Auditing in the Oil and Gas Industry Training in Kuala Lumpur , Malaysia
Course Code : FBA121 - Course Address : Westin Kuala Lumpur Hotel - Course Fees : 4450 GBP
|City||Start Date||End Date||View|
|Kuala Lumpur , Malaysia||28 - 1 - 2024||1 - 2 - 2024||
|Kuala Lumpur , Malaysia||7 - 1 - 2024||11 - 1 - 2024||
|Kuala Lumpur , Malaysia||4 - 2 - 2024||8 - 2 - 2024||
|Kuala Lumpur , Malaysia||17 - 3 - 2024||21 - 3 - 2024||
|Kuala Lumpur , Malaysia||24 - 3 - 2024||28 - 3 - 2024||
|Kuala Lumpur , Malaysia||21 - 4 - 2024||25 - 4 - 2024||
International Standards on Auditing (ISAs) developed by The International Auditing and Assurance Standards Board (IAASB) are being adopted by more and more countries and now represent the main global auditing standards.
The audit considerations in this programme will focus on ISA requirements and target audit risk areas that are pertinent to the audit of the financial statements of oil and gas companies.
This highly interactive programme focuses on the correct application of the ISAs and common auditing issues that occur regularly in practice. In order to make the programme as practical as possible it includes formal presentations, quizzes, case studies and role play exercises so that “essential people skills” are improved along with the technical knowledge. During this programme, you will learn how to:
- Audit the main risk areas in oil and gas companies
- Consider the impact of fraud in such companies and devise controls and tests for the prevention and detection of fraud
- Plan, conduct and conclude an external audit in the most efficient way whilst gaining valuable insights into audit related issues in all areas of the audit file for oil and gas companies
- Understand the requirements of International Standards on Auditing (ISAs) and specifically how they impact on the audit of oil and gas companies.
- Set up an effective internal audit function in such companies
- Improve your technical and “soft skills” such as communication skills, dealing with conflict and working as part of a team. This will be through role plays, quizzes and case studies
- Understand the role of the external and internal auditor and the confidence they give to investors in oil and gas companies
- Understand how oil and gas companies work and the associated risks connected with such companies
- Understand the importance of communication with the client, the audit team and possibly with regulators in a whistle-blowing situation
- Understanding how fraud can impact on an audit and the auditors responsibilities in this respect
- Gain a thorough understanding of the fieldwork required in all areas of the audit file and typical problems and issues
- Understand the audit completion process
- Understand how the audit opinion is derived and communicated along with weaknesses found during the audit process
Understanding Oil and Gas Companies
- Oil and Gas Companies – understanding the industry and the risks
- Oil and gas value chain and significant accounting issues
- Upstream, midstream and downstream activities
- Laws and Regulations
- Emerging Risk Areas
Revenue, Joint Ventures and Reserves
- Revenue recognition – contracts
- Auditing shutdown management
- Auditing Joint Ventures
- Auditing outsourced operations
- Due diligence programs on third parties
- Reserves reporting issues
Fraud, Impairment and Provisions
- Fraud, fraud prevention and detection
- Procurement issues
- An effective internal audit function in oil and gas companies
- Operational audits
- Decommissioning and environmental provisions
- Non-current assets and impairment
Reserves, Financial Instruments and other Issues
- Auditing oil and gas reserves
- Relying on the work of experts
- Financial Instruments
- Other auditing issues
Corporate Governance, Internal Controls and Audit Reports
- Governance issues
- Sarbanes Oxley
- External and Internal Audit Reports
- Corporate Boards – perspective on risk and compliance issues
Where will the course be held?
The course will be held in Jalan Conlay. The exact address and directions will be provided to all enrolled participants prior to the start of the course.
What topics will be covered in the course?
The course will cover a range of topics related to the subject matter, including but not limited to the topics of outlines. By the end of the course, you'll have a solid understanding of the key concepts and techniques in the field, and be able to apply them to real-world situations. Detailed course outlines and learning objectives will be provided to all enrolled students prior to the start of the course.
What is the schedule for the course?
The course is expected to run for 3 hours daily. The exact schedule and timing will be confirmed and communicated to all enrolled students via email at least 2 days prior to the course start date.
What do I need to bring to the course?
All you need to bring is yourself, a notepad or laptop for taking notes, and a willingness to learn! We'll provide pens, paper, and any required textbooks or handouts.
What is the instructor's background and experience?
Our instructors are seasoned industry professionals with over 10 years of experience in the field. They hold a master's degree in the subject matter and have a proven track record of success working with trainees of all levels. You'll have plenty of opportunities to ask questions and get feedback throughout the course.
What are the T&C for this course?
Please visit our Terms and Conditions page
What kind of certificate will I receive upon completion of the course?
Upon completion of the course, you will receive an attendance certificate indicating that you have completed the course. This certificate is not accredited or recognised by any particular institution or organisation, but it can be used to demonstrate your commitment to continuing education and professional development.