Code Date City Venue Fees
MG235 16 - 27 Jul 2018 New York - USA Sofitel New York $13,900 Register
TBA* = To be Announced   |  All fees are exclusive of VAT
Home » Seminars » Management & Leadership » QMS Audit and IFRS for Oil & Gas Industry

Introduction

.

The training seminar is split into two modules:

MODULE I - Auditing Oil & Gas Industry Quality Management Systems

MODULE II - International Financial Reporting Standards (IFRS) for the Oil & Gas Industry

Each module is structured and can be taken as a stand-alone training course; however, delegates will maximise their benefits by taking Module 1 and 2 back-to-back as a two-weeks training course.

Seminar Outline

MODULE 1: Auditing Oil & Gas Industry Quality Management Systems

DAY 1

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

DAY 2

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

DAY 3

Conducting an Internal Audit

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

DAY 4

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

DAY 5

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 Industry

DAY 6

The Oil and Gas Sector & Major Accounting Issues

  • The Oil & Gas Sector & the Macro-economic Factors
    • Commodity prices, currency fluctuations, interest rate risk and political developments and environmental risk
  • Costs in Acquisition, Exploration, Development and Production of new oil or natural gas reserves
  • Accounting Approaches
    • The "Successful Efforts" (SE) Method or the "Full Cost" (FC) Method
  • Introduction / Overview of IFRS in relation to the Oil & Gas Sector, with particular reference to:
    • IFRS 1: First-time Adoption of International Financial Reporting Standards
    • IFRS 6: Exploration for and Evaluation of Mineral Assets
    • IFRS 10: Consolidated Financial Statements
    • IFRS 11: Joint Arrangements
    • IAS 16: Property, Plant and Equipment
    • IAS 36: Impairment of Assets
    • IAS 37: Provisions, Contingent Liabilities and Contingent Assets
    • IAS 38: Intangible Assets
    • IAS 39 Financial Instruments: Recognition and Measurement – Superseded by IFRS 9 – was to be effective 2013 but now 2018

DAY 7

Evaluating the Performance and Identifying the Accounting Issues

  • Analysis of Financial Statements
    • Income Statements
    • Statement of Financial Position (Balance Sheet)
    • Cashflow Statements
  • Identification & Evaluation of their Accounting Policies
  • DuPont Analysis – Evaluating and Improving Return On Equity (ROE)
  • Evaluation of their Share Price and Investment Performance
  • Case Study: BP, Chevron, Shell and SABIC

DAY 8

Accounting for Upstream Activities with Reference to IFRS

  • Reserves and Resources
  • Exploration and Evaluation
  • Revenue Recognition
  • Assets
  • Depletion, Depreciation & Amortisation (DD&A)
  • Impairment of Development, Production and Downstream Assets
  • Examples: BP, Chevron & Shell

DAY 9

Joint Arrangements, Financial Instruments and Derivatives

  • Business Combinations, Joint Ventures & Production Sharing Agreements (PSAs)
  • Treasury Management Issues for Multi-nationals
  • The Use of Derivatives in the Oil & Gas Sector to manage the commodity, currency and interest-rate risks, etc.
  • British Airways Case Study – Hedging the Oil Price using Futures

DAY 10

Creative Accounting and Corporate Governance

  • Creative Accounting – Enron and Investor Protection
  • Leases – IFRS 16 (new standard)
  • Auditors and Reporting to Investors in the Oil and Gas Industry
  • External Audit Investigations and Reports
    • The Auditor’s ‘Opinion'
    • True and Fair
    • Sarbanes Oxley
    • Internal Audits
  • Ethical Issues
  • Corporate Governance
    • Government Regulation
    • Investor Confidence and Share Prices

Accreditation

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Home » Seminars » Management & Leadership » QMS Audit and IFRS for Oil & Gas Industry

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QMS Audit and IFRS for Oil & Gas Industry


Upcoming Dates

Code Date Venue Fees
MG235 16 - 27 Jul 2018 New York - USA $13,900

Introduction

.

The seminar is split into two modules:

MODULE I - Auditing Oil & Gas Industry Quality Management Systems

MODULE II - International Financial Reporting Standards (IFRS) for the Oil & Gas Industry

Each module is structured and can be taken as a stand-alone training course; however, delegates will maximise their benefits by taking Module 1 and 2 back-to-back as a two-week training course.

SEMINAR OUTLINE

MODULE 1: Auditing Oil & Gas Industry Quality Management Systems

DAY 1

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

DAY 2

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

DAY 3

Conducting an Internal Audit

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

DAY 4

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

DAY 5

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 Industry

DAY 6

The Oil and Gas Sector & Major Accounting Issues

  • The Oil & Gas Sector & the Macro-economic Factors
    • Commodity prices, currency fluctuations, interest rate risk and political developments and environmental risk
  • Costs in Acquisition, Exploration, Development and Production of new oil or natural gas reserves
  • Accounting Approaches
    • The "Successful Efforts" (SE) Method or the "Full Cost" (FC) Method
  • Introduction / Overview of IFRS in relation to the Oil & Gas Sector, with particular reference to:
    • IFRS 1: First-time Adoption of International Financial Reporting Standards
    • IFRS 6: Exploration for and Evaluation of Mineral Assets
    • IFRS 10: Consolidated Financial Statements
    • IFRS 11: Joint Arrangements
    • IAS 16: Property, Plant and Equipment
    • IAS 36: Impairment of Assets
    • IAS 37: Provisions, Contingent Liabilities and Contingent Assets
    • IAS 38: Intangible Assets
    • IAS 39 Financial Instruments: Recognition and Measurement – Superseded by IFRS 9 – was to be effective 2013 but now 2018

DAY 7

Evaluating the Performance and Identifying the Accounting Issues

  • Analysis of Financial Statements
    • Income Statements
    • Statement of Financial Position (Balance Sheet)
    • Cashflow Statements
  • Identification & Evaluation of their Accounting Policies
  • DuPont Analysis – Evaluating and Improving Return On Equity (ROE)
  • Evaluation of their Share Price and Investment Performance
  • Case Study: BP, Chevron, Shell and SABIC

DAY 8

Accounting for Upstream Activities with Reference to IFRS

  • Reserves and Resources
  • Exploration and Evaluation
  • Revenue Recognition
  • Assets
  • Depletion, Depreciation & Amortisation (DD&A)
  • Impairment of Development, Production and Downstream Assets
  • Examples: BP, Chevron & Shell

DAY 9

Joint Arrangements, Financial Instruments and Derivatives

  • Business Combinations, Joint Ventures & Production Sharing Agreements (PSAs)
  • Treasury Management Issues for Multi-nationals
  • The Use of Derivatives in the Oil & Gas Sector to manage the commodity, currency and interest-rate risks, etc.
  • British Airways Case Study – Hedging the Oil Price using Futures

DAY 10

Creative Accounting and Corporate Governance

  • Creative Accounting – Enron and Investor Protection
  • Leases – IFRS 16 (new standard)
  • Auditors and Reporting to Investors in the Oil and Gas Industry
  • External Audit Investigations and Reports
    • The Auditor’s ‘Opinion'
    • True and Fair
    • Sarbanes Oxley
    • Internal Audits
  • Ethical Issues
  • Corporate Governance
    • Government Regulation
    • Investor Confidence and Share Prices

Quality Logo

GLOMACS is registered with NASBA as a sponsor of Continuing Professional Education (CPE) on the National Registry of CPE Sponsors. NASBA have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.learningmarket.org.

All Training Seminars delivered by GLOMACS by default are eligible for CPE Credit.



© 2018. Material published by GLOMACS shown here is copyrighted.
All rights reserved. Any unauthorized copying, distribution, use, dissemination, downloading, storing (in any medium), transmission, reproduction or reliance in whole or any part of this course outline is prohibited and will constitute an infringement of copyright.

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Tel : +971 - 04 - 425 0700, Fax : +971 (04) 425 0701, Email : info@glomacs.ae

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