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Institute For Oil & Gas Training
OGI-1249 New

Internal Audit, Risk Management and Compliance Training Course

Duration
5 days
CPD hours
15
Language
English
Next date
19 Oct 2026
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Overview

The Internal Audit Excellence Programme offered by Institute For Oil & Gas Training provides specialised Internal Audit Training for professionals seeking to improve organisational controls, strengthen risk oversight, and enhance accountability across oil and gas operations. The programme develops the practical capabilities required to evaluate business processes, examine control effectiveness, and deliver audit findings that support informed management decisions.

Oil and gas businesses manage complex financial arrangements, commercial agreements, operational activities, procurement processes, and compliance responsibilities. These activities require dependable controls, accurate records, clear accountability, and effective management oversight. Internal auditing helps organisations determine whether established procedures are operating effectively and whether significant business risks receive appropriate attention.

Many audit functions face challenges associated with limited risk visibility, inconsistent documentation, weak follow-up procedures, and recommendations that fail to address underlying problems. This programme addresses these challenges by developing a systematic approach to audit preparation, fieldwork, evidence analysis, reporting, and performance improvement.

Through practical learning activities, participants explore how Risk-Based Internal Auditing directs attention towards business activities with significant financial, operational, contractual, and compliance implications. They develop methods for assessing exposure, identifying control deficiencies, and selecting audit procedures that produce useful evidence. The programme also explains how Internal Controls Assessment contributes to the reliability of financial information, the protection of organisational resources, and the consistent application of internal policies.

Effective auditing requires more than reviewing documents or checking whether procedures exist. Auditors must understand how business processes operate, examine whether controls address identified risks, and establish whether those controls function consistently in practice. The programme develops these capabilities through process analysis, transaction testing, interviews, sampling techniques, and structured documentation.

Internal Audit Planning forms another central element of the programme. Participants learn to identify auditable activities, evaluate risk priorities, establish engagement objectives, and allocate resources according to organisational requirements. This approach supports a more purposeful audit programme, allowing audit leaders to direct attention towards areas where independent assurance provides the greatest value.

The course also addresses professional independence, objectivity, confidentiality, and sound judgement. These principles help auditors maintain credibility when examining sensitive transactions, challenging established practices, and communicating findings to management. Participants learn to distinguish verified evidence from assumptions and to present conclusions that are clear, balanced, and supported by appropriate documentation.

Fraud risk awareness is particularly relevant to procurement, supplier management, contractor payments, inventory movements, expense approvals, and financial reporting. The programme examines warning signs such as unexplained transactions, inconsistent supporting records, unusual adjustments, conflicts of interest, and unauthorised control overrides. Participants develop a disciplined approach to documenting concerns and escalating suspected misconduct through appropriate organisational procedures.

The programme further explores Audit Quality Assurance as a means of improving consistency, professional standards, and confidence in audit results. Participants examine working paper reviews, engagement supervision, performance indicators, corrective action monitoring, and continuous improvement. They also consider how recurring findings reveal weaknesses in processes and how audit leaders use performance information to refine future audit coverage.

For organisations operating in the oil and gas sector, effective internal auditing supports better oversight of expenditure, contractual obligations, financial controls, operational procedures, and compliance arrangements. It complements the responsibilities of management, specialist risk teams, compliance personnel, and operational assurance functions by providing an independent perspective on control effectiveness.

Institute For Oil & Gas Training delivers this programme for professionals who want to improve audit execution, strengthen reporting quality, and connect audit findings with practical business improvements. The emphasis remains on workplace application, evidence-based conclusions, and recommendations that support organisational accountability and performance.

Objectives

  • Establish an internal audit approach that reflects organisational priorities and governance responsibilities.

  • Apply Risk-Based Internal Auditing techniques to identify significant exposures and determine engagement priorities.

  • Prepare structured audit plans that reflect business risks, assurance requirements, and available resources.

  • Conduct Internal Controls Assessment across financial, commercial, operational, and administrative processes.

  • Examine approval arrangements, reconciliations, access controls, and segregation of duties.

  • Maintain independence, confidentiality, objectivity, and professional scepticism throughout audit engagements.

  • Select suitable procedures for interviews, process walkthroughs, transaction testing, sampling, and data analysis.

  • Prepare working papers that connect audit objectives with procedures, evidence, exceptions, and conclusions.

  • Recognise warning signs associated with potential fraud, bribery, conflicts of interest, and control circumvention.

  • Determine the underlying causes of audit deficiencies and develop practical corrective recommendations.

  • Present audit findings clearly to process owners, senior managers, and relevant governance bodies.

  • Monitor agreed actions and assess whether remedial measures address identified weaknesses.

  • Apply Audit Quality Assurance practices to improve documentation, engagement review, and audit consistency.

  • Use performance indicators to evaluate audit coverage, reporting effectiveness, and corrective action progress.

  • Support improved organisational integrity, compliance oversight, resource management, and operational accountability.

Training methodology

The Internal Audit Excellence Programme combines professional instruction with practical exercises that reflect the responsibilities of internal auditors and control specialists. Institute For Oil & Gas Training uses guided discussions, industry-related case studies, group assignments, simulated engagements, and structured assessment activities to reinforce the application of audit techniques.

Applied Professional Instruction

Participants examine established auditing principles through explanations and facilitated discussions based on common organisational challenges. Topics include audit independence, risk evaluation, control design, evidence reliability, documentation standards, and management reporting.

Discussions connect these principles with financial, operational, commercial, and compliance activities in oil and gas businesses. Participants consider how audit responsibilities differ from those of operational management and how independent findings contribute to stronger oversight.

Case-Based Analysis

Practical scenarios introduce issues involving procurement approvals, supplier transactions, inventory discrepancies, incomplete records, expenditure controls, and contractor management. Participants assess the information available, identify weaknesses, and determine which procedures provide appropriate evidence.

These activities develop analytical judgement and help participants formulate recommendations that address underlying causes rather than isolated symptoms.

Simulated Audit Assignments

Participants practise the stages of an audit engagement, beginning with scope definition and process understanding before progressing to control testing, evidence documentation, findings development, and reporting.

Simulations encourage participants to conduct structured interviews, evaluate supporting documents, record exceptions, and explain the basis for their conclusions. They also reinforce the importance of maintaining an accurate audit trail.

Collaborative Exercises

Group activities address risk ranking, audit universe preparation, control mapping, root cause analysis, and corrective action design. Participants compare approaches, justify audit priorities, and examine the practical consequences of different control weaknesses.

These exercises also develop communication skills for discussions with process owners, department heads, and senior management.

Audit Tools and Performance Assessment

Participants work with practical approaches to engagement planning, risk assessment, working paper preparation, findings documentation, and action tracking. They explore how transaction analysis, exception reporting, and performance dashboards support audit monitoring.

Learning is reinforced through practical tasks and a final assessment that examines understanding of the programme's main concepts. The methodology helps participants translate professional principles into consistent workplace practices.

Organisational impact

Improved Governance and Accountability

A structured audit function provides independent insight into whether organisational procedures and controls operate as intended. The programme helps organisations improve the identification of deficiencies, clarify responsibilities, and establish consistent mechanisms for monitoring corrective measures.

For oil and gas companies, this supports oversight of expenditure approvals, supplier relationships, contract administration, inventory management, and management reporting.

More Focused Risk Coverage

Risk-Based Internal Auditing provides a method for directing audit resources towards activities with significant exposure. Participants learn to evaluate risk information and use it when selecting engagements and establishing audit priorities.

This approach improves the alignment between audit coverage and business objectives while helping management identify areas requiring additional assurance.

Stronger Internal Controls

Systematic control evaluation helps organisations identify weaknesses in authorisation procedures, documentation, reconciliations, access permissions, and supervisory review. The resulting recommendations support clearer responsibilities and more consistent process execution.

Improved controls also strengthen the reliability of business records and provide management with better information for operational and financial decisions.

Enhanced Compliance and Fraud Awareness

The programme strengthens the ability of audit teams to identify control failures, irregular transactions, and weaknesses in compliance procedures. Appropriate documentation and escalation arrangements help ensure that significant concerns receive attention through established organisational channels.

Internal auditing complements specialist compliance and investigation functions by independently examining controls and identifying areas that require improvement.

Better Use of Audit Resources

Effective Internal Audit Planning establishes a clearer basis for selecting engagements, allocating staff, and monitoring delivery. Audit leaders can use risk priorities to reduce unnecessary duplication and direct effort towards areas with greater business significance.

Improved Corrective Action Management

Structured reporting and follow-up procedures help management identify the causes of deficiencies, assign responsibility, and monitor outstanding actions. Tracking repeat findings and overdue measures provides visibility over persistent control problems.

Stronger Audit Performance Measurement

Audit Quality Assurance supports the consistent review of engagement files, evidence, conclusions, and recommendations. Performance measures such as planned audit coverage, reporting turnaround, repeat findings, and overdue actions help organisations evaluate the effectiveness of audit activities.

These indicators also support more informed decisions about methodology, training requirements, and future audit priorities.

Personal impact

Practical Audit Expertise

Participants strengthen their understanding of audit preparation, control testing, evidence assessment, documentation, and reporting. They develop a repeatable approach to examining business activities and supporting conclusions with relevant information.

Improved Risk Evaluation

The programme builds confidence in identifying significant exposures, ranking audit priorities, and defining appropriate engagement objectives. These skills support more focused audit execution and better resource allocation.

Stronger Analytical Judgement

Participants learn to investigate inconsistencies, assess supporting records, and distinguish control exceptions from evidence of broader process failures. They also develop a disciplined approach to recognising potential fraud indicators without drawing unsupported conclusions.

More Effective Communication

The course develops the ability to present audit observations, explain business implications, and recommend practical improvements. Participants learn to communicate difficult findings professionally while maintaining independence and objectivity.

Greater Leadership Capability

Audit supervisors and experienced professionals strengthen their ability to review working papers, guide engagement teams, manage stakeholder discussions, and monitor corrective action. These capabilities support progression into audit management and wider governance responsibilities.

Continued Professional Development

The programme provides relevant practical knowledge for professionals developing careers in internal auditing, risk management, compliance, financial control, and corporate governance. It supports further professional development but does not independently award IIA or CIA certification.

Who should attend

  • Internal Audit Managers: Improve audit strategy, engagement supervision, reporting, and performance oversight.

  • Audit Supervisors and Team Leaders: Strengthen assignment management, working paper review, and staff guidance.

  • Internal Auditors: Develop practical skills in risk assessment, evidence gathering, control testing, and reporting.

  • Heads of Internal Audit: Refine audit coverage, quality review procedures, resource allocation, and stakeholder communication.

  • Finance Managers and Financial Controllers: Improve oversight of transaction controls, reconciliations, expenditure approvals, and reporting accuracy.

  • Compliance Professionals: Strengthen assurance over internal policies, compliance controls, documentation, and escalation procedures.

  • Risk Management Specialists: Connect risk assessments with audit priorities and independent assurance activities.

  • Internal Control Officers: Develop systematic methods for testing controls and monitoring identified weaknesses.

  • Oil and Gas Operations Managers: Understand audit approaches for evaluating procedures, contractor oversight, and operational accountability.

  • Procurement and Supply Chain Professionals: Examine audit risks involving tendering, purchasing, supplier payments, and contract administration.

  • Joint Venture and Commercial Finance Professionals: Improve awareness of expenditure controls, reporting responsibilities, and documentation requirements.

  • Fraud Risk Specialists: Strengthen understanding of control failures, suspicious transactions, and appropriate escalation practices.

  • Governance and Assurance Professionals: Improve coordination between audit, risk management, and compliance activities.

  • Department Heads and Senior Executives: Interpret audit findings and improve accountability for corrective action.

  • Professionals Pursuing Audit Qualifications: Build practical knowledge relevant to further development in internal auditing.

Course outline

This module examines how internal audit supports governance, management accountability, and organisational integrity. Participants explore the responsibilities of the audit function, its relationship with senior leadership, and the arrangements required to maintain appropriate independence.

The module also considers professional conduct, confidentiality, stakeholder expectations, and the importance of establishing a clear audit mandate. Participants examine how an appropriately positioned audit function provides objective assurance while respecting the responsibilities of operational management.

  1. Global Internal Audit Standards

    • Establish professional expectations for the purpose and practice of internal auditing.

    • Define principles relating to integrity, objectivity, competency, confidentiality, and professional care.

    • Address the authority, independence, and organisational positioning of the audit function.

    • Provide requirements concerning the management, planning, and monitoring of internal audit activities.

    • Support communication and accountability between the audit function and relevant governance stakeholders.

    Learning Outcomes

    • Explain how internal auditing contributes to governance and organisational accountability.

    • Define the authority, responsibilities, and boundaries of an internal audit function.

    • Assess the importance of independence and objective reporting.

    • Apply professional principles when handling confidential information and sensitive findings.

    • Identify the expectations of senior management and relevant governance bodies.

    • Explain how an audit mandate connects with organisational priorities.

    • Develop the main components of an audit charter that clarifies responsibilities and reporting arrangements.

This module focuses on translating organisational risk information into practical audit priorities. Participants learn to identify activities requiring assurance, assess the significance of exposures, and establish an audit programme that reflects the organisation's operating environment.

The module also explores the relationship between risk appetite, control performance, resource constraints, and audit coverage. Participants develop a structured approach to selecting engagements and reviewing the audit plan when business priorities or risk conditions change.

  1. COSO Enterprise Risk Management

    • Connects risk considerations with strategy, objectives, and organisational performance.

    • Provides principles for identifying and evaluating events that affect business outcomes.

    • Supports the assessment of risk significance and the consideration of acceptable exposure.

    • Addresses the selection of responses to identified risks.

    • Encourages ongoing review of risk information and changes in business conditions.

    Learning Outcomes

    • Identify auditable business activities across relevant organisational functions.

    • Assess financial, operational, commercial, and compliance exposures.

    • Rank audit engagements according to risk significance and business requirements.

    • Incorporate organisational risk appetite into audit prioritisation.

    • Define engagement objectives, scope, and resource requirements.

    • Distinguish assurance activities from advisory work.

    • Construct an annual audit programme with a clear rationale for engagement selection.

    • Review audit priorities in response to significant changes in risks or operations.

This module develops the practical skills required to determine whether internal controls are appropriately designed and consistently applied. Participants examine business processes, identify key control points, and select procedures for testing transactions, approvals, reconciliations, and supporting documentation.

The module also covers evidence reliability, sampling, interviewing, observation, and working paper preparation. Participants learn to record exceptions accurately and establish a clear relationship between the audit objective, the procedure performed, the evidence collected, and the conclusion reached.

  1. COSO Internal Control Framework

    • Examines the organisational environment that supports responsible control practices.

    • Addresses the identification and evaluation of risks affecting business objectives.

    • Covers procedures designed to prevent or detect errors and inappropriate transactions.

    • Emphasises reliable information and effective communication across the organisation.

    • Supports ongoing monitoring of control performance and the resolution of deficiencies.

    Learning Outcomes

    • Map business processes and identify the controls intended to manage associated risks.

    • Examine control design and determine whether procedures address relevant exposures.

    • Test the consistent operation of approvals, reconciliations, and other control activities.

    • Select appropriate sampling and transaction examination techniques.

    • Use interviews, observation, document inspection, and data analysis during audit fieldwork.

    • Identify incomplete documentation, unauthorised transactions, and control exceptions.

    • Prepare working papers that clearly record audit procedures and supporting evidence.

    • Formulate conclusions based on relevant and reliable information.

    • Explain identified control deficiencies in relation to the risks they create.

This module examines how audit evidence becomes a clear, useful, and actionable report. Participants learn to explain deficiencies, evaluate their causes, assess their implications, and recommend improvements that address the underlying control problem.

The module also focuses on communication with management and process owners. Participants explore how to agree corrective actions, establish accountability, monitor implementation, and report unresolved issues through appropriate organisational channels.

  1. ISO 19011

    • Provides principles for conducting audits with integrity, independence, and professional care.

    • Offers guidance on establishing and managing audit programmes.

    • Addresses audit preparation, information gathering, and the evaluation of evidence.

    • Supports the communication of findings and conclusions.

    • Emphasises auditor competence and the application of professional judgement.

    Learning Outcomes

    • Prepare reports that communicate findings clearly and accurately.

    • Link audit observations to supporting evidence and established criteria.

    • Determine underlying causes through structured analysis.

    • Recommend corrective measures that address identified deficiencies.

    • Explain the significance of findings to relevant managers and stakeholders.

    • Prioritise corrective action according to risk and urgency.

    • Assign responsibility and establish clear action tracking arrangements.

    • Verify implementation and evaluate whether remedial measures address the original problem.

    • Escalate unresolved findings through appropriate governance channels.

    • Report outstanding risks and management responses accurately.

This module addresses the maintenance of reliable audit work and the improvement of audit function performance. Participants examine engagement review procedures, documentation quality, consistency of testing, performance measurement, and methods for identifying recurring weaknesses.

The module also explores potential fraud indicators, bribery concerns, conflicts of interest, and deliberate circumvention of controls. Participants learn to document suspicious circumstances objectively, recognise the limits of audit evidence, and refer significant concerns through established procedures. Performance measures and improvement plans provide the basis for strengthening future audit activities.

  1. ISO 37001 Anti-Bribery Management Systems

    • Establishes requirements for measures intended to prevent and address bribery.

    • Supports the identification and assessment of bribery-related exposure.

    • Addresses due diligence concerning relevant business relationships and transactions.

    • Covers financial and non-financial controls designed to reduce bribery risks.

    • Provides requirements concerning monitoring, evaluation, and continual improvement.

    Learning Outcomes

    • Evaluate the quality and completeness of audit documentation.

    • Review engagement procedures and conclusions against established requirements.

    • Identify opportunities to improve audit methodology and supervisory review.

    • Recognise indicators that warrant further examination for potential fraud or bribery.

    • Document concerns objectively and follow appropriate escalation procedures.

    • Distinguish suspicious circumstances from verified evidence of misconduct.

    • Establish indicators for measuring audit coverage, delivery, reporting, and action closure.

    • Analyse repeat findings and overdue corrective measures to identify persistent weaknesses.

    • Use performance information to improve audit processes and resource allocation.

    • Develop practical recommendations for strengthening audit quality and organisational controls.

Certificate

Participants who fulfil the applicable attendance requirements and complete the required course activities receive a Certificate of Completion from Institute For Oil & Gas Training.

Attendance must comply with the institute's course attendance policy. Participants are also expected to participate in the practical exercises and complete the required assessment activities.

The certificate confirms completion of the training programme. It does not replace an external professional qualification or independently confer IIA or CIA certification.

Course dates

  • Europe

    Middle East

    Asia

    Africa

    North America

    Online

    Fee: £4,100

  • Europe

    Middle East

    Asia

    Africa

    North America

    Online

    Fee: £4,100

  • Europe

    Middle East

    Asia

    Africa

    North America

    Online

    Fee: £4,100

  • Europe

    Middle East

    Asia

    Africa

    North America

    Online

    Fee: £4,100

Fees include tuition, course materials and refreshments. Need different dates or a different city? Ask about your preferred date.

Frequently asked questions

What does the Internal Audit Excellence Programme cover?

The programme covers audit governance, risk assessment, engagement planning, control testing, evidence collection, reporting, fraud awareness, quality review, and performance improvement. It focuses on practical techniques that support stronger internal controls and organisational accountability.

Which professionals benefit from this programme?

The course is designed for internal auditors, audit supervisors, finance and compliance personnel, risk specialists, internal control officers, procurement professionals, and managers responsible for governance or operational oversight.

What training methods are used?

Institute For Oil & Gas Training uses professional instruction, guided discussions, case studies, group exercises, simulated engagements, and practical assessment. Participants apply audit techniques to realistic business scenarios and develop approaches for use in their own organisations.

How does the programme improve audit performance?

Participants learn to prioritise engagements according to risk, assess control effectiveness, document reliable evidence, communicate significant findings, and monitor corrective actions. These capabilities support more consistent audit work and better-informed management decisions.

Is a Certificate of Completion provided?

Yes. Participants who meet the attendance requirements and complete the required course activities receive a Certificate of Completion from Institute For Oil & Gas Training. The certificate confirms programme completion and is not equivalent to IIA or CIA certification.

Next: 19 Oct 2026

4 dates available

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