QMS Audit and IFRS for Oil & Gas Industry

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QMS Audit and IFRS for Oil & Gas Industry

QMS Audit and IFRS for Oil & Gas Industry
15 - 19 Sep 2024
Dubai, United Arab Emirates
United Arab Emirates

What are the Goals?

At the end of this 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 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

Daily Agenda

Module 1: Auditing Oil & Gas Industry Quality Management Systems

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

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

Conducting an Internal Audit

  • Internal Audit Process
  • Creation of Effective Audit Checklists
  • Communications during Audit
  • QMS Documentation Review
  • Key Personnel Interviews
  • Physical Site Observation

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

Review of Internal Audit Process & Assessment

  • Review of Internal Audit Process
  • Review of Internal Audit Reporting

Module 2: International Financial Reporting Standards (IFRS) for the Oil & Gas and Petrochemical Sectors (Upstream, Midstream & Downstream)

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)
  • 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

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

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

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

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

Tickets

Registrations are closed
Date & Time
Sunday, September 15, 2024
Start - 10:00 AM (Asia/Kuwait)
Thursday, September 19, 2024
End - 10:00 AM (Asia/Kuwait)

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Location

Dubai

Dubai
United Arab Emirates
--Dubai--

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Organizer

Seattle International For Training

info@seattle-int.com
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