5 days GIP/UCA
- For upstream personnel who will conduct joint-venture audits, or will be audited by partners in a joint-venture, for State auditors in charge of auditing Oil & Gas contracts, for executives who look for a comprehensive understanding of issues linked to contractual audit.
- This course provides participants a detailed understanding of principles and methods of upstream contracts audit.
- Upon completion of the course, participants will be able to:
- prepare and lead a contractual audit,
- identify the risks related to accounting in Oil & Gas industry,
- set up an audit structure.
- Basic knowledge of the contractual and financial framework of E&P and/or a minimum 5 to 10 years’ experience in financial functions in the E&P sector.
Ways and means
- Case studies and exercises based on recent industrial cases.
Contractual accounting 1 day
- Joint Operating Agreements and accounting appendix.
- Upstream tax issues.
- Production Sharing Contracts (PSC) and accounting procedures.
- Joint costs and recoverable costs.
- At cost principle and implementation.
- Bases of operator's cost accounting.
Specificities of joint venture audit 1.5 days
- Audit rights.
- Organization of the audit: partners, operator.
- Auditing respect of at cost principle.
Specificities of state audit 1.5 days
- Audit rights.
- Organization of the State audit, auditors qualification.
- Articulation between joint-venture audit and State audit.
- Key elements of contract and accounting procedure.
- Case study.
Conducting a contract audit 1 day
- Audit preparation.
- During the audit.
- Conclusion of the audit.
- Audit supervisor role.
- Audit report and follow-up.