An Intensive 5-day Training Course
Auditing in the Oil & Gas Industry
Develop Expertise in Auditing Practices to Improve Safety, Compliance, and Performance in Oil & Gas
CLASSROOM DATES
INTRODUCTION
The oil and gas industry presents unique challenges to auditors due to its complex operations, high-value assets, and exposure to geopolitical and market risks. The Auditing in the Oil & Gas Industry Training Course by EuroMaTech provides participants with a comprehensive understanding of how to plan, conduct, and complete audits within this dynamic and capital-intensive sector.
Built around the International Standards on Auditing (ISAs) developed by the International Auditing and Assurance Standards Board (IAASB), this course focuses on applying these global standards effectively within oil and gas companies. Participants will explore how to identify and assess industry-specific risks, detect potential fraud, and design robust internal control and audit procedures.
This Auditing in the Oil & Gas Industry Course is highly interactive, blending technical instruction with practical exercises, case studies, and role-playing sessions. It not only enhances participants’ technical auditing skills but also develops essential soft skills such as communication, critical thinking, and teamwork — all vital to conducting efficient and insightful audits in this high-risk industry.
This Auditing in the Oil & Gas Industry course will cover:
- The application of International Standards on Auditing (ISAs) in oil and gas audits
- Industry-specific audit risk areas and financial reporting challenges
- Fraud detection and prevention techniques tailored to the energy sector
- Planning, conducting, and completing external audits efficiently
- Establishing and managing effective internal audit functions
- Enhancing communication, teamwork, and professional judgment in audit engagements
TRAINING OBJECTIVES
By the end of this Auditing in the Oil & Gas Industry Training Course, participants will be able to:
- Understand the responsibilities and functions of external and internal auditors in the oil and gas industry
- Identify audit risk areas specific to exploration, production, and downstream operations
- Evaluate the impact of fraud and design appropriate audit tests and controls
- Apply ISA requirements effectively to oil and gas audit engagements
- Communicate audit findings clearly to clients, management, and regulators
- Understand the audit completion process and how audit opinions are derived
- Develop “people skills” for effective teamwork, client relations, and conflict resolution
- Establish efficient audit procedures that improve both accuracy and compliance
WHO SHOULD ATTEND?
This EuroMaTech Auditing in the Oil & Gas Industry Course is designed for professionals involved in auditing, finance, and compliance within the energy sector. It will be especially beneficial for:
- External Auditors working with or transitioning to oil and gas clients
- Internal Auditors employed within oil and gas organizations
- Finance Managers and Controllers overseeing audit and compliance functions
- Management Accountants and financial professionals responsible for audit coordination
- Regulatory and Risk Management Officers within the energy industry
This course is ideal for anyone seeking to strengthen their expertise in applying international auditing standards and practices within the unique operational context of the oil and gas industry.
TRAINING METHODOLOGY
The Auditing in the Oil & Gas Industry Course uses a combination of expert presentations, practical exercises, and interactive learning to ensure deep engagement and knowledge retention. Participants will take part in:
- Instructor-led sessions focused on ISA principles and audit case applications
- Real-world case studies drawn from oil and gas auditing scenarios
- Quizzes and assessments to reinforce key concepts and techniques
- Role-playing simulations to develop audit communication and problem-solving skills
This hands-on, scenario-based approach encourages participants to apply what they learn directly to real-world audit challenges in their organizations.
TRAINING SUMMARY
The Auditing in the Oil & Gas Industry Training Course by EuroMaTech equips professionals with the technical expertise and practical insight required to perform high-quality audits in one of the world’s most complex industries. The course provides a balanced focus on both external and internal audit practices, helping participants ensure financial statements are accurate, risks are mitigated, and compliance with International Standards on Auditing (ISAs) is maintained.
By combining theoretical knowledge with practical application, this course enhances auditors’ ability to identify high-risk areas, implement effective controls, and communicate findings confidently — all while adhering to international best practices. Participants will leave fully equipped to deliver audits that strengthen financial transparency, accountability, and stakeholder confidence within the oil and gas sector.
TRAINING OUTLINE
Day 1: 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
Day 2: 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
Day 3: 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
Day 4: Reserves, Financial Instruments and other Issues
- Auditing Oil and Gas Reserves
- Relying on the Work of Experts
- Financial Instruments
- Other Auditing Issues
Day 5: Corporate Governance, Internal Controls and Audit Reports
- Governance Issues
- Sarbanes Oxley
- External and Internal Audit Reports
- Corporate Boards – perspective on risk and compliance issues
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ACCREDITATION
EuroMaTech is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.
Euromatech is a Knowledge & Human Development Authority (KHDA) approved training institute in Dubai, licensed and approved to deliver training courses in the UAE.
The KHDA is the regulatory authority in the UAE, that oversees administering, approving, supervising, and controlling the activities of various education providers in the UAE. We are proud of our commitment to ensuring quality training courses and status as a KHDA-approved training provider.
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FAQ
EuroMaTech provides a range of ISO certification and compliance training courses, including:
- ISO 9001 – Quality Management Systems Training
- ISO 45001 – Occupational Health & Safety Management Training
- ISO 14001 – Environmental Management Systems Training
These courses help organizations adopt internationally recognized standards and improve their overall performance.
To register for a training course, you can:
- Visit the EuroMaTech website, browse the available courses, and follow the online registration process.
- Contact EuroMaTech’s support team for assistance with course selection or inquiries about corporate training solutions.
EuroMaTech stands out as a leader in training and professional development due to:
- 30+ years of experience delivering high-impact training courses across industries.
- Accreditations from leading institutions, ensuring top-tier course quality and recognition.
- A portfolio of thousands of training courses, serving professionals at every level.
- A focus on innovation and future-ready learning models, including blended and digital training.
- Long-term partnerships with organizations globally, ensuring sustained success through talent development.
EuroMaTech has successfully delivered thousands of training courses, with thousands of professionals from over 50 countries attending annually.
We are happy to share the profiles of our expert instructors. To learn more about their qualifications and experience, please contact us [email protected]
We provide two flexible training formats to suit your preferences:
- Classroom Training: Experience in-person learning with expert instructors. Engage in interactive discussions, hands-on activities, and benefit from face-to-face networking.
- Online Training: Join live online sessions from anywhere, offering flexibility for those with busy schedules or who prefer remote learning.
- In-House Training: We can bring our training directly to your organization, allowing for tailored sessions that address your specific needs and objectives.
Yes, we provide tailored training solutions designed to meet the specific needs of your organization. Customized courses can be delivered either in-person or online, and you can select the dates and duration that best fit your schedule. For more details, please contact us at [email protected]
Yes, we can assist you with the following:
- Corporate Discount: If available, we can extend our corporate discount for your stay at selected hotels.
- Hotel Suggestions: We can provide recommendations for nearby hotels based on your preferences and budget.
Feel free to explore online booking platforms for the most cost-effective options.
