Auditing in the Exploration & Production Industry

HOT Engineering
Course summary
5 days
3,100 EUR excl. VAT
Next available date: 29/06/2020 - Vienna
Open / Scheduled

Auditing in the Exploration & Production Industry

Auditing in the Exploration & Production Industry course

Auditing in the Exploration & Production Industry - 5-day oil and gas course from HOT Engineering

This course is an intensive training program designed to improve the skills of participants involved in the financial and contractual auditing of upstream oil & gas exploration and production activities.

The objective of this course is to enhance your understanding of the various audit principles and practices being applied today.

Extensive use is made of realistic oil industry-based exercises and case studies. The exercises and case study materials are designed to reinforce the key teaching points and to provide participants with the opportunity to apply the lessons learned in a practical and enjoyable format.

Suitability - Who should attend?

This course is especially relevant, if you are:

  • Totally new to the discipline of financial audit
  • An experienced audit practitioner, keen to update your auditing techniques
  • A professional from any discipline, intending to take part in internal or joint-venture audits
  • A professional with a background in statutory audit in the accountancy profession, requiring an insight into internal and joint-venture audit areas

Outcome / Qualification etc.

By the end of the course participants will feel confident in their understanding of:

  • How to apply a structured methodology for conducting oil industry internal, production-sharing and joint-venture audits
  • How to implement the benefits of a multi-discipline team audit approach
  • How to adopt a model of best practice for conducting audits
  • How to apply a risk-based approach to audit
  • How to investigate fraud

Training Course Content

The course covers:

  • Introduction
    - Origins and purpose of audit
    - Audit types
  • Audit Concepts
    - Independence - its application in different types of audit
    - Controls - objectives of controls and their application
  • Internal Audit
    - The function and objectives of the Internal Audit group
    - Contract audits
    - Fraud investigation
  • Audit Techniques
    - Audit preparation and planning - to ensure an effective audit
    - Risk assessment - techniques to determine audit priorities
    - Testing/sampling - techniques to verify accounts and controls
    - Interviewing techniques
    - Flowcharting techniques and their application
    - Reporting
    - Team management - to ensure resources are used effectively
  • Joint Venture Audit
    - Developing a model of joint venture audit best practice
    - The audit cycle - planning, implementation, results, reporting
    - Joint Venture accounting and the major audit issues that arise
    - Multi-venture audits
    - UKOOA SOAP 2
  • Production Sharing Contracts Audit
    - Background
    - Key aspects of audit


The course fee includes tuition, course material, refreshments and lunch per session day and a 100 EURO non-refundable registration fee. Course fees do NOT include accommodation or living costs.

This course utilises computers. Additional computer fee: 250 EUR +VAT.

Applicable taxes will be added. 

The course is held at a top quality hotel with excellent meeting facilities.

Provider: HOT Engineering

HOTEngineering - Oil & Gas Courses, Reservoir Solutions & Quality Assurance

HOT – World Class Training for Oil & Gas Professionals

HOT is a leading oil and gas training provider and E&P consulting company. We come together as a multidisciplinary team, combining 33 years of training and consulting experience to deliver state of the art public courses, bespoke in-house courses, long-term...

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Contact information for HOT Engineering

HOT Engineering

Parkstrasse 6
A-8700 Leoben

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Reviews by course attendees

Course Delegate, Mitsui E&P Middle East B.V.
The course was excellent; the real-life based exercises helped me a lot, and can be used in our future JV audit. This will give me more confidence in participating in the JV audit team, as it will enable me to apply a lot of gained techniques.
Course Delegate, Mitsui E&P Middle East B.V.
The trainer demonstrated an impressive knowledge about the oil & gas industry coupled with really practical examples. Excellent trainer who is very interactive with good communication skills and an excellent personality. I really enjoyed this course, full of knowledge sharing and interaction between the trainer & team.
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