Oil, Gas and Petrochemical Internal Audit College - UK-OAP228


This course provides practical guidance on risk-based auditing tailored specifically for oil, gas and petrochemical companies. It teaches participants how to identify and prioritize the risks, and assess the efficiency, effectiveness and economics of both core and non-core business processes.


Tuition cost


NASBA Certified CPE

40 Credits

Information Technology

Why you should attend

You should attend because the risks in this sector are substantial and these organizations need auditor support identifying and assessing the auditable areas. The knowledge gained in this course can help you perform your role.

Who should attend

Internal and external auditors, compliance and risk management professionals in the oil, gas and petrochemical industry.

What You'll learn

You will learn the benefits that risk-based auditing can provide when applied to this industry, master how to focus auditing efforts on the key risks and controls, and ways to audit core and non-core activities.


  • Fundamentals of Internal Auditing

Session 1: Setting the scene - internal auditing today

  • Understanding the importance of enterprise risk management
  • Understand the importance of prioritizing audit results and aligning them with corporate and enterprise risk
  • Leading edge trends and top priorities for internal audit
  • Class discussion: issues and challenges for IA and for the sector
  • Managing the 360 degree perspective of risks & opportunities (reputation, health, safety, environmental, social and ethical risks)

Session 2: Understanding risk management and risk based auditing

  • Risk management terminology and the key system components
  • An introduction to the principles of risk based internal auditing
  • IIA guidance and direction
  • The risk maturity framework
  • The fundamentals of operational auditing
  • Understanding the differences between operational and traditional auditing
  • The 6 E’s – efficiency, effectiveness, economics, environment, equity and ethics

Session 3: Auditing the Procurement Function

  • Procurement strategy
  • Identification of the core purchasing activities and control objectives
  • Vender selection/pre-qualification
  • Tender boards and processes
  • Call-off orders
  • Segregation of duties controls
  • Vendor Vetting
  • Weighted Scale Selection Criteria
  • Procurement Team Make-up
  • What does a kickback look back and what are the effects on various legislation.
  • Case study: Sustainable development principles and procurement policy for an oil company.

Session 4: Auditing 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 count
  • Estimating Intangible inventory
  • Use of Specialty Vendors to measure inventory

Session 5: Auditing major contracts

  • Understanding the different types of contract and audits required
  • Differentiating between the various key stages of
  • Contract life cycle
  • Reviewing generic contract management risks
  • Recognising the key areas for fraudulent activity
  • Identifying the best time to be involved
  • Identifying on how and when to report issues on long term projects

Session 6: Auditing turnaround (shutdown) contracts

  • Vender audits
  • Emergent work and accruals
  • Shutdown maintenance contracts
  • Key areas for fraud

Session 7: Auditing governance and ethics

  • The importance of the “tone at the top”
  • Identifying the ethics & governance framework and Key risks
  • IIA guidance on auditing organisational governance
  • Ethics, conflicts of interest and corruption
  • Illegal information brokers
  • Measuring ethical behaviors
  • Importance of a fraud hotline
  • How far should a fraud hotline be rolled out.
  • Managing the fraud hotline

Session 8: Auditing Health, Safety and Environmental Management Systems

  • Confirming internal audit’s role
  • Getting buy-in from the specialists
  • Health, safety and environmental strategies
  • Adding value: audit’s role and sustainability reporting

Session 9: Audit Report Writing

  • Thinking about your report from the beginning of fieldwork
  • Understanding who your stakeholder’s are and what they want from Internal Audit
  • Structuring your report
  • Structuring audit findings and getting the messages across
  • Timing of audit reports and the use of interim reports
  • Successful audit findings and management action plans

Session 10: Auditing projects

  • What constitutes a project?
  • Recognising the differences in roles between the consultant & the auditor
  • Determining the key stakeholders, project governance framework and key performance indicators
  • Assessing project management, monitoring & control
  • Identifying the key risks & opportunities
  • Identifying vendor risk and identifying key vendors
  • Fraud hot spots and management/correction actions when errors or fraud are detected
  • Auditing for Conflicts of Interest

Session 11: Auditing joint ventures

  • Understanding the different types of joint ventures agreements and types of audit that may be required
  • Establishing communications channels
  • Determining the specific contractual arrangements and the extent of audit rights/ defining the boundaries
  • Audit clauses for JV agreements
  • Identifying sources of information and any potential JV & audit sensitivities
  • Reliance of JV audits and information’s and the related correlations to internal audit work
  • Disclosure of reliance on outside information

Session 12: Auditing Outsourced operations

  • The broadening scope of outsourced activities
  • The decision to outsource and strategic implications
  • The importance of contractual arrangements and performance measurements
  • The implications of Sarbanes Oxley & SAS 70s
  • Evaluating the key risks
  • Managing the audit protocols and any sensitivities

Schedule your course

Use the table below to select the time and location that works best for you.

Timezone: Europe/London

October 2021

Oct 4th, 2021-Oct 8th, 2021

ACI Learning is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy 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.nasbaregistry.org.