Auditing for Oil, Gas and Petrochemical Companies - MIS Training

Global Leader in
Audit, Risk, Fraud and Security Training
Auditing for Oil, Gas and
Petrochemical Companies
Risk based operational auditing within oil,
gas and petrochemical companies
London
Course Director
Lin Bartlett
Has enjoyed an established career
in Internal Audit with Shell
5 day course 6 - 10 June 2011
“Useful, productive and good value
for money”
Qalhat LNG SAOC
“Conclusive in highlighting the risks
involved in different operations of
the oil and gas industry”
Greater Nile Petroleum
Operating Co.
This seminar provides guidance and insights on auditing onshore
core business processes for these industries coupled with real life
case studies.
• Understand the fundamentals of operational auditing and how to
evaluate operational performance
• Appreciate the benefits of risk based auditing, associated tools and
techniques and practice using them with real life case studies
relevant to an oil, gas or petrochemical company
• Gain the expertise and confidence to develop and conduct risk
based operational audits of core business processes together with
some of the newer and more challenging business activities
Earn 37 CPE credits
Group Discounts
• 2 bookings same course - 5% off
• 3 bookings same course - 10% off
• 4 bookings same course - 12% off
• 5 bookings same course - 15% off
MIS Training has been accredited by the
̌ The highest and most recognisable standard for educational training
̌ UK Border Agency Approved
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Web: mistieurope.com/training Email: training@mistieurope.com Tel: +44 (0)20 7779 8454

Auditing for Oil, Gas and
Petrochemical Companies
Risk based operational auditing within oil,
gas and petrochemical companies
London
5 day course
6 - 10 June 2011
Course Director
Lin Bartlett
Lin is a director of Berkeley Bartlett Associates, a
management consultancy established in 2000
specialising in interim finance management,
training, risk management, business controls and
auditing of financial and non-financial reporting.
Course focus and features
This five day seminar tailored specifically for oil, gas and petrochemical companies provides
practical and valuable guidance on risk based operational auditing and leading edge techniques
in auditing. It teaches participants how to identify and prioritise the risks and assess the
efficiency, effectiveness & economics of both core and non core business processes providing
practical exercises to help delegates gain confidence in the techniques presented and in their
own ability to use them.
Auditing non core activities often proves more difficult to audit because the associated risks to
business objectives are often less well known and are new territory for the business as well as for
the internal auditors. Auditing major contracts, for example shutdown contracts, and outsourced
operations are explored in detail to provide delegates with insights from practical experience on
where the efficiency, effectiveness and value might not be realised as well as highlighting key
areas to focus on to ensure that key risks are being appropriately managed and the risk of fraud
minimised.
Delegates are provided with the opportunity to review the challenges for Internal Audit in its
approach to and involvement with risk management and the role internal audit can play in
facilitating risk management within their organisations.
Participants will learn the benefits that risk based auditing can have in focusing auditing effort on
the key risks that threaten the achievement of business objectives and how to reflect and
prioritise risk in their audit reports. Both aspects of risk, threats and opportunities, are covered.
Through participating in discussions, exchanging ideas and reviewing case studies of real life
examples from their industries delegates will gain the knowledge and confidence to employ their
new skills back in the workplace.
Who Should Attend
Auditors and those with responsibility for managing audits who want a comprehensive guide to
operational auditing together with the latest risk based auditing techniques
Prerequisite
Basic auditing experience
Learning Level
Basic / Intermediate
Advanced Preparation
None
Training Type
Group-Live
Fee GBP £2,745
CPEs 37
During her career with Shell, Lin held a number of
senior management roles in IT, Finance and Audit.
As Shell UK’s Integrated Audit manager, she
developed and gained board approval for a riskbased
integrated audit planning and
management process, establishing integrated
audit plans for all key business areas. She is a
trained auditor in financial, IT, health, safety,
environment and quality management and
planned and managed major audits in many
different parts of Shell's business including
upstream, downstream, gas and chemicals.
In 2003 she successfully helped establish a new
company to challenge the sustainability
assurance offering in the marketplace and to raise
the standard of assurance & verification of nonfinancial
reporting available and has
subsequently provided assurance & verification
services to a number of blue chip companies.
During 2005, Lin was engaged on a global
Sarbanes Oxley 404 compliance implementation
project for a FTSE 100 company. Lin was
responsible for both the global project planning
and management support and also the
management of a team responsible for
documenting risks and controls over financial
reporting for their European business.
More recently Lin has been engaged on External
Quality Assessments (EQAs) as required by the
Institute of Internal Auditor’s International
Standards for the Professional Practice of Internal
Auditing and Code of Ethics. She also provides
training and helps companies prepare for an EQA.
Lin is a Senior Instructor for MIS Training Institute
and delivers both external and in-house courses
on Risk Management, the Fundamentals of
Internal Auditing, Auditing Techniques for Lead
Auditors, Risk based Operational Auditing,
Communication & Interviewing Techniques and
Sarbanes Oxley 404 compliance. She is also a
member of the MIS Internal Audit Advisory Board.
In-House Training - Save up to 50% when you run this course in-house
In-house tailored training will enable you and your colleagues to make significant savings as we charge per day and not per participant so the cost
remains the same regardless of how many people attend. We can offer any of our public courses or tailor them to your requirements. Training is available
in all areas of Internal Audit, IT Audit, and IT Security.
If you have six or more colleagues who would be interested in one of our courses and you would like to make significant savings, contact us now:
Email Guy Cooper at gcooper@mistieurope.com or call +44 (0) 20 7779 8456
You will have complete control of the training content and decide when it is run. We guarantee that we will be able to cater for all your business needs.

Day One
Course introduction and overview
Setting the scene – internal auditing today
• Understanding the importance of enterprise
risk management
• Leading edge trends and top priorities for
internal audit
• Class discussion: issues and challenges for IA
and for the sector
• Identifying the overall assurance framework
for all activities
• Managing the 360 degree perspective of risks
& opportunities (reputation, health, safety,
environmental, social and ethical risks)
Exercise: Identifying where Internal Audit is
positioned in your company
Understanding risk management and risk
based auditing?
• Risk management terminology and the key
system components
• An introduction to the principles of risk based
internal auditing
• IIA guidance and direction
• The risk maturity framework
Case studies: Example risk evaluation
process, example risk registers for a global oil,
gas and petrochemical company and risk
profile for an oil company
Exercise: Identifying the risk maturity of your
organisation
The fundamentals of operational auditing
• Understanding the differences between
operational and traditional auditing
• The 6 E’s – efficiency, effectiveness,
economics, equity, ethics and the
environment
Exercises: Brainstorming risks &
Understanding learning styles
Facilitating risk identification workshops
• Understanding the differences between
presenting and facilitating
• Facilitation techniques and top tips
• Handling difficult situations
Exercise: Facilitating a risk identification
workshop
Day Two
Fraud awareness
• Identifying internal audit’s role
• Why fraud happens
• Profiling the fraudster
• High-potential areas for fraud occurrence
• Indicators of potential fraud – red flags
• Using the computer to detect fraud
Auditing the procurement function
• Procurement strategy
• Identification of the core purchasing activities
and control objectives
• Vender selection/pre-qualification
• Tender boards and processes
• Call-off orders
• Segregation of duties controls
Case study: Sustainable development
principles and procurement policy for an oil
company
Exercise: Identifying the key risks in the
requisition to payment process
Exercise: Segregation of duties template
tailored for a chemicals company
Auditing inventory management
• Setting out the key risks
• The primary audit objectives of existence,
title, accuracy and realisable value
• Keys to effective inventory management
• Policies, procedures and management
performance
• Using analytical procedures to test inventory
• The importance of the stock count
Exercise: Auditing the valuation process
Day Three
Auditing major contracts
• Understanding the different types of contract
and audits required
• Differentiating between the various key
stages of contract life cycle
• Reviewing generic contract management
risks
• Recognising the key areas for fraudulent
activity
• Identifying the best time to be involved
Exercise: Brainstorming contract threats &
opportunities for oil company related major
contract types
Auditing shutdown management
• Vender audits
• Emergent work and accruals
• Shutdown maintenance contracts
• Key areas for fraud
Case study: Contract fraud
Brainstorming risks in the sales to
receivables process
Day Four
Auditing governance and ethics
• The importance of the “tone at the top”
• Identifying the ethics & governance
framework and key risks
• IIA guidance on auditing organisational
governance
• Assessing alignment with organisational
values & goals
• Ethics, conflicts of interest and corruption
• Illegal information brokers
Exercise: Auditing ethics and compliance
Exercises: Ethical dilemmas
Case study: Code of ethics for an oil and gas
company
Auditing health, safety and environmental
management
• Confirming internal audit’s role
• Getting buy-in from the specialists
• Health, safety and environmental strategies
• Auditing the management systems
• Adding value: audit’s role and sustainability
reporting
Case studies: Key performance indicators for
an oil refinery. Sustainability benchmarking;
reducing CFC usage on sites/platforms
Exercise: Developing the audit objective and
terms of reference
Day Five
Auditing projects
• What constitutes a project?
• Why does internal audit get involved?
• Recognising the differences in roles between
the consultant & the auditor
• Determining the key stakeholders, project
governance framework and key performance
indicators
• Assessing project management, monitoring &
control
• Identifying the key risks & opportunities
Exercise: Developing a test plan for a project
audit case study
Auditing joint ventures
• The change in position from an internal
auditor to an external auditor and the
different challenges the change in role
presents
• Understanding the different types of joint
ventures agreements and types of audit that
may be required
• Establishing communications
• Determining the specific contractual
arrangements and the extent of audit
rights/defining the boundaries
• Identifying sources of information and any
potential JV & audit sensitivities
• Confirming the corporate governance &
operational framework & standards
• Identifying opportunities to place reliance on
the work of others
Exercise: Developing a risk matrix for a joint
venture company
Auditing outsourced operations
• The broadening scope of outsourced activities
• The decision to outsource and strategic
implications
• The importance of contractual arrangements
and performance measurements
• The implications of Sarbanes Oxley & SAS 70s
• Evaluating the key risks
• Managing the audit protocols and any
sensitivities
Exercise: Developing the terms of reference,
the risk matrix and reporting the findings for
an audit of an outsourced operation
Course review and closure
© MIS Training 2011
Enquire or register today
Web: mistieurope.com/training Email: training@mistieurope.com Tel: +44 (0)20 7779 8454

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Auditing for Oil, Gas and Petrochemical Companies
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Auditing for Oil, Gas and
Petrochemical Companies
Risk based operational auditing within oil,
gas and petrochemical companies
London
6 - 10 June 2011
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Contact us to find out when we are next running the event
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• 4 bookings same course - 12% off
• 3 bookings same course - 10% off
• 5 bookings same course - 15% off
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