Auditing for Oil, Gas and Petrochemical Companies - MIS Training

Day One:Sunday 18th NovemberCourse introduction and overviewSetting the scene-internal auditing today• Understanding the importance of enterprise riskmanagement• Leading edge trends and top priorities for internalaudit• Class discussion: issues and challenges for IA andfor the sector• Identifying the overall assurance framework for allactivities• Managing the 360 degree perspective of risks &opportunities (reputation, health, safety,environmental, social and ethical risks)Exercise: Identifying where Internal Audit ispositioned in your companyUnderstanding risk management and riskbased auditing?• Risk management terminology and the key systemcomponents• An introduction to the principles of risk basedinternal auditing• IIA guidance and direction• The risk maturity frameworkCase studies: Example risk evaluation process,example risk registers for a global oil, gas andpetrochemical company and risk profile for an oilcompanyExercise: Identifying the risk maturity of yourorganisationThe fundamentals of operational auditingUnderstanding the differences between operationaland traditional auditing• The 6 E’s – efficiency, effectiveness, economics,equity, ethics and the environmentExercise: Brainstorming risks & Understandinglearning stylesFacilitating risk identification workshops• Understanding the differences between presentingand facilitating• Facilitation techniques and top tips• Handling difficult situationsExercise: Facilitating a risk identification workshopDay Two:Monday 19th NovemberFraud Awarness• 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 fraudAuditing the precurement function• Procurement strategy• Identification of the core purchasing activities andcontrol objectives• Vender selection/pre-qualification• Tender boards and processes• Call-off orders• Segregation of duties controlsCase study: Sustainable development principlesand procurement policy for an oil companyExercise: Identifying the key risks in the requisitionto payment processExercise: Segregation of duties template tailoredfor a chemicals companyAuditing 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 countExercise: Identifying the key risks in managinginventoryCase study: Segregation of duties template forinventory management.Case study: Product measurement auditprogrammeDay Three:Tuesday 20th NovemberAuditing major contracts• Understanding the different types of contract andaudits required• Differentiating between the various key stages ofcontract life cycle• Reviewing generic contract management risks• Recognising the key areas for fraudulent activity• Identifying the best time to be involvedExercise: Brainstorming contract threats &opportunities for oil company related major contracttypesCase study: Variable price contract auditprogrammeAuditing shutdown management• Vender audits• Emergent work and accruals• Shutdown maintenance contracts• Key areas for fraudCase study: Contract fraudDay Four:Wednesday 21st NovemberAuditing governance and ethics• The importance of the “tone at the top”• Identifying the ethics & governance framework andkey risks• IIA guidance on auditing organisational governance• Assessing alignment with organisational values &goals• Ethics, conflicts of interest and corruption• Illegal information brokersExercise: Auditing ethics and complianceExercise: Ethical dilemmasCase study: Code of ethics for an oil and gascompanyAuditing health, safety and environmentalmanagement• 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 reportingCase studies: Key performance indicators for an oilrefinery. Sustainability benchmarking; reducing CFCusage on sites/platformsRetail outlet SSHE checklistExercise: Developing the audit objective and termsof referenceDay Five:Thursday 22nd NovemberAuditing projects• What constitutes a project?• Why does internal audit get involved?• Recognising the differences in roles between theconsultant & the auditor• Determining the key stakeholders, projectgovernance framework and key performanceindicators• Assessing project management, monitoring &control• Identifying the key risks & opportunitiesExercise: Developing the focus for a project auditAuditing joint ventures• The change in position from an internal auditor to anexternal auditor and the different challenges thechange in role presents• Understanding the different types of joint venturesagreements and types of audit that may be required• Establishing communications• Determining the specific contractual arrangementsand the extent of audit rights/defining the boundaries• Identifying sources of information and any potentialJV & audit sensitivities• Confirming the corporate governance & operationalframework & standards• Identifying opportunities to place reliance on thework of othersExercise: Developing a risk matrix for a joint venturecompanyAuditing outsourced operations• The broadening scope of outsourced activities• The decision to outsource and strategic implications• The importance of contractual arrangements andperformance measurements• The implications of Sarbanes Oxley & SAS 70s• Evaluating the key risks• Managing the audit protocols and any sensitivitiesExercise: Quality criteria for an outsourcedoperationCourse review and closureRegister Online at:www.mistieurope.com/trainingQuoting Code:IA121106-W

The Global Leader InAudit and Information Security TrainingAuditing forOil, Gas andPetrochemicalCompaniesRisk based operational auditing withinoil, gas and petrochemical companiesRegister Online at: www.mistieurope.com/trainingIMPORTANT INFORMATION - YOUR REGISTRATION CODE:Please ensure you enter your bookingcode when registering and you willIA121106-W be entered into our monthly prize drawto win £50 Visa CreditDUBAI18 - 22 NOVEMBER 2012PRICE GBP £2,895Price includes tuition, course folder with allcourse notes, lunch and refreshments anda prestigious certificate. Delegates areresponsible for their own accommodation.You can request an invoice or pay online.Please note, payment must be receivedprior to course start.Join MIS Training Institute’s LinkedIn GroupSearch - Global Internal Audit ForumWhat can you expect from the group?■■■■■■■Lively debate with other audit professionalsAccess to the latest audit news from across the globeAudit quizzes and questionnairesExclusive monthly blog by our resident Fraud expertWhite papers and articlesTraining and salary surveysExclusive MIS Training offersGroup Booking Discount**2 delegates -5% discount3 delegates -10% discount4 delegates -12% discount5 delegates -15% discount**Available for delegates from one organisation attending the same courseData Protection:Use of your information: The information you provide on this form will be used byEuromoney Institutional Investor PLC and its group companies (“we” or “us”) in relationto your registration for this event. We may also monitor your use of our website(s),including information you post and actions you take, to improve our services to youand track compliance with our terms of use. Except to the extent you indicate yourobjection below, we may also use your data (including data obtained from monitoring)(a) to keep you informed of our products and services; (b) occasionally to allowcompanies outside our group to contact you with details of their products/services. Asan international group, we may transfer your data on a global basis for the purposesindicated above, including to countries which may not provide the same level ofprotection to personal data as within the European Union. By submitting your details,you will be indicating your consent to the use of your data as identified above. Furtherinformation on our use of your personal data is set out in our privacy policy, which isavailable at www.mistieurope.com or can be provided to you separately upon request.Marketing choices: If you object to contact as identified above by telephone ❑, fax ❑,or email ❑, or post ❑, please tick the relevant box. If you do not want us to share yourinformation with other companies ❑ please tick this box.Cancellation Policy:Cancellation or transfer requests must be made in writing (letter or fax) andreach the MIS Training office 30 days before the course commencementdate. A full refund less a £100 administration fee will be given. Delegateswho cancel less than 30 days before the course commencement date, orwho do not attend, are liable to pay the full course fee and no refunds willgranted. If you wish to transfer to a different course within a six monthperiod, you will be invoiced a 25% additional charge to transfer yourregistration and any difference in course prices. You will not incur anyadditional charges if you wish to send a replacement delegate and yourregistration meets the above terms.Accommodation:All training venues will be confirmed 3-4 weeks priorto the course start date. MIS Training Institute hasnegotiated special accommodation rates in 4 starhotels in central London (Zone 1) for UK courses.Printed on paper from a sustainablesource, using vegetable oil based inks