Joint Venture Auditing and
the JOA
This program focuses on joint venture audit
practices and issues in today’s operating and accounting environment. The participants will gain an understanding
of the various agreements used in the oil and gas industry to account for joint
operations, how these agreements have changed over time, and the way they are
impacted by COPAS Interpretations and Accounting Guidelines. Individuals attending this program will be
introduced to accepted COPAS audit techniques and protocols, and examine the
many challenges faced by the modern joint venture auditor. Audit benchmarking data and case studies
based on actual events compliment the course material.
Who Should Attend:
Audit department employees and managers responsible
for the joint venture audit function…independent consultants and CPAs who
perform such audits on behalf of non-operators…Accountants responsible for
hosting joint venture audits on behalf of operators.
Prerequisites: Understanding of standard audit
procedures and either Intro to Upstream Oil and Gas or familiarity with Oil and
Gas terminology and business procedures.
Upon Completion of the Program, Participants Will:
• Gain a
working knowledge of the purpose, tools and techniques of joint venture
auditing today
• Understand
the underlying causes for operator and non-operator disputes over charges made
to the joint account
• Examine
the accounting/audit impact of the various “check-off” elections contained in
COPAS accounting procedures
• Explore
ways to improve the audit claims resolution process and share best practices
observed
Key Topics and Objectives:
Background
and Purpose of Joint Operations and Joint Venture Auditing
Duties
and Obligations of the Parties to a Joint Operating Agreement
Comparisons
of COPAS Accounting Procedures and Related Interpretations
Overhead
Issues Encountered in Audits Conducted Under Various Agreements
Impact
of the COPAS 24-Month Adjustment and Audit Periods
Audit
Sampling and Testing, With Focus on JADE Analysis
Audit
Protocol and the Claims Resolution Process, With Benchmarking Data
In-Depth
Discussion of Problem Areas, Emerging Issues and Industry Trends
Quality
programs – offered on-site and adapted for your company. Contact Jim Hoffman at 214.763.9644 or via email at jhoffman@pdi.org. Visit us online at www.pdi.org