Course Description

This course is a comprehensive program designed to empower professionals with the knowledge and skills necessary to navigate the complexities of contract auditing within the dynamic Oil and Gas industry. Participants will gain insights into the legal intricacies of contracts, risk management strategies, and advanced auditing techniques. This high-impact course delves into the nuances of various contracts, providing practical tools and methodologies to enhance the auditing process and contribute to organizational success.

Course Objectives

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

• Analyze, rate, prioritize, and allocate potential risks to avoid litigation.
• Limit the organization’s exposure through project prioritization and termination.
• Develop a profound understanding of contracting strategies for high-value Oil and Gas deals.
• Build flexibility into contracts by reviewing the applicability of provisions.
• Incorporate the latest international legislative and legal issues into the contract risk management process.
• Discover current best practices for defining, managing contract risk, and setting performance criteria.
• Review key contractual distinctions between products, services, and solutions.
• Explore distribution, sub-contracting, and other third-party relationships.
• Realize the different forms of Oil and Gas contracts and the requirements for success in each.
• Describe various contract audits and their purposes, including price proposal and historical cost audits.
• Apply methodologies and quantitative audit techniques effectively.
• Analyze sources of contract law and related requirements for different contract types.
• Plan an audit of contracts from start to finish.
• Develop tools for optimizing audit sampling.
• Perform tests of controls and substantive tests during contract audits.
• Optimize reporting of significant findings to management.
• Develop objectives for contract auditing within their organization.
• Provide a model approach to control contracts.
• Identify and address performance issues related to contracts.
• Mobilize management to enhance contracting activity.
• Identify cost overcharges and implement strategies to enhance revenue.

Who Can Benefit

This course is highly beneficial for professionals working in the Oil and Gas industry, including but not limited to:

• Contract Managers and Administrators
• Auditors and Compliance Officers
• Legal and Risk Management Professionals
• Project Managers and Team Leaders
• Procurement Specialists
• Oil and Gas Industry Professionals
• Anyone involved in contract negotiation, administration, or auditing within the Oil and Gas sector.