Imperial Corporate Training Institute offers Oil and Gas JV Audit Best Practices Training Course. This course provides professionals within the Oils and Gas sector with a comprehensive understanding of how the Oil & Gas industry utilises Joint Ventures as part of its strategic operational model. Effective audit practices are critical due to the need for financial transparency, cost control, compliance, and build confidence with Joint Venture Partners. The course presents internationally recognised “Best Practice” methodologies for executing audits in complex Oil and Gas Joint Ventures and delivers knowledge from a technical aspect and a practical point of view.
The Program uses a structured approach and is applied to the Governance Framework, audit planning, cost recovery procedures, identification of risk, and the reporting of Audits. Students in the program will gain insight into how Joint Venture Agreements, accounting procedures and operating controls work together, and how Auditors should evaluate these controls objectively and consistently. Upon successful completion of the Program, students will be able to apply robust audit methodologies, which comply with Best Practice within the Oil and Gas Industry, and will have made a valuable contribution to the quality of the audit process, enhanced support for the decision-making process and improved the overall success of the Joint Venture.
Objectives
By completing the Oil and Gas JV Audit Best Practices Training Course, participants will be able to:
- Learn how to create and manage Joint Ventures for Oil and Gas.
- Learn how to incorporate best practices into auditing a Joint Venture.
- Learn how to tailor auditing methodology to the Oil and Gas Joint Venture environment.
- Learn how to understand the Joint Venture Agreement and Audit Methodology.
- Learn to identify the primary financial, Operating, and compliance risk associated with Joint Ventures.
- Learn about Cost Recovery, Overhead Allocation, and Expenditure Controls.
- Learn about Internal controls and Governance for Joint Ventures.
- Learn how to complete an Auditing Assignment in accordance with International Auditing Standards.
- Create a clear, Professional and Value-adding Joint Venture Audit Report.
- Create Value by Building Strong Partnerships between Operators, Non-Operators, and Auditors.
Target Audience
This course is suitable for professionals involved in auditing, finance, and governance within the oil and gas industry, including:
- Internal and external auditors working on oil and gas joint ventures
- Finance managers and financial controllers in JV operations
- Joint venture accountants and cost controllers
- Compliance and risk management professionals
- Petroleum economists and commercial analysts
- Contract, finance, and audit professionals supporting oil and gas projects
- Government and regulatory staff involved in oil and gas audit oversight
- Professionals seeking to strengthen their expertise in JV audit best practices