OIL & GAS ACCOUNTING, AUDITING & FINANCIAL REPORTING
“Ensuring Financial Integrity and Compliance in Upstream and Downstream Operations”
Course Schedule
| Date | Venue | Fees (Face-to-Face) |
|---|---|---|
| 11 – 12 Nov 2025 | Doha – Qatar | USD 1995 per delegate |
Course Introduction
The oil and gas industry presents unique financial and accounting challenges due to its complex regulatory environment, high capital intensity, and volatility in commodity pricing. Accurate financial reporting, industry-specific auditing practices, and proper treatment of exploration, development, and production costs are essential for transparency, compliance, and strategic decision-making.
This 2-day intensive training is designed for finance, audit, and accounting professionals working in or supporting the oil and gas sector. The course provides a comprehensive overview of oil & gas accounting principles, IFRS/US GAAP treatment, joint venture accounting, internal controls, and audit techniques tailored to the sector.
Course Objectives
By the end of this course, participants will be able to:
• Understand the financial reporting standards and frameworks specific to oil & gas operations
• Apply accounting treatment for exploration, development, production, and decommissioning activities
• Analyze joint venture and production sharing agreements (PSAs) from an accounting perspective
• Plan and execute audit procedures for oil & gas financial statements
• Identify key risks and internal controls relevant to upstream and downstream operations
Key Benefits of Attending
• Gain clarity on complex oil & gas accounting treatments and disclosures
• Enhance your ability to conduct sector-specific financial audits
• Support compliance with IFRS, GAAP, and regulatory requirements
• Identify financial risks unique to the petroleum value chain
• Build confidence in preparing and reviewing oil & gas financial reports
Intended Audience
This program is designed for:
• Finance Managers and Chief Accountants in oil & gas firms
• Auditors and Internal Control Officers
• Accounting Professionals handling upstream or downstream reporting
• Compliance and Risk Officers
• Financial analysts and consultants in energy and natural resources
Individual Benefits
Key competencies that will be developed include:
• Accounting for E&P (Exploration & Production) costs
• Recognition of revenue and lifting arrangements
• Joint venture cost allocation and reporting
• Dealing with asset impairment and abandonment liabilities
• Evaluating audit trails and control weaknesses in petroleum operations
Organization Benefits
Upon completing the training course, participants will demonstrate:
• Improved accuracy in oil & gas financial reporting
• Better compliance with IFRS 6, IFRS 15, and other relevant standards
• Enhanced audit preparedness for regulators and joint venture partners
• Stronger internal control environment in financial operations
• Support for investment decisions through reliable financial data
Instructional Methdology
The course follows a blended learning approach combining theory with practice:
• Strategy Briefings – Key financial and accounting concepts in oil & gas
• Case Studies – Real-world reporting and audit scenarios in upstream/downstream projects
• Workshops – Ledger entries, disclosures, and reconciliation exercises
• Peer Exchange – Discussion on audit challenges in joint operations
• Tools – Industry-specific reporting templates, audit checklists, and risk registers
Course Outline
DETAILED 2-DAY COURSE OUTLINE
Training Hours: 07:30 AM – 03:30 PM
Daily Format: 3–4 Learning Modules | Coffee breaks: 09:30 & 11:15 | Lunch Buffet: 01:00 – 02:00
Day 1: Oil & Gas Accounting Principles and Reporting Standards
Module 1: Overview of Oil & Gas Accounting (07:30 – 09:30)
• Industry structure: upstream, midstream, downstream
• Accounting frameworks: IFRS vs US GAAP
• Key financial challenges in the sector
Module 2: Accounting for Exploration and Development Activities (09:45 – 11:15)
• Successful efforts vs full cost method
• Capitalization vs expensing of costs
• Seismic, drilling, and appraisal treatments
Module 3: Production, Revenue Recognition & Cost Sharing (11:30 – 01:00)
• Lifting arrangements, entitlements, and revenue booking
• Production Sharing Contracts (PSC) and Joint Operating Agreements (JOA)
• Inventory valuation and revenue reconciliation
Module 4: Workshop – Upstream Accounting Entries (02:00 – 03:30)
• Journal entries for E&P transactions
• Exercises on cost allocation and reporting
Day 2: Financial Auditing and Risk Control in Oil & Gas
Module 5: Financial Reporting and Disclosures (07:30 – 09:30)
• IFRS 6 (Exploration for and Evaluation of Mineral Resources)
• IFRS 15 (Revenue from Contracts with Customers)
• Disclosures for decommissioning liabilities and reserves
Module 6: Auditing Oil & Gas Projects and Contracts (09:45 – 11:15)
• Planning audit of joint ventures and PSAs
• Auditing reserves, production data, and lifting
• Verification of cost recovery and capital expenditure
Module 7: Internal Controls and Fraud Risks (11:30 – 01:00)
• Segregation of duties in oilfield operations
• Controls over procurement, transportation, and royalties
• Red flags in cost manipulation and booking
Module 8: Workshop – Audit Planning Simulation (02:00 – 03:30)
• Participants develop an audit plan for a sample oil & gas operation
• Peer critique and instructor feedback
Certification
Participants will receive a Certificate of Completion in Oil & Gas Accounting, Auditing & Financial Reporting, demonstrating their ability to manage financial integrity and regulatory compliance across petroleum industry operations.