Strategic Oil and Gas Auditing Excellence: Risk, Assurance and Governance
Introduction
The oil and gas industry operates in one of the most complex financial, regulatory, and operational environments. With the increasing adoption of **International Standards on Auditing (ISAs)** by countries worldwide, auditors must navigate not only technical requirements but also industry-specific risks. This programme equips participants with the knowledge and practical skills to conduct efficient, effective, and compliant audits in the oil and gas sector.
Through **formal presentations, case studies, quizzes, and role plays**, delegates will develop both the **technical expertise** required for auditing and the **essential people skills**—such as communication, teamwork, and conflict management—that are vital for audit professionals.
Key Features
* A deep dive into **ISA requirements** and their application to oil and gas companies.
* Coverage of **audit risk areas** unique to upstream, midstream, and downstream activities.
* Focus on **fraud prevention and detection**, with practical tests and controls.
* Insights into **audit planning, execution, and reporting** for external and internal audits.
* Practical role-play and case study exercises to enhance **soft skills and team collaboration**.
Objectives
By the end of this course, participants will be able to:
* Understand the role of external and internal auditors in providing assurance to investors.
* Evaluate **oil and gas operations** and their inherent risks.
* Apply **ISA standards** effectively in auditing oil and gas companies.
* Plan and execute efficient audits while managing fraud risks.
* Build and strengthen **internal audit functions**.
* Communicate findings and opinions clearly to stakeholders, boards, and regulators.
Who Should Attend
* External auditors working with oil and gas companies.
* Internal auditors in the oil and gas sector.
* Finance managers, controllers, and compliance officers.
* Risk managers and governance professionals.
* Regulators and consultants dealing with oil and gas audit compliance.
Methodology
This highly interactive programme blends:
* **Lectures and presentations** for conceptual clarity.
* **Case studies** drawn from real-world oil and gas auditing scenarios.
* **Role plays** to practice team dynamics, communication, and conflict resolution.
* **Quizzes and exercises** to reinforce technical ISA knowledge.
Course Content
Day One – Understanding Oil and Gas Companies
* The oil and gas value chain: upstream, midstream, downstream.
* Industry-specific risks and accounting challenges.
* Legal and regulatory frameworks.
* Emerging risks in the sector.
Day Two – Revenue, Joint Ventures and Reserves
* Revenue recognition challenges in oil and gas contracts.
* Auditing shutdown management processes.
* Auditing joint ventures and outsourced operations.
* Due diligence programmes for third parties.
* Auditing reserves reporting issues.
Day Three – Fraud, Impairment and Provisions
* Fraud prevention and detection strategies.
* Procurement risks and controls.
* Designing effective internal audit functions.
* Operational audits in oil and gas.
* Decommissioning and environmental provisions.
* Auditing non-current assets and impairment.
Day Four – Reserves, Financial Instruments and Other Issues
* Auditing reserves and reliance on experts.
* Financial instruments: recognition and auditing challenges.
* Other emerging audit considerations.
Day Five – Corporate Governance, Internal Controls and Audit Reports
* Corporate governance and Sarbanes-Oxley requirements.
* Strengthening internal control frameworks.
* Preparing and presenting external and internal audit reports.
* Communicating findings with boards, regulators, and stakeholders.
Benefits of Attending
* Gain **confidence in applying ISAs** to oil and gas auditing.
* Master auditing of **revenue, reserves, and joint ventures**.
* Develop skills to **prevent, detect, and respond to fraud**.
* Strengthen knowledge of **governance, risk, and compliance frameworks**.
* Improve **soft skills** for client communication and teamwork.
* Deliver more timely and insightful **audit reports** to stakeholders.
Enquiries and Registration
Enquiry at : admin@keleaders.com
Whatsapp: 0044 790 125 9494
For more details visit our website : www.keleaders.com
