Global Learning for Operational Leaders
Classroom
14 sessions
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Online / Live
14 sessions
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Introduction
Course overview
Oil and gas companies combine high capital intensity, complex joint ventures, long supply chains and strict regulatory and HSE obligations. Internal audit functions in this sector must understand upstream, midstream and downstream operations well enough to focus assurance on the risks that matter most, from cost recovery and contractor billing to hydrocarbon accounting and asset integrity.
This Aractech course gives auditors a practical, risk-based approach to auditing oil and gas organisations. Participants learn how to build an audit universe for an energy company, plan engagements around key operational and financial risks, audit joint venture and production sharing arrangements, test contracts and procurement, and report findings that management and audit committees act on.
Throughout the week participants work on realistic case material from exploration, production, refining and marketing operations and finish with a risk-based audit plan for their own organisation.
What you will achieve
Learning objectives
- Explain the oil and gas value chain and its key business and financial risks
- Build a risk-based audit universe and annual plan for an energy company
- Audit joint venture accounting, cost recovery and partner billing
- Test procurement, contracts and contractor invoicing for leakage and fraud
- Evaluate controls over hydrocarbon volumes, inventory and revenue
- Assess HSE, asset integrity and regulatory compliance from an audit perspective
- Report findings clearly to management and the audit committee
Who should attend
Target audience
- Internal auditors in oil, gas and energy companies
- Audit managers and chief audit executives
- Joint venture and partner audit specialists
- Risk and compliance professionals in the energy sector
- External auditors serving oil and gas clients
- Finance managers responsible for internal controls
Methodology
Learning approach
- Expert-led sessions grounded in oil and gas audit practice
- Case studies from upstream, midstream and downstream operations
- Audit programme and testing workshops
- Group exercises on joint venture and contract audits
- Development of a personal risk-based audit plan
Complete course outline
Five focused days of learning and application
The timings provided are estimates and may vary depending on the number of participants and the discussions taking place during the sessions. They are indicative only and do not constitute a binding commitment.
Day 1
The Oil and Gas Business and Its Risks
- Upstream, midstream and downstream operations explained for auditors
- Key business, financial and operational risks in the energy sector
- Regulatory, fiscal and HSE environment
- Role of internal audit and the three lines model in energy companies
- Coffee break
- Role of internal audit and the three lines model in energy companies (continued)
- Building the audit universe for an oil and gas organisation
- Workshop: Mapping risks across the value chain
Day 2
Risk-Based Audit Planning
- Risk assessment methods for audit planning
- Prioritising auditable entities and processes
- Using data and analytics in planning
- Coordinating with partners, regulators and external auditors
- Coffee break
- Coordinating with partners, regulators and external auditors (continued)
- Resource planning and audit scheduling
- Exercise: Drafting an annual audit plan
Day 3
Joint Ventures, Cost Recovery and Revenue
- Joint operating agreements and partner audit rights
- Cost recovery and production sharing audits
- Hydrocarbon accounting and volume reconciliation
- Revenue, lifting and marketing controls
- Coffee break
- Revenue, lifting and marketing controls (continued)
- Common findings in partner audits
- Case study: Auditing a joint venture billing statement
Day 4
Contracts, Procurement and Operations
- Auditing contract award and variations
- Contractor invoicing and rate verification
- Fraud red flags in oil and gas procurement
- Inventory, materials and warehouse controls
- Coffee break
- Inventory, materials and warehouse controls (continued)
- Auditing asset integrity, maintenance and HSE processes
- Practical exercise: Testing a drilling services contract
Day 5
Reporting and Adding Value
- Writing clear, risk-focused audit findings
- Root cause analysis and practical recommendations
- Reporting to management and the audit committee
- Coffee break
- Reporting to management and the audit committee (continued)
- Follow-up and continuous auditing approaches
- Quality assurance for the audit function
- Capstone: Presenting a risk-based audit plan for your organisation
FAQ
Frequently asked questions
What does Internal Audit in the Oil and Gas Industry: Risk-Based Assurance (OG-026) cover?
This course covers Oil and Gas through a structured five-day outline focused on practical application, discussion, and implementation planning.
When is the next available session?
The next scheduled session starts on 2 - 6 November 2026. See the course schedules section for the available dates and delivery formats.
Who should attend this course?
Internal auditors in oil, gas and energy companies, Audit managers and chief audit executives, Joint venture and partner audit specialists
Is bilingual course delivery available?
Yes. All course materials and presentations are provided in English, while bilingual explanation and discussion support may be available depending on the selected location and trainer availability. For example, when attending a course in Istanbul, you may request a Turkish-speaking trainer to explain the English course content in Turkish. Arabic explanation support may also be requested at this location. Other languages are available in selected cities. You can choose your preferred language support as an optional preference during registration.
How can I register for a session?
Use any Register button next to the available course dates to open the participant registration page and submit your booking request for the selected session.
Is this course available online as well as classroom-based?
Check the course schedules section for currently published classroom and Online / Live sessions.
Where are classroom sessions delivered?
Current classroom venues include Amsterdam, London, Rome, Istanbul, Vienna, Barcelona, Geneva, Cape Town.
How long is the training programme?
The programme runs for five days from 09:00 to 14:00, which gives 25 contact hours, including a daily 30-minute break (22.5 hours of instruction).
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