QMS Audit and IFRS
for Oil & Gas Industry

INTRODUCTION

MODULES

This training course is split into two modules:

MODULE I - Auditing Oil & Gas Industry Quality Management Systems

MODULE II - IFRS for the Oil & Gas and Petrochemical Sectors (Upstream, Midstream & Downstream)

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 2-week training course.

Objectives

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

Training Methodology

This QMS Audit and IFRS for Oil & Gas Industry training course is based on the concept accelerated learning. This means that there will be class lectures with delegates encouraged to take part in discussions and sharing their experience followed by individual & team exercises to test and consolidate delegates’ understanding of the presented topics. Learning is further reinforced by examination of relevant extracts from the annual reports of international oil and gas companies. At the end of each day, participants have an opportunity for a one-to-one session with the instructor to ask further questions and to go over any material that they have not yet fully understood.

Organisational Impact

The organization will benefit greatly from their employees participation, as they will:

• Gain knowledge and skills for the benefit of the entire organization
• Ensure legal compliance in line with the latest requirements
• Understand the major accounting issues facing the sector
• Be able to apply IFRS specific to their organizational needs
• Aid Corporate Governance thereby reducing risk
• Be able to contribute more effectively to financial decision making
• Learn how to improve operational, environmental & health and safety performance

Personal Impact

This training course will be of personal benefit to delegates by providing them with:

• Skills, knowledge & the latest tools and techniques to assist them in their roles
• An ability to make more informed & improved decisions aimed at reducing risk
• An understanding of good management practice in quality, environment and health and safety
• The ability to document and present observations and concerns to management in a concise manner, to facilitate improvement
• An ability to advise their own organization & supplier organizations on improvement in quality, environment and health and safety
• The opportunity to gain knowledge of parts of their organization that they would not normally see, thus offering themselves a greater flexibility to take on responsibilities in a wider range of departments

WHO SHOULD ATTEND?

This GLOMACS 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