Auditing in the Oil & Gas Industry
Dubai, UAE,
24 - 26 October 2016
Course Objectives
This is a 3-day intensive, interactive and effective course on the auditing principles and practices specific to the international oil and gas industry. Course participants will gain in-depth insights into the key risks confronting the industry and best practice audit methodology with hands-on application that can be implemented in the workplace with immediate results.
In Specific You will Learn and Master:
- various aspects of an oil and gas company’s value chain – upstream, midstream and downstream
- drilling operations and the audit risks arising from cost allocations
- main agreements (JOA and PSC) used in the industry
- distinct roles of the joint venture auditor and government auditor
- hands-on ability to analyse a transaction listing (JADE) for audit planning
- revenue accounting and the implications for audit
Most Effective Facilitation Method
This course will have a blended learning approach comprising lecturing, questioning, analysis, listening, storytelling, structured case studies, workshops/worked examples and discussion. Calculators/laptops will be necessary throughout the course.
One of the key points of differentiation of this course is that participants will be given access to transaction data which they will be asked to analyse for the purposes of planning the audit. This hands-on approach will be invaluable and the skills learned will be immediately applicable on audits upon completion of this course.
Participants will also be led through worked examples by the Facilitator before being given the opportunity to complete structured case study questions in groups. The opportunity to work in groups will help to build teamwork and communication skills needed to tackle the challenging auditing work.
There will be special emphasis on helping participants to understand the possible scenarios and challenges they may face, and how they may be dealt with back at the workplace.
Role Play: The Facilitator will arrange the participants into two groups (auditors and operators) and conduct the role play exercise on the final day of the course which will be highly interactive and an opportunity to implement the learning during the course.
For a copy of the FULL AGENDA,
please contact: hayat@neo-edge.com
Hayat
Telephone: +65 6557 9167
3-Day Course Outline
Day One
- The developing oil and gas industry
- Key risks faced by oil and gas companies
- Role of audit in mitigating risks
- Understanding the essentials of oil and gas value chain (upstream, downstream and midstream)
- Drilling operations
- The types of audit engagements (JV, vendor, PSC)
- Production and revenue audits
Day Two
- Accounting for revenue for oil and gas companies
- Understanding cost allocations and their impact on the audit
- Getting started – analysing the electronic transaction listing (JADE)
- Identifying key areas of audit risk for a JV audit
- Conducting a vendor/contractor audit
Day Three
Integrated Case Study and Role Play – participants are divided into two groups. One group plays the role of the auditor while the other group acts as the Operator or Government (regulator). The auditor group will complete a case study and then present their findings while the Operator/government side will prepare a response/rebuttal to the auditor’s findings.
This integrated case study will be highly interactive and provide an excellent opportunity for all participants to gain an insight into the practical aspects of how audits are conducted and the interactions between the various stakeholders in the process.
Participants will get the opportunity to encounter real-world issues in the case study and gain an understanding of how these issues may be best resolved based on the collective experience of the participant group as well as the Facilitator.
For a copy of the FULL AGENDA, please contact:
hayat@neo-edge.com
Hayat
Telephone: +65 6557 9167
Inderpal Singh, BCom(Hons), PhD, CA
Managing Director
R2 Group Pte Ltd & Singh Corporate Pty Ltd
Inderpal is a Chartered Accountant with 20 years’ experience in professional services, having advised many clients in the oil & gas and mining industries. Inderpal is the Founder and Managing Director of R2 Group Pte Ltd (Singapore) and Singh Corporate Pty Ltd (Australia), specialist consultancies, providing management consulting and training & development services.
In his consulting career, Inderpal has been involved in the audit of some of the largest projects in Australia including the North West Shelf, Browse, Wheatstone and Ichthys. He has also undertaken various consulting assignments in Africa and Asia representing international oil and gas companies.
This has involved leading teams of international consultants from around the world. These engagements typically involve a comprehensive knowledge of joint venture accounting, joint operating agreements, production sharing contracts, drilling operations, vendor contracts and costing methodologies. The larger projects have complex overhead allocation issues and require particular focus on the allocation of drilling costs such as rig charges, supply vessel costs, fuel charges, drilling materials (casing, drilling fluids, cement, etc.) and other drilling services.
Inderpal has extensive experience with executive education. He has taught senior executives of CNOOC (Chinese National Oil Company) courses in joint venture accounting and auditing. He has taught senior executives from BHP Billiton, Horizon Power, Clough Engineering, Deloitte Consulting, among others, courses in accounting and financial management for executive with non-finance background. Inderpal has also conducted audit seminars for senior management of the Australian Taxation Office.
Inderpal has been involved as a workshop and Masterclass facilitator with the Chartered Accountants post-graduate program in Australia and Asia since 2001. He has delivered training in a diverse range of topics such as financial reporting, strategic management accounting, applied finance and auditing.
Prior to starting his own company, Inderpal has held the role of Financial Controller at Tribune Resources at a time when the company was transforming from a junior explorer to a highly profitable producer.
Inderpal also spent a decade in academia holding the position of Associate Professor of Accounting at the University of Western Australia until late 2014. Prior to UWA, Inderpal worked at Curtin University. The academic roles involved both teaching and research in accounting and auditing. Inderpal is currently Adjunct faculty at the University of New South Wales in the MBA program.
Inderpal is a graduate of the University of Western Australia with a BCom(First Class Honours) and has a PhD from Curtin University. He is an active member of the Institute of Chartered Accountants Australia and New Zealand.
For a copy of the FULL AGENDA, please contact:
hayat@neo-edge.com
Hayat
Telephone: +65 6557 9167
- Audit staff who require an update on audit methodology
- Staff who are new to the audit discipline
- Industry regulators who want to gain an understanding of the audit process
- Finance personnel new to the oil and gas industry who need to understand the specialist disciplines that comprise and oil and gas company finance function
- Treasury and tax specialists who want a broader understanding of the auditing issues
For a copy of the FULL AGENDA, please contact:
hayat@neo-edge.com
Hayat
Telephone: +65 6557 9167
Most Effective Facilitation Method
This course will have a blended learning approach comprising lecturing, questioning, analysis, listening, storytelling, structured case studies, workshops/worked examples and discussion. Calculators/laptops will be necessary throughout the course.
One of the key points of differentiation of this course is that participants will be given access to transaction data which they will be asked to analyse for the purposes of planning the audit. This hands-on approach will be invaluable and the skills learned will be immediately applicable on audits upon completion of this course.
Participants will also be led through worked examples by the Facilitator before being given the opportunity to complete structured case study questions in groups. The opportunity to work in groups will help to build teamwork and communication skills needed to tackle the challenging auditing work.
There will be special emphasis on helping participants to understand the possible scenarios and challenges they may face, and how they may be dealt with back at the workplace.
The Facilitator will arrange the participants into two groups (auditors and operators) and conduct the role play exercise on the final day of the course which will be highly interactive and an opportunity to implement the learning during the course.
At the end of the course, you will learn and master:
- various aspects of an oil and gas company’s value chain – upstream, midstream and downstream
- drilling operations and the audit risks arising from cost allocations
- main agreements (JOA and PSC) used in the industry
- distinct roles of the joint venture auditor and government auditor
- hands-on ability to analyse a transaction listing (JADE) for audit planning
- revenue accounting and the implications for audit
Pre-Course Questionnaires
A pre-course questionnaire will be sent to you prior to the workshop to complete, and for the trainer to analyze in advance and address during the course. This ensures any specific learning needs of participants can be covered.
Certificate of Attendance
Upon the successful completion of this course, you will receive a Certificate of Attendance bearing the signatures from both the Trainer and the Course Organizer. This Certificate will testify your endeavor and serve towards your professional advancement.
For a copy of the FULL AGENDA, please contact:
hayat@neo-edge.com
Hayat
Telephone: +65 6557 9167
Media Partners
Asia Briefing Ltd. is dedicated to providing individuals and enterprises with the latest business and regulatory news as well as expert commentary relating to conducting business in emerging Asia. The publishing house is a fully-owned subsidiary of Dezan Shira & Associates – a specialty foreign direct investment consulting firm with offices in China, Hong Kong, India, Vietnam and Singapore, alliances in Indonesia, Malaysia, the Philippines and Thailand, as well as liaison offices in Italy, Germany and the United States.
Hotel details and contact person details:
Flora Hospitality Dubai
Near Deira City Centre, Port Saeed
P.O. Box: 119062, Dubai, U.A.E.
Blenda Patawaran
Sales Coordinator
Tel: +971 4 230 9000
DID: +971 4 230 9780
Fax: +971 4 2943150
Email: blenda.patawaran@florahospitality.com
The course fee does not include accommodation or travel costs. It is recommended to book the hotel rooms early as there are only limited rooms available at discounted corporate rate.
Please quote Auditing in the Oil & Gas Industry by Neoedge to enjoy Corporate Rate for your stay.