Internal Audit in Oil and Gas Operations

Objectives:

• Understand the role and importance of internal auditing in oil and gas operations.
• Learn about the key risks and challenges in the oil and gas industry.
• Develop skills to conduct internal audits effectively within the sector.
• Gain insight into audit techniques and tools specific to oil and gas operations.

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Introduction to Internal Audit in Oil and Gas Operations

• Overview of internal auditing principles and standards.
• Importance of internal audits in managing risk and ensuring compliance.
• Key areas of focus in oil and gas operations: exploration, production, refining, and distribution.
• Regulatory frameworks and industry standards affecting audits in oil and gas.

Risk Management and Control in Oil and Gas Operations

• Identifying key risks in oil and gas operations (financial, operational, environmental, and safety).
• Assessing the risk environment in exploration, drilling, production, and transportation.
• Internal controls and mitigation strategies in oil and gas projects.
• Evaluating risk management frameworks and their integration into audit processes.

Audit Planning and Execution in Oil and Gas

• Developing an audit plan for oil and gas operations.
• Key steps in auditing oil and gas financial statements, operations, and compliance.
• Use of audit tools and techniques (sampling, substantive testing, and compliance checks).
• Case studies of common audit issues in the industry.

Reporting and Follow-Up on Audit Findings

• Structuring audit reports for oil and gas operations.
• Communicating audit findings to stakeholders (management, regulators, etc.).
• Recommendations for improving internal controls and risk management.

DATE:

1ST BATCH: 14th – 17th Apr,                                        2025    

2ND BATCH:19th – 22nd Aug,                                     2025

3RD BATCH: 9th – 12th Dec,                                         2025