key element of this training course is identifying the risks associated with audits, verifying compliance, assessing the recovery of costs, and resolving disputes contained in JOAs. The structured modules of this training programme will develop the ability of participants to assess the integrity of the audit, enhance governance supervision, and strengthen the financial/operational transparency of joint venture environments.
Objectives
By the end of this Joint Venture Joint Operating Agreement Audit Training Course, participants will be able to:
- Identify the elements of the most common joint operating agreements related to oil and gas joint ventures.
- Determine how the execution of the joint operating agreement will directly impact all aspects of the audit scope and methodology.
- Establish and maintain a systematic approach to the audit process that aligns with the provisions of the joint operating agreement.
- Identify the most likely common audit risk factors and internal control weaknesses associated with the operations of a joint operation.
- Evaluate how expenditures will be allocated and recovered by each party, and the extent to which operators comply with the terms of the agreement regarding their operations.
- Evaluate how governance, authority to make decisions, and voting mechanisms established in the joint operating agreement directly relate to audit processes and controls.
- Establish audit programmes that are unique to joint operating agreements.
- Enhance the content, quality, and follow-up on audit documentation and reports.
- Enhance collaborative efforts of auditors, operators, and non-operating partners.
- Utilize effective audit findings to assist in the prevention and resolution of disputes.
Target Audience
This oil and gas training course is suitable for professionals involved in joint venture governance, auditing, finance, and contract management, including:
- Internal and external auditors working with oil and gas joint ventures
- Joint venture accountants and financial controllers
- Contract and commercial managers
- Non-operating partner representatives
- Compliance and risk management professionals
- Petroleum economists and cost analysts
- Legal professionals involved in joint operating agreements
- Government and regulatory auditors overseeing joint venture operations
- Senior managers responsible for joint venture oversight