Oil, Gas and Petrochemical Internal Audit College

ACI Learning
Course summary
Professional Training
5 days
Course Dates
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Course description

Oil, Gas and Petrochemical Internal Audit College

This course provides practical guidance on risk-based auditing tailored specifically for oil, gas and petrochemical companies. It teaches participants how to identify and prioritize the risks, and assess the efficiency, effectiveness and economics of both core and non-core business processes.

Suitability - Who should attend?

Internal and external auditors, compliance and risk management professionals in the oil, gas and petrochemical industry.


  • Fundamentals of Internal Auditing

Outcome / Qualification etc.

NASBA Certified CPE: 40 Credits Auditing

What You'll Learn

You will learn the different types of risk assessments and how to satisfy regulatory requirements regarding IT risk management.

Training Course Content

Session 1: Setting the scene - internal auditing today

  • Understanding the importance of enterprise risk management
  • Understand the importance of prioritizing audit results and aligning them with corporate and enterprise risk
  • Leading edge trends and top priorities for internal audit
  • Class discussion: issues and challenges for IA and for the sector
  • Managing the 360 degree perspective of risks & opportunities (reputation, health, safety, environmental, social and ethical risks)

Session 2: Understanding risk management and risk based auditing

  • Risk management terminology and the key system components
  • An introduction to the principles of risk based internal auditing
  • IIA guidance and direction
  • The risk maturity framework
  • The fundamentals of operational auditing
  • Understanding the differences between operational and traditional auditing
  • The 6 E's – efficiency, effectiveness, economics, environment, equity and ethics

Session 3: Auditing the Procurement Function

  • Procurement strategy
  • Identification of the core purchasing activities and control objectives
  • Vender selection/pre-qualification
  • Tender boards and processes
  • Call-off orders
  • Segregation of duties controls
  • Vendor Vetting
  • Weighted Scale Selection Criteria
  • Procurement Team Make-up
  • What does a kickback look back and what are the effects on various legislation.
  • Case study: Sustainable development principles and procurement policy for an oil company.

Session 4: Auditing inventory management

  • Setting out the key risks
  • The primary audit objectives of existence, title, accuracy and realisable value
  • Keys to effective inventory management
  • Policies, procedures and management performance
  • Using analytical procedures to test inventory
  • The importance of the stock count
  • Estimating Intangible inventory
  • Use of Specialty Vendors to measure inventory

Session 5: Auditing major contracts

  • Understanding the different types of contract and audits required
  • Differentiating between the various key stages of
  • Contract life cycle
  • Reviewing generic contract management risks
  • Recognising the key areas for fraudulent activity
  • Identifying the best time to be involved
  • Identifying on how and when to report issues on long term projects

Session 6: Auditing turnaround (shutdown) contracts

  • Vender audits
  • Emergent work and accruals
  • Shutdown maintenance contracts
  • Key areas for fraud

Session 7: Auditing governance and ethics

  • The importance of the “tone at the top”
  • Identifying the ethics & governance framework and Key risks
  • IIA guidance on auditing organisational governance
  • Ethics, conflicts of interest and corruption
  • Illegal information brokers
  • Measuring ethical behaviors
  • Importance of a fraud hotline
  • How far should a fraud hotline be rolled out.
  • Managing the fraud hotline

Session 8: Auditing Health, Safety and Environmental Management Systems

  • Confirming internal audit's role
  • Getting buy-in from the specialists
  • Health, safety and environmental strategies
  • Adding value: audit's role and sustainability reporting

Session 9: Audit Report Writing

  • Thinking about your report from the beginning of fieldwork
  • Understanding who your stakeholder's are and what they want from Internal Audit
  • Structuring your report
  • Structuring audit findings and getting the messages across
  • Timing of audit reports and the use of interim reports
  • Successful audit findings and management action plans

Session 10: Auditing projects

  • What constitutes a project?
  • Recognising the differences in roles between the consultant & the auditor
  • Determining the key stakeholders, project governance framework and key performance indicators
  • Assessing project management, monitoring & control
  • Identifying the key risks & opportunities
  • Identifying vendor risk and identifying key vendors
  • Fraud hot spots and management/correction actions when errors or fraud are detected
  • Auditing for Conflicts of Interest

Session 11: Auditing joint ventures

  • Understanding the different types of joint ventures agreements and types of audit that may be required
  • Establishing communications channels
  • Determining the specific contractual arrangements and the extent of audit rights/ defining the boundaries
  • Audit clauses for JV agreements
  • Identifying sources of information and any potential JV & audit sensitivities
  • Reliance of JV audits and information's and the related correlations to internal audit work
  • Disclosure of reliance on outside information

Session 12: Auditing Outsourced operations

  • The broadening scope of outsourced activities
  • The decision to outsource and strategic implications
  • The importance of contractual arrangements and performance measurements
  • The implications of Sarbanes Oxley & SAS 70s
  • Evaluating the key risks
  • Managing the audit protocols and any sensitivities

Provider: ACI Learning

ACI Learning

At ACI Learning, we train leaders in Cybersecurity, Audit, and Information Technology. Whether you're starting your IT career, mastering your profession, or developing your team, we're with you every step of the way. We believe that training is not a...

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Contact information for ACI Learning

ACI Learning

MIS Training Institute
30 Crown Place
EC2A 4EB London

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Reviews by course attendees

Average rating 4.3

Based on 6 reviews.

Wendy S.
The course focuses on the main risks and audit checks to look for in the oil, gas and petrochemical Industries.
Julia L.
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