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An Intensive 2-Week Training Course

QMS Audit and IFRS for Oil & Gas Industry

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Home » Courses » International Petroleum Business » QMS Audit and IFRS for Oil & Gas Industry
Code Date Venue Fee($)
MG206 16 - 27 Jul 2018 New York - USA 13,900

*All fees are exclusive of VAT


This PetroKnowledge course is split into two modules:

Each module is structured and can be taken as a stand-alone course; however, delegates will maximise their benefits by taking Module 1 and 2 back-to-back as a two-week course.


Daily Agenda click here

MODULE IAuditing Oil & Gas Industry Quality Management Systems

Day One: Quality Management System (QMS) Audit

  • ISO 29001:2010 and 9001:2015 QMS International Standards
  • Review of 29001 Clauses 4-8 and 9001 Clause 9 internal audit requirements
  • Quality system requirements
  • Types and levels of QMS internal audits
  • Documentation in the quality management system
  • Roles and responsibility of auditors

Day Two: Audit Preparation and Setup

  • Terminology and definitions
  • Audit concepts and principles
  • Planning and conducting effective audits
  • Producing audit programme and procedure
  • Audit terms of reference
  • Interview and note-taking skills

Day Three: Conducting an Internal Audit

  • Internal audit process
  • Creation of effective audit checklists
  • Communications during audit
  • QMS documentation review
  • Key personnel interviews
  • Physical site observation

Day Four: Preparing Audit Report

  • Review of non-conformities and observations
  • Audit findings and conclusions
  • Preparation of internal audit report
  • Corrective action plan
  • Presentation of audit report
  • Monitoring and close out of non-conformities

Day Five: Review of Internal Audit Process & Assessment

  • Review of internal audit process
  • Review of internal audit reporting

MODULE IIInternational Financial Reporting Standards (IFRS) for the Oil & Gas Industry

Day Six: The Oil and Gas Sector & Major Accounting Issues

  • The Oil & Gas Sector & the Macro-Economic Factors
    • Commodity prices, currency fluctuations, interest rate risk and political developments and environmental risk.
  • Costs in Acquisition, Exploration, Development and Production of new oil or natural gas reserves
  • Accounting Approaches
    • The "Successful Efforts" (SE) Method or the "Full Cost" (FC) Method
  • Introduction/Overview of IFRS in relation to the Oil & Gas Sector, with particular reference to:
    • IFRS 1: First-time Adoption of International Financial Reporting Standards
    • IFRS 6: Exploration for and Evaluation of Mineral Assets
    • IFRS 10: Consolidated Financial Statements
    • IFRS 11: Joint Arrangements
    • IAS 16: Property, Plant and Equipment
    • IAS 36: Impairment of Assets
    • IAS 37: Provisions, Contingent Liabilities and Contingent Assets
    • IAS 38: Intangible Assets
    • IAS 39 Financial Instruments: Recognition and Measurement – Superseded by IFRS 9 – was to be effective 2013 but now 2018

Day Seven: Evaluating the Performance and Identifying the Accounting Issues

  • Analysis of financial statements
    • Income Statements
    • Statement of Financial Position (Balance Sheet)
    • Cash flow Statements
  • Identification & Evaluation of their Accounting Policies
  • DuPont Analysis – Evaluating and Improving Return On Equity (ROE)
  • Evaluation of their Share Price and Investment Performance
  • Case Study: BP, Chevron, Shell and SABIC

Day Eight: Accounting for Upstream Activities with Reference to IFRS

  • Reserves and resources
  • Exploration and evaluation
  • Revenue recognition
  • Assets
  • Depletion, Depreciation & Amortisation (DD&A)
  • Impairment of development, production and downstream assets
  • Examples: BP, Chevron & Shell

Day Nine: Joint Arrangements, Financial Instruments and Derivatives

  • Business Combinations, Joint Ventures & Production Sharing Agreements (PSAs)
  • Treasury Management Issues for Multi-nationals
  • The Use of Derivatives in the Oil & Gas Sector to manage the commodity, currency and interest-rate risks etc.
  • British Airways Case Study – Hedging the Oil Price using Futures

Day Ten: Creative Accounting and Corporate Governance

  • Creative Accounting – Enron and investor protection
  • Leases – IFRS 16 (new standard)
  • Auditors and reporting to investors in the oil and gas industry
  • External audit investigations and reports
    • The Auditor’s ‘Opinion'
    • True and Fair
    • Sarbanes Oxley
    • Internal audits
  • Ethical issues
  • Corporate governance
    • Government regulation
    • Investor confidence and share prices

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Home » Courses » International Petroleum Business » QMS Audit and IFRS for Oil & Gas Industry

VAT Announcement: The Government of UAE have introduced Value Added Tax (VAT) on goods and services from 01-January-2018. In compliance with the legislation issued by the UAE Government, we will be applying a 5% VAT on the fees for all our programs and services offered from January 2018 as applicable and stipulated in the FTA circulars.

PetroKnowledge Training


QMS Audit and IFRS for Oil & Gas Industry


Code Date Venue Fees
MG206 16 - 27 Jul 2018 New York - USA $13,900



This PetroKnowledge course is split into two modules:

Each module is structured and can be taken as a stand-alone course; however, delegates will maximise their benefits by taking Module 1 and 2 back-to-back as a two-week course.


Daily Agenda

MODULE IAuditing Oil & Gas Industry Quality Management Systems

Day One: Quality Management System (QMS) Audit

Day Two: Audit Preparation and Setup

Day Three: Conducting an Internal Audit

Day Four: Preparing Audit Report

Day Five: Review of Internal Audit Process & Assessment

MODULE IIInternational Financial Reporting Standards (IFRS) for the Oil & Gas Industry

Day Six: The Oil and Gas Sector & Major Accounting Issues

Day Seven: Evaluating the Performance and Identifying the Accounting Issues

Day Eight: Accounting for Upstream Activities with Reference to IFRS

Day Nine: Joint Arrangements, Financial Instruments and Derivatives

Day Ten: Creative Accounting and Corporate Governance

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© 2018. Material published by Petroknowledge shown here is copyrighted.

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