Upstream Contracts AuditGIP/UCA

Who should attend?

  • This course provides participants a detailed understanding of principles and methods of upstream contracts audit.
Audience :
  • 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.

Level : Proficiency

Course Content

  • CONTRACTUAL ACCOUNTING

      • 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

      • Audit rights.
      • Organization of the audit: partners, operator.
      • Auditing respect of at cost principle.
      • Exercises.
  • SPECIFICITIES OF STATE AUDIT

      • 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

      • Audit preparation.
      • During the audit.
      • Conclusion of the audit.
      • Audit supervisor role.
      • Audit report and follow-up.

Learning Objectives

  • 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.

Ways & Means

  • Case studies and exercises based on recent industrial cases.