Upstream Petroleum Accounting

Introduction

This GLOMACS Upstream Petroleum Accounting training course is designed to develop the essential skills necessary to prepare and evaluate Upstream Petroleum Accounts and to improve the organization’s internal audit function.

It focuses on the latest techniques to evaluate Financial, Operational & Social Performance as well as relevant International Financial Reporting Standards (IFRS) for the preparation of accounts. Delegates will therefore be able to prepare financial statements in line with IFRS and make strategic decisions to improve financial performance of their organization. In addition, the development, monitoring and continued improvement of a highly-integrated, internal audit function will aid continued financial success, stability and growth.

This training course will highlight:

• How to Prepare Financial Statements in line with IFRS?
• The latest international tools and techniques to develop skills of evaluation and performance measurement
• The lessons to be learnt from an evaluation of leading international Upstream Petroleum companies
• The different types of audit and the benefits to be obtained from each
• Efficient Planning, Controlling and Recording of an audit assignment

Objectives

By the end of this training course, participants will be able to:

• Develop an understanding of the accounting and auditing standards, policies and practices used by Upstream Petroleum companies
• Improve relevance and reliability of financial reports to better meet the needs of users
• Review and use publicly available information for benchmarking the business performance
• Understand the role and function of an Internal Audit Department
• Understand audit risk and efficiently plan, control and record an audit assignment

Training Methodology

Participants to this Upstream Petroleum Accounting training course will receive a thorough training on the subjects covered by the course outline with the tutor utilising a variety of proven adult learning teaching and facilitation techniques. The Training methodology includes case studies from the Upstream Petroleum Sector, discussion, group work and interactive exercises and videos. These are designed to ensure delegates leave with transferable skills as well as up-to-date knowledge of international policies and procedures.

Organisational Impact

This training course is of direct relevance to the Upstream Petroleum sector and as a result the organisations will benefit greatly from their employees participation. The organization will gain from:

• More effective finance support for front-line departments
• Greater relevance and reliability of financial and management information
• More strategic thinking and focus on performance
• More effective use of financial statements of the company, its co-venturers and its competitors
• The ability of Finance Managers and staff to work with less supervision
• Preparation of staff for increased responsibility

Personal Impact

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

• A better understanding of the context and importance of the work you do
• Greater awareness of industry practices, problems and solutions
• Increased understanding and assurance to complete tasks successfully
• Increased self-confidence and motivation at work
• Greater job satisfaction in providing quality support to management
• Greater ability to supervise, develop and motivate colleagues