A division of

Global Leader in
Audit, Risk, Fraud
and Security Training

Operational Audit for Oil, Gas and

Petrochemical Companies
Risk-based operational auditing for oil, gas and
petrochemical companies
Course Director

Hong Kong Lin Bartlett

5 day course 9-13 July 2012 Quotes from past delegates:

“Useful, productive and good value for
money”
Past delegate, Qalhat LNG SAOC
“Great in highlighting the risks involved
in different operations of the oil & gas
industry”
Past delegate,
Greater Nile Petroleum Operating Co.

Earn 37 CPE credits

• Understand operational auditing and how to evaluate operational

performance Who should attend
Auditors and those with responsibility
• Appreciate the benefits of risk-based auditing, associated tools for managing audits who want a
comprehensive guide to operational
and techniques, and practice using them with real life case studies auditing together with the latest risk-
relevant to oil, gas or petrochemical companies based auditing techniques

• Gain the expertise and confidence to develop and conduct risk-

Prerequisite
Basic auditing experience
based operational audits of core business processes together with
some of the newer and more challenging business activities Learning Level
Basic / Intermediate

SAVE
UP TO 50%
PLEASE REGISTER EARLY WITH IN HOUSE
Due to recent changes in VISA processing, delegates are strongly advised
to obtain relevant VISAs up to one month prior to the course.
TRAINING
Details inside

Register before 12 June 2012 to secure your place!

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Operational Audit for Oil, Gas and Hong Kong
Petrochemical Companies
Risk-based operational auditing for oil, gas and petrochemical 5 day course
companies 9-13 July 2012

Course focus and features Day 1

This five day course tailored specifically for oil, gas and petrochemical companies provides
practical and valuable guidance on risk-based operational auditing and leading edge techniques
in auditing. It teaches participants how to identify and prioritise the risks and assess the efficiency, Course introduction and overview
effectiveness and economics of both core and non core business processes.
Setting the scene - Internal Auditing (IA)
Auditing non core activities can be very difficult. The associated risks to business objectives are today
often less well known for the business and for internal auditors. Auditing major contracts and • Understanding the importance of
enterprise risk management
outsourced operations are explored in detail over the course providing delegates with insights
• Leading edge trends and top
from practical experience on where the efficiency, effectiveness and value can be realised, as well priorities for internal audit
as highlighting key areas to focus on to ensure that key risks are being appropriately managed
and the risk of fraud minimised. Class discussion: Issues and challenges for IA
and for the sector
Delegates are also provided with the opportunity to examine the challenges for Internal Audit
in its approach to and involvement with risk management and the role internal audit can play in • Identifying the overall assurance
facilitating risk management within their organisations. framework for all activities
• Managing the 360 degree perspective of
Delegates will learn the benefits that risk-based auditing can have in focusing auditing effort on risks and opportunities (reputation, health,
the risks that threaten the achievement of business objectives and how to reflect and prioritise safety, environmental, social and
risk in their audit reports. ethical risks)

Through participating in discussions, exchanging ideas and reviewing case studies of real life Exercise: Identifying where internal audit is
examples, delegates will gain the knowledge and confidence to employ their new skills in their positioned in your company
workplace.
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
Course Director Lin Bartlett • IIA guidance and direction
• The risk maturity framework
During her career with Shell, Lin held a number of senior management roles in IT, Finance
Case studies: Risk evaluation process, risk
and Audit. As Shell UK’s Integrated Audit Manager, she developed and gained board approval registers for a global energy company, and
for a risk-based integrated audit planning and management process, establishing integrated risk profile for an oil company
audit plans for all key business areas. She is a trained auditor in financial, IT, health, safety,
environment and quality management and planned and managed major audits in many Exercise: Identifying the risk maturity of your
different parts of Shell’s business including upstream, downstream, gas and chemicals. organisation

In 2003, Lin successfully helped establish a new company to challenge the sustainability The fundamentals of operational auditing
assurance offering in the marketplace and to raise the standard of assurance and verification • Understanding the differences
of non- financial reporting available and has subsequently provided assurance and verification between operational and traditional
auditing
services to a number of blue chip companies.
• The 6 Es - efficiency, effectiveness,
During 2005, Lin was engaged on a global Sarbanes Oxley 404 compliance implementation economics, equity, ethics and the
environment
project for a FTSE 100 company. She was responsible for both the global project planning and
management support and also the management of a team responsible for documenting risks Exercises: Brainstorming risks and
and controls over financial reporting for their European business. understanding learning styles
More recently, Lin has been engaged on External Quality Assessments (EQAs) as required by
the Institute of Internal Auditor’s International Standards for the Professional Practice of Internal
Auditing and Code of Ethics. She also provides training and helps companies prepare for an EQA.

SAVE TIME AND MONEY WITH IN-HOUSE TRAINING

MIS Training Institute provides specific, tailor-made in-house training on a wide variety of internal audit, IT audit and information security topics. Clients are
able to determine the content, duration, and level of expertise of the course, creating a unique and customised programme. All our in-house consultants
are professional trainers and draw on many years of practical experience in the audit and information security area.

To find out more about the special benefits of in-house training, please contact:

Hayleigh Davies, Division Manager, Asia Pacific

Tel: +852 2111 6634 Email: inhouse@euromoneyasia.com
 Day 2
Facilitating risk identification workshops
• Understanding the differences between
presenting and facilitating
• Facilitation techniques and top tips
• Handling difficult situations
Exercise: Facilitating a risk identification
workshop
Fraud awareness
• Identifying internal audit’s role
• Why fraud happens
• Profiling the fraudster
• High-potential areas for fraud occurrence
• Indicators of potential fraud - red flags
• Using the computer to detect fraud
Auditing the procurement function
• Procurement strategy
• Identification of the core purchasing
activities and control objectives
• Vendor selection/pre-qualification
• Tender boards and processes
• Call-off orders
• Segregation of duties controls
Case study: Sustainable development
principles and procurement policy for an oil
company
Exercise: Identifying the key risks in the
requisition to payment process
Exercise: Segregation of duties template
tailored for a chemicals company
Day 3
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
Exercise: Identifying the key risks in
managing inventory
Case study: Segregation of duties template
for inventory management
Case study: Product measure audit
programme
Register before 12 June 2012 to secure your place!
Web: www.mistiasia.com Email: misasia@misti.com
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
Exercise: Brainstorming contract threats and
opportunities for oil company related major
contract types
Case study: Drilling unit contracting audit
programme
Case study: Variable price contract audit
programme
Auditing shutdown management
• Vendor audits
• Emergent work and accruals
• Shutdown maintenance contracts
• Key areas for fraud
Case study: Contract fraud
Day 4
Auditing governance and ethics
• The importance of the “tone at the top”
• Identifying the ethics and governance
framework and key risks
• IIA Guidance on auditing organisational
governance
• Assessing alignment with organisational
values and goals
• Ethics, conflicts of interest and corruption
• Illegal information brokers
Exercise: Auditing ethics and compliance
Exercises: Ethical dilemmas
Case study: Code of ethics for an oil and gas
company
Auditing health, safety and environmental
management
• Confirming internal audit’s role
• Getting buy-in from the specialists
• Health, safety and environmental
strategies
• Auditing the management systems
• Adding value: audit’s role and
sustainability reporting
Case studies: Key performance indicators for
an oil refinery
Case study: Retail outlet SSHE checklist
Exercise: Developing the audit objective and
terms of reference
Day 5
Auditing projects
• What constitutes a project?
• Why does internal audit get involved?
• Recognising the differences in roles
between the consultant and the auditor
• Determining the key stakeholders,
project governance framework and key
performance indicators
• Assessing project management,
monitoring and control
• Identifying the key risks and opportunities
Exercise: Developing the focus for project
audit
Auditing joint ventures
• The change in position from an internal
auditor to an external auditor and the
different challenges the change in role
presents
• Understanding the different types of joint
ventures agreements and types of audit
that may be required
• Establishing communications
• Determining the specific contractual
arrangements and the extent of audit
rights/defining the boundaries
• Identifying sources of information and
any potential joint ventures and audit
sensitivities
• Confirming the corporate governance and
operational framework and standards
• Identifying opportunities to place reliance
on the work of others
Exercise: Developing a risk matrix for a joint
venture company
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 and
SAS 70s
• Evaluating the key risks
• Managing the audit protocols and any
sensitivities
Exercise: Quality criteria for an outsourced
operation
Course review and conclusion
© Copyright Euromoney Training 2012
Tel: +852 2520 1481
 Global Leader in
Audit, Risk, Fraud
and Security Training

Membership discount
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