Course description

An intensive training programmer designed to improve the skills of those involved in auditing of upstream oil/gas exploration and production activities.

At the end of this course you will have enhanced your understanding of the various audit principles and practices being applied today. You will be able to:

  • apply a structured methodology for conducting oil industry internal, production sharing and joint venture audits
  • implement the benefits of a multi-discipline team audit approach
  • adopt a model of best practice for conducting audits

The course concentrates on aspects of auditing unique to the E&P business.


-        personnel who are new to the discipline of audit

-        experienced audit practitioners who wish to update their auditing techniques

-        personnel from any discipline who intend to take part in internal or joint-venture audits

-        personnel with a background in statutory audit in the accountancy profession who want insights into internal and joint-venture audits


Course content

  • Origins and purpose of audit
  • Audit types
  • Independence - its application in different types of audit
  • Controls – objectives of controls and their application
  • Risk assessment – techniques to determine audit priorities
  • Audit preparation and planning – to ensure an effective audit
  • Testing/sampling – techniques to verify accounts, system, or controls
  • Interviewing techniques
  • Flowcharting techniques and their application
  • Reporting
  • Team management – to ensure resources are used effectively
  • Developing a model of internal best practice
  • Contract audits
  • Background
  • Key aspects of audit
  • Developing a model of joint venture audit best practice
  • The audit cycle - planning, implementation, results, reporting
  • Joint Venture accounting and the major audit issues that arise
  • Multi-venture audits

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