Name: QMS Audit and IFRS for Oil & Gas Industry Training Course
Rating: 4.7 (1076 reviews)

Scheduled Dates

Classroom

27 Jul - 07 Aug 2026

Dubai - UAE

$11,900

02 - 13 Nov 2026

Dubai - UAE

$11,900

14 - 25 Dec 2026

London - UK

$11,900

26 Jul - 06 Aug 2027

Dubai - UAE

$11,900

01 - 12 Nov 2027

Dubai - UAE

$11,900

13 - 24 Dec 2027

London - UK

$11,900

Online

02 - 13 Nov 2026

Online

$9,900

01 - 12 Nov 2027

Online

$9,900

Why Choose this Training Course?

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 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 Modules I, and II back-to-back as a 2-week training course.

What are the Goals?

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

Who is this Training Course for?

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

How will this Training Course be Presented?

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.

Organisational Impact

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

Personal Impact

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

Daily Agenda

Module I: Auditing Oil & Gas Industry Quality Management Systems

Day 1: 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 2: 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 3: 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 4: 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 5: Review of Internal Audit Process & Assessment

Review of Internal Audit Process
Review of Internal Audit Reporting

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

Day 6: Major Accounting Issues facing the Oil & Gas and Petrochemical Industry (Upstream, Midstream & Downstream) and the Role of IFRS

The Latest Accounting Issues facing the Oil & Gas and Petrochemical Industry (upstream, midstream & downstream) including IFRS S1 & S2 Sustainability Disclosure Standards and IFRS 18 Presentation & Disclosures in Financial Statements issued in 2024 and takes effect 1 January 2027
The Impact of Commodity Prices, Currency & Interest Rate Fluctuations and Political and Environmental Developments
The Impact on Strategic Development and Growth within the Industry
Establishing the Case for IFRS
An Overview of IFRS in relation to the Oil & Gas Industry
The Annual Reports & Financial Statements of Leading International Petroleum Companies

Day 7: Accounting for Assets in the Oil & Gas and Petrochemical Industry (Upstream, Midstream & Downstream)

IAS 16: Property, Plant and Equipment and Depletion, Depreciation & Amortisation (“DD&A”)
IAS 36: Impairment of Assets
IFRS 6: Exploration for and Evaluation of Mineral Assets and the Accounting Approaches
IFRS 13: Fair Value Measurement
IAS 2 Inventories
Reserve Reporting

Day 8: Accounting for Business Combinations, Joint Ventures & Production Sharing Agreements (“PSA”s)

IFRS 3: Business Combinations
IFRS 10: Consolidated Financial Statements
IAS 38: Intangible Assets
IFRS 12: Disclosure of Interests on Other Entities
IFRS 11: Joint Arrangements
Break Even Oil, Cost Oil & Profit Oil

Day 9: Accounting for Cash Flow & Financial Instruments in the Oil & Gas and Petrochemical Industry (upstream, midstream & downstream)

IAS 7 Statement of Cash Flows
The Use of Derivatives in the Oil & Gas & Petrochemical Sector to Manage the Commodity, Currency and Interest-rate Risks, etc.
Treasury Management Issues for Multi-nationals
IFRS 7 Financial Instruments: Disclosures
IFRS 9 Financial Instruments
Evaluating the Cash Flow & Use of Financial Instruments by Leading International Oil & Gas and Petrochemical Companies

Day 10: Creative Accounting and Corporate Governance

Creative Accounting
Enron and Investor Protection
Corporate Governance
The Role of the Board & Audit Committee
External Auditing - reporting to investors
Internal Auditing - Defining and Developing the Internal Audit Process

Certificate

On successful completion of this Training Course / Online Training Course, a PetroKnowledge Certificate / E-Certificate will be awarded to the delegates.

In Association With

Visit Website

Visit Website

Would an alternative date be more suitable?

We offer a variety of tailored training options, customized to meet your organisation's needs. Delivered anytime, anywhere, we make it easy to bring expert training directly to your team.

Related Categories

Audit & Quality Finance & Accounting

CERTIFICATES

An Interactive 10-Day Training Course

QMS Audit and IFRS for Oil & Gas Industry

The Complete Guide to Auditing both Quality Management & Financial Standards in Oil & Gas