Auditing in Petroleum Exploration & Production

This course is ideal for:

• Internal auditors in oil & gas companies
• Joint venture auditors and cost recovery auditors
• Financial controllers and compliance officers
• E&P finance professionals involved in assurance and governance
• Government auditors overseeing PSC compliance
• Audit consultants in the energy sector

A working knowledge of accounting or internal audit processes

 Introduction to the E&P Environment for Auditors
- Upstream value chain: From exploration to abandonment
- Financial structure of E&P projects
- Key contracts: JOA, PSC, concession
- Auditor’s role in governance and assurance
Cost Structures, Accounting Methods & Risk Areas
- CAPEX vs OPEX in E&P
- Full Cost vs Successful Efforts methods
- Tangible/intangible costs
- Common audit issues in procurement, drilling, and operations
Joint Venture and PSC Auditing
- Audit rights in JOA & PSCs
- Reviewing cash calls, JV billings, and AFEs
- Cost recovery auditing
- Audit planning, sampling, and testing approaches
Internal Controls, Fraud Risk & Compliance Audits
- Controls over financial reporting in E&P
- Inventory, logistics, and asset tracking audits
- Common fraud risks in upstream operations
- Compliance with IFRS, government obligations, and contracts
Audit Reporting & Case Studies
- Writing audit findings and recommendations
- Managing disputes and JV audit challenges
- Presenting results to internal and external stakeholders
- Real-world case study and team presentations