An Interactive 10-Day Training Course
QMS Audit and IFRS for Oil & Gas Industry
The Complete Guide to Auditing both Quality Management
& Financial Standards in Oil & Gas
Course Overview
Today, in the Oil & Gas industry there is an increased need and importance for performance measurement, auditing and reporting. The need to prepare, use and critically evaluate information on upstream, midstream & downstream oil & gas activities, applying specialist industry knowledge and relevant analytical skills, is supplemented by the need for an in-depth knowledge of the international ISO management system standards on quality (ISO 9001:2015), environment (ISO 14001:2015) and occupational health and safety (ISO 45001:2018).
This QMS Audit and IFRS for Oil & Gas Industry training course develops an essential understanding of oil & gas accounting, reporting and performance measurement issues and practice and provides a detailed understanding of how to undertake system audits both of supplier companies and your own organization. The emphasis on the results of auditing will be a focus for delegates to assist their own organizations in achieving improved performance in their businesses in the three given areas of quality, environment and health and safety, leading to improved profitability.
This GLOMACS training course will highlight:
- Analysis and evaluation using practical case studies
- Facilitated group discussions on current issues, policies, procedures
- Real Life issues within delegates’ organizations and other oil and gas companies
- Understanding the latest versions of ISO 9001, ISO 14001 and ISO 45001
- Audit planning focused on business risk areas
- Audit reporting focusing on added value to delegates’ businesses
Modules
This training course is split into two modules:
Module I - Auditing Oil & Gas Industry Quality Management Systems
Module II - IFRS for the Oil & Gas and Petrochemical Sectors (Upstream, Midstream & Downstream)
Each module is structured and can be taken as a stand-alone training course; however, delegates will maximise their benefits by taking Module 1 and 2 back-to-back as a 2-week training course.
Training Outline
Module 1: Auditing Oil & Gas Industry Quality Management Systems
DAY 1: Quality Management System (QMS) Audit
- ISO 29001:2010 and 9001:2015 QMS international standards
- Review of 29001 clauses 4-8 and 9001 clause 9 Internal audit requirements
- Quality system requirements
- Types and levels of QMS internal audits
- Documentation in the Quality Management System (QMS)
- Roles and responsibility of auditors
DAY 2: Audit Preparation and Setup
- Terminology and definitions
- Audit concepts and principles
- Planning and conducting effective audits
- Producing audit programme and procedure
- Audit terms of reference
- Interview and note-taking skills
DAY 3: Conducting an Internal Audit
- Internal audit process
- Creation of effective audit checklists
- Communications during audit
- QMS documentation review
- Key personnel interviews
- Physical site observation
DAY 4: Preparing Audit Report
- Review of non-conformities and observations
- Audit findings and conclusions
- Preparation of internal audit report
- Corrective action plan
- Presentation of audit report
- Monitoring and close-out of non-conformities
DAY 5: Review of Internal Audit Process & Assessment
- Review of internal audit process
- Review of internal audit reporting
Module 2: IFRS for the Oil & Gas and Petrochemical Sectors (Upstream, Midstream & Downstream)
DAY 6: Major Accounting Issues facing the Oil & Gas and Petrochemical Industry (Upstream, Midstream & Downstream) and the Role of IFRS
- The Latest Accounting Issues facing the Oil & Gas and Petrochemical Industry (upstream, midstream & downstream)
- The Impact of Commodity Prices, Currency & Interest Rate Fluctuations and Political and Environmental Developments
- The Impact on Strategic Development and Growth within the Industry
- Establishing the Case for IFRS
- An Overview of IFRS in relation to the Oil & Gas Industry
- The Annual Reports & Financial Statements of Leading International Petroleum Companies
DAY 7: Accounting for Assets in the Oil & Gas and Petrochemical Industry (Upstream, Midstream & Downstream)
- IAS 16: Property, Plant and Equipment and Depletion, Depreciation & Amortisation (“DD&A”)
- IAS 36: Impairment of Assets
- IFRS 6: Exploration for and Evaluation of Mineral Assets and the Accounting Approaches
- IFRS 13: Fair Value Measurement
- IAS 2 Inventories
- Reserve Reporting
DAY 8: Accounting for Business Combinations, Joint Ventures & Production Sharing Agreements (“PSA”s)
- IFRS 3: Business Combinations
- IFRS 10: Consolidated Financial Statements
- IAS 38: Intangible Assets
- IFRS 12: Disclosure of Interests on Other Entities
- IFRS 11: Joint Arrangements
- Break Even Oil, Cost Oil & Profit Oil
DAY 9: Accounting for Cash Flow & Financial Instruments in the Oil & Gas and Petrochemical Industry (upstream, midstream & downstream)
- IAS 7 Statement of Cash Flows
- The Use of Derivatives in the Oil & Gas & Petrochemical Sector to Manage the Commodity, Currency and Interest-rate Risks, etc.
- Treasury Management Issues for Multi-nationals
- IFRS 7 Financial Instruments: Disclosures
- IFRS 9 Financial Instruments
- Evaluating the Cash Flow & Use of Financial Instruments by Leading International Oil & Gas and Petrochemical Companies
DAY 10: Creative Accounting and Corporate Governance
- Creative Accounting
- Enron and Investor Protection
- Corporate Governance
- The Role of the Board & Audit Committee
- External Auditing - reporting to investors
- Internal Auditing - Defining and Developing the Internal Audit Process
Certificates
- On successful completion of this training course, GLOMACS Certificate will be awarded to the delegates
- Continuing Professional Education credits (CPE) : In accordance with the standards of the National Registry of CPE Sponsor, one CPE credit is granted per 50 minutes of attendance
Accreditation
GLOMACS is registered with NASBA as a sponsor of Continuing Professional Education (CPE) on the National Registry of CPE Sponsors. NASBA 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.learningmarket.org.
All Training Seminars delivered by GLOMACS by default are eligible for CPE Credit.
Providers and Associations
About Saudi Glomacs
At Saudi GLOMACS, we specialize in delivering world-class training courses in Saudi Arabia and across various international locations. Our training courses are tailored to meet the unique demands of Saudi Vision 2030 and the Human Capability Development Program, focusing on empowering Saudi citizens and enhancing workforce skills. We offer diverse courses spanning leadership, management, engineering, and technical disciplines to cultivate expertise and drive professional growth. Our flexible learning options—whether in-person, online, or in-house—ensure accessibility and convenience for individuals and organizations alike.
With over 30+ years of experience through the GLOMACS global network, we are committed to delivering innovative, results-driven training solutions. Our expert instructors combine industry knowledge with dynamic teaching methods, fostering practical skill development and long-term career success. By choosing Saudi GLOMACS, you're investing in personal excellence and contributing to the Kingdom’s sustainable economic growth and vision-driven transformation.
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