The Energy and Oil Sector Audit Training Course is a specialised training course in financial audit for organisations in the oil, gas, and energy sectors. The oil, gas, and energy sectors have a unique set of challenges that require a specific type of knowledge to properly audit them due to the complexity of the regulatory environment, the amount of capital required to do business, and the extreme risks associated with these operations. Learning how to audit an oil, gas, or energy sector company will allow you to effectively audit companies operating in upstream, midstream, and downstream operations, including exploration, production, refining, distributing, and generating power.
The Energy and Oil Sector Audit Training Course is one of the specialised training programs offered by the Imperial Corporate Training Institute that allows the participants to gain practical audit techniques, industry-specific risk assessment, and compliance-focused audit approaches that are aligned with international financial reporting standards. The course also covers real-life audit scenarios, contract structures, revenue models, and cost allocations, as well as how to report reserves and consider sustainability in your audit work. The course is designed to help you confidently and accurately audit the financial statements of oil and energy sector companies by providing you with the necessary knowledge, skills, and tools.
Objectives
By completing the Energy and Oil Sector Audit Training Course, participants will be able to:
- Comprehend how the oil, gas, and energy industries are structured and how they operate financially
- Utilise financial audit methodology tailored to each area of energy-based operations for audit purposes
- Identify and mitigate the unique audit risks associated with exploration, production, transport and distribution, marketing and retail of oil and gas products
- Evaluate compliance with International Financial Reporting Standards applicable to the energy industry
- Perform audits of capital-intensive projects, Joint Ventures and Production Sharing Agreements
- Evaluate how Revenue Recognition and Income Recognition is practised by the oil, gas and energy companies
- Review how the energy sectors account for their costs, determine their depreciation rates and recognise if their assets have been impaired
- Evaluate how Energy companies maintain their system of internal control as it pertains to their Operations and Supply Chains
- Audit the provisions for environmental protections, decommissioning activities and abandonment
- Develop the auditor’s judgment when dealing with complex Energy Audit engagements
Target Audience
- People who work in audit or financial oversight of the Oil and Gas Sector would benefit from this training, including:
- Internal and External Auditors employed by Entities engaged in the Energy or Oil Sectors
- Financial Controllers and Managers of Oil, Gas or Energy Companies
- Compliance and Risk Management Professionals
- Accounting or Auditing Professionals looking to develop Sector-specific Expertise
- Consultants who provide Audit, Financial or Regulatory Advisory Services
- Persons charged with Regulatory Oversight of the Energy Sector