An Intensive 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 Introduction

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 two-week 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 Oxford Management 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


This course is split in two modules:

Module 1: Auditing Oil & Gas Industry Quality Management Systems
Module 2: International Financial Reporting Standards (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.


At the end of this training Course, you will learn to:

  • Understand the accounting standards, policies and practices used by companies in the Oil & Gas industry
  • Examine issues and guidelines in accounting for Joint Ventures
  • Identify and know how to apply international and national accounting standards most relevant to the industry
  • Improve relevance and reliability of financial reports to better meet the needs of users
  • Review and use publicly available information for bench-marking the business performance of companies in the industry
  • Plan, conduct and report management system audits focused on improvement & be a driving force in an organizations improvement processes

Training Methodology

This training course is based on the concept accelerated learning. This means that there will be class lectures with delegates encouraged to take part in discussions and sharing their experience followed by individual & team exercises to test and consolidate delegates’ understanding of the presented topics. Learning is further reinforced by examination of relevant extracts from the annual reports of international oil and gas companies. At the end of each day, participants have an opportunity for a one-to-one session with the Course leader to ask further questions and to go over any material that they have not yet fully understood.

Organisational Impact

The organization will benefit greatly from their employees participation, as they will:

  • Gain knowledge and skills for the benefit of the entire organization
  • Ensure legal compliance in line with the latest requirements
  • Understand the major accounting issues facing the sector
  • Be able to apply IFRS specific to their organizational needs
  • Aid Corporate Governance thereby reducing risk
  • Be able to contribute more effectively to financial decision making
  • Learn how to improve Operational, Environmental & Health and Safety Performance

Personal Impact

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

  • Skills, knowledge & the latest tools and techniques to assist them in their roles
  • An ability to make more informed & improved decisions aimed at reducing risk
  • An understanding of good management practice in quality, environment and health and safety
  • The ability to document and present observations and concerns to management in a concise manner, to facilitate improvement
  • An ability to advise their own organization & supplier organizations on improvement in quality, environment and health and safety
  • The opportunity to gain knowledge of parts of their organization that they would not normally see, thus offering themselves a greater flexibility to take on responsibilities in a wider range of departments

Who Should Attend?

This course is suitable for a wide range of professionals but will greatly benefit: 

  • Corporate Accountants, Financial Controllers, Treasury Officers, Management Accountants
  • External, Financial and Internal Auditors
  • Senior Managers keen to see how to initiate improvement and increased profitability in operations, as well as improvement in environment, health and safety
  • Operations’ Managers needing to gain an understanding of enhanced control and departmental improvements
  • Quality, Environmental & Health and Safety Managers wishing to enhance their knowledge of how to better manage their specialty staff and departments
  • All staff involved in receiving third party certification auditors

Course Outline

Module 1: Auditing Oil & Gas Industry Quality Management Systems

  • Understanding the latest versions of ISO 9001, ISO 14001 and ISO 45001
  • Audit Planning – The Key to Successful Auditing and Improvement
  • Auditing with a Focus on Business Risk Areas
  • Organisational Improvement Techniques
  • Interpreting and being able to explain and brief colleagues any detail of ISO 9001, ISO 14001 and ISO 45001
  • Planning and Performing Added Value Management System Audits Focusing on Improvement
  • Auditing Your Own and Supplier Organisations as a means of for Identifying Improvement
  • Understanding Good Management Practice in Quality, Environment and Health and Safety
  • Passing on Best Practice Knowledge to Staff they Meet during Audits
  • Advising their Own and Supplier Organisations in Improvement in Quality, Environment and Health and Safety

Module 2: International Financial Reporting Standards (IFRS) for the Oil & Gas and Petrochemical Sectors (Upstream, Midstream & Downstream)

  • 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 & Environmental Developments
  • An Overview of IFRS in relation to the Oil & Gas Industry, e.g.
    • 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 9 Financial Instruments
  • Break Even Oil, Cost Oil & Profit Oil
  • The Use of Derivatives in the Oil & Gas & Petrochemical Sector to Manage the Commodity, Currency and Interest-rate Risks, etc.
  • Creative Accounting
  • Corporate Governance
  • External Auditing - reporting to investors
  • Internal Auditing - Defining and Developing the Internal Audit Process


Oxford Management Centre Certificate will be provided to delegates who successfully completed the training course.



In association with

GLOMACS Training & Consultancy

GLOMACS Training & Consultancy

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10 Days
Choose the date and location that suits you:
Classroom Sessions
11-22 Dec 2023
Fee: $11,900
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22 Jul-02 Aug 2024
Fee: $11,900
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28 Oct-08 Nov 2024
Fee: $11,900
Book your place
09-20 Dec 2024
Fee: $11,900
Book your place



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