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Why Choose this Training Course?
This Upstream Petroleum Accounting online training course is designed to develop the essential skills necessary to prepare and evaluate Upstream Petroleum Accounts and to improve the organization’s internal audit function.
It focuses on the latest techniques to evaluate Financial; Operational & Social Performance as well as relevant International Financial Reporting Standards (IFRS) for the preparation of accounts. Delegates will therefore be able to prepare financial statements in line with IFRS and make strategic decisions to improve financial performance of their organization. In addition, the development, monitoring and continued improvement of a highly-integrated, internal audit function will aid continued financial success, stability and growth.
This PetroKnowledge online training course will highlight:
How to Prepare Financial Statements in line with IFRS?
The latest international tools and techniques to develop skills of evaluation and performance measurement
The lessons to be learnt from an evaluation of leading international Upstream Petroleum companies
The different types of audit and the benefits to be obtained from each
Efficient Planning, Controlling and Recording of an audit assignment
What are the Goals?
By the end of this Upstream Petroleum Accounting online training course, participants will be able to:
Develop an understanding of the accounting and auditing standards, policies and practices used by Upstream Petroleum companies
Improve relevance and reliability of financial reports to better meet the needs of users
Review and use publicly available information for benchmarking the business performance
Understand the role and function of an Internal Audit Department
Understand audit risk and efficiently plan, control and record an audit assignment
Who is this Training Course for?
This PetroKnowledge Upstream Petroleum Accounting online training course is designed to develop accounting and auditing knowledge and skills, providing details of the latest policies and procedures.
This online training course is therefore suitable to a wide range of professionals but will greatly benefit:
Finance Staff in General Accounting, Payables, Receivables, Inventory, Fixed Assets, etc.
Joint Venture Accountants and Auditors
External, Financial and Internal Auditors
Government Regulators and Auditors
Financial and Investment Analysts
How will this Training Course be Presented?
This online training course will utilize a variety of proven online learning techniques to ensure maximum understanding, comprehension, retention of the information presented. The training course is conducted Online via an Advanced Virtual Learning Platform in the comfort of any location of your choice.
This online training course is of direct relevance to the Upstream Petroleum sector and as a result the organisations will benefit greatly from their employees participation. The organization will gain from:
More effective finance support for front-line departments
Greater relevance and reliability of financial and management information
More strategic thinking and focus on performance
More effective use of financial statements of the company, its co-venturers and its competitors
The ability of Finance Managers and staff to work with less supervision
Preparation of staff for increased responsibility
This online training course will be of personal benefit to delegates by providing you with:
A better understanding of the context and importance of the work you do
Greater awareness of industry practices, problems and solutions
Increased understanding and assurance to complete tasks successfully
Increased self-confidence and motivation at work
Greater job satisfaction in providing quality support to management
Greater ability to supervise, develop and motivate colleagues
Day One: Major Accounting & Auditing Issues in the Upstream Petroleum Sector
The Latest Accounting & Auditing Issues Facing the Sector
The Impact of Commodity Prices, Currency & Interest Rate Fluctuations and Political and Environmental Developments
The Impact of Financial and Accounting Issues on Strategic Development and Growth within the Sector
The Annual Reports & Financial Statements of Leading International Petroleum Companies
An Overview of IFRS in Relation to Upstream Oil & Gas Accounting
The Role of Auditing
Day Two: Accounting for Revenue & Costs in the Upstream Petroleum Sector
Revenue Recognition & IFRS 15: Revenue from Contracts with Customers
Costs in Acquisition, Exploration, Development and Production
IFRS 6: Exploration for and Evaluation of Mineral Assets
Accounting Approaches - The "Successful Efforts" (SE) Method or the "Full Cost" (FC) Method
Break Even Oil, Cost Oil & Profit Oil
Evaluating Profitability of Leading International Oil & Gas Companies
Day Three: Accounting for Assets in the Upstream Petroleum Sector
Reserves & Resources
IAS 16: Property, Plant and Equipment
Depletion, Depreciation & Amortisation (“DD&A”)
IAS 36: Impairment of Assets
IAS 37 – 39 : Provisions, Contingent Liabilities and Contingent Assets; Intangible Assets and Financial Instruments
Evaluating the Assets & Reserves of Leading International Petroleum Companies
Day Four: Creative Accounting, Corporate Governance & Auditing
Published Financial Statements
The Role of the Board & Audit Committee
External Auditing - Reporting to investors in the Oil & Gas industry
Internal Auditing - Defining and Developing the Internal Audit Process
Day Five: The Internal Audit Function
Establishing the Roles & Staff within the Internal Audit Department
The Various Types of Audits
Planning & Commencing Internal Audit Examinations
Controls & Substantive Tests
Communicating Audit Findings
The Audit Exit Conference Meeting & Post-Audit Reviews
On successful completion of this online training course, a PetroKnowledge E-Certificate will be awarded to the delegates
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