Mastering Auditing in Oil and Gas Industry

Mastering Auditing in Oil and Gas Industry

Monday 15 Nov 2021

  • Duration: One Week
  • City: Madrid
  • Fees: Classroom: 4700 GBP / Online: 2350 GBP



International Standards on Auditing (ISAs) developed by The International Auditing and Assurance Standards Board (IAASB) are being adopted by more and more countries and now represent the main global auditing standards.

The audit considerations in this course will highlight ISA requirements and target audit risk areas that are pertinent to the audit of the financial statements of oil and gas companies.

This intensive course focuses on the correct application of the ISAs and common auditing issues that occur regularly in practice.

In order to make the programme as practical as possible it includes formal presentations, quizzes, case studies and role play exercises so that “essential people skills” are improved along with the technical knowledge.


• Comprehend the role of the external and internal auditor and the confidence they give to investors in oil and gas companies.
• Comprehend how oil and gas companies work and the associated risks connected with such companies.
• Comprehending the vital role of communication with the client, the audit team and possibly with regulators in a whistle-blowing situation.
• Comprehending how fraud can affect on an audit and the auditor’s duties in this respect.
• Get a thorough understanding of the fieldwork required in all areas of the audit file and typical problems and issues.
• Comprehend the audit completion process
• Comprehend how the audit opinion is derived and communicated along with weaknesses found during the audit process

Course Outline

Day 1

Comprehending Oil and Gas Companies

• Oil and Gas Companies – understanding the industry and the risks.
• Oil and gas value chain and significant accounting issues.
• Upstream, midstream and downstream activities.
• Laws and Regulations.
• Emerging Risk Areas.

Day 2

Revenue, Joint Ventures and Reserves

• Revenue recognition – contracts.
• Auditing shutdown management.
• Auditing Joint Ventures.
• Auditing outsourced operations.
• Due diligence programs on third parties.
• Reserves reporting issues.

Day 3

Fraud, Impairment and Provisions

• Fraud, fraud prevention and detection.
• Procurement issues.
• An effective internal audit function in oil and gas companies.
• Operational audits.
• Decommissioning and environmental provisions.
• Non-current assets and impairment.

Day 4

Reserves, Financial Instruments and other Issues

• Auditing oil and gas reserves.
• Relying on the work of experts.
• Financial Instruments.
• Other auditing issues.

Day 5

Corporate Governance, Internal Controls and Audit Reports

• Governance issues.
• Sarbanes Oxley.
• External and Internal Audit Reports.
• Corporate Boards – perspective on risk and compliance issues.

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