Joint Interest Audit

Joint Interest Audit

This course provides a basic overview and in-depth look auditing Joint Interest Accounting procedures and processes (excludes Revenue & Payout). This course will provide accountants and other petroleum players with an understanding of the necessary functions and operations for Joint Interest Auditing. Ideally individuals will have prior training courses related to Joint Interest Accounting and Operations or comparable industry experience, including a competency understanding key provisions in a COPAS model form accounting procedure.

Course Content

This course covers the following topics:

 Audit Rights

  • Principles defining an audit
  • Roles & Responsibilities
  • Confidentiality Agreement

 

Audit Preparation Throughout the Audit – Auditor

  • Activities & Communications protocol
  • Balloting
  • JADE Analysis
  • Well Activity Summary
  • Rules of Engagement & Response Guidelines

 

Audit Preparation Throughout the Audit – Host

  • Activities, Communication & Requests
  • JADE
  • Checklists

 

COPAS Publication References on the Audit Trail

  • Analyzing appropriate COPAS Publications
  • Key audit focus areas
  • Overhead

Auditing Tools and Tips of the Trade

  • COPAS Model Form Accounting to Evaluate Direct Costs
  • Labor, Overhead, Source, and Services Provisions
  • Evaluating Drilling Contracts


Practical Side of Reconciliations

  • Well Drilling Reconciliations
  • Overhead Data Reconciliations
  • Available Data Reconciliations
  • Surface Lease Equipment Reconciliations

Learning Objectives

Upon completion of this course, you will be able to:

  1. Recall the contractual basis for the joint interest audit function
  2. Identify key elements of a joint interest audit
  3. Apply principles of contract interpretations and be prepared to justify position for audit exceptions submitted
  4. Determine the best tools to utilize for your contract compliance review needs
  5. Recall tips and tools of the trade

 

Program Level: Intermediate CPE Credits: 8 hours      Delivery: Group-Live       Prerequisites: Some previous JI Accounting experience        

Advance Prep: None              Field of Study: Auditing

Cost: See pricing on registration opportunities, and for custom private courses contact Angie.Knipe@copas.org