QMS Audit and IFRS for Oil & Gas Industry

Today, in the Oil & Gas industry there is an increased need and importance for performance measurement, auditing and reporting. The need to prepare, use and critically evaluate information on Upstream, Midstream & Downstream Oil & Gas activities, applying specialist industry knowledge and relevant analytical skills, is supplemented by the need for an in-depth knowledge of the International ISO management system standards on quality (ISO 9001:2015), environment (ISO 14001:2015) and occupational health and safety (ISO 45001:2018).

This PetroKnowledge QMS Audit and IFRS for Oil & Gas Industry two-week training program develops an essential understanding of oil & gas accounting, reporting and performance measurement issues and practice and provides a detailed understanding of how to undertake system audits both of supplier companies and your own organization. The emphasis on the results of auditing will be a focus for delegates to assist their own organizations in achieving improved performance in their businesses in the three given areas of quality, environment and health and safety, leading to improved profitability.

This PetroKnowledge training course will highlight:

• Analysis and evaluation using practical case studies
• Facilitated group discussions on current issues, policies, procedures
• Real Life issues within delegates’ organizations and other oil and gas companies
• Understanding the latest versions of ISO 9001, ISO 14001 and ISO 45001
• Audit planning focused on business risk areas
• Audit reporting focusing on added value to delegates’ businesses

This PetroKnowledge training course is split into two modules:

MODULE I - Auditing Oil & Gas Industry Quality Management Systems

MODULE II - International Financial Reporting Standards (IFRS) for the Oil & Gas and Petrochemical Sectors (Upstream, Midstream & Downstream)

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

At the end of this PetroKnowledge training course, you will learn to:

• Understand the accounting standards, policies and practices used by companies in the Oil & Gas industry
• Examine issues and guidelines in accounting for Joint Ventures
• Identify and know how to apply international and national accounting standards most relevant to the industry
• Improve relevance and reliability of financial reports to better meet the needs of users
• Review and use publicly available information for bench-marking the business performance of companies in the industry
• Plan, conduct and report management system audits focused on improvement & be a driving force in an organizations improvement processes

This PetroKnowledge training course is suitable for a wide range of professionals but will greatly benefit: 

• Corporate Accountants, Financial Controllers, Treasury Officers, Management Accountants
• External, Financial and Internal Auditors
• Senior Managers keen to see how to initiate improvement and increased profitability in operations, as well as improvement in environment and health and safety
• Operations’ Managers needing to gain an understanding of enhanced control and departmental improvements
• Quality, Environmental and Health and Safety Managers wishing to enhance their knowledge of how to better manage their specialty staff and departments
• All staff involved in receiving third party certification auditors

This PetroKnowledge training course is based on the concept accelerated learning. This means that there will be class lectures with delegates encouraged to take part in discussions and sharing their experience followed by individual & team exercises to test and consolidate delegates’ understanding of the presented topics. Learning is further reinforced by examination of relevant extracts from the annual reports of international oil and gas companies. At the end of each day, participants have an opportunity for a one-to-one session with the course leader to ask further questions and to go over any material that they have not yet fully understood.

The organization will benefit greatly from their employees participation, as they will:

• Gain knowledge and skills for the benefit of the entire organization
• Ensure legal compliance in line with the latest requirements
• Understand the major accounting issues facing the sector
• Be able to apply IFRS specific to their organizational needs
• Aid Corporate Governance thereby reducing risk
• Be able to contribute more effectively to financial decision making
• Learn how to improve Operational, Environmental & Health and safety performance

This PetroKnowledge training course will be of personal benefit to delegates by providing them with:

• Skills, knowledge & the latest tools and techniques to assist them in their roles
• An ability to make more informed & improved decisions aimed at reducing risk
• An understanding of good management practice in quality, environment and health and safety
• The ability to document and present observations and concerns to management in a concise manner, to facilitate improvement
• An ability to advise their own organization & supplier organizations on improvement in quality, environment and health and safety
• The opportunity to gain knowledge of parts of their organization that they would not normally see, thus offering themselves a greater flexibility to take on responsibilities in a wider range of departments