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Oil and gas assurance
Our leading position in the oil and gas sector, and as the auditor of some of the world’s most innovative companies, can bring benefits to your company. Some of the leading practices that we have developed from auditing these companies include:
Direct audit approach: With an increased focus on efficiency and effectiveness we have adopted a directed audit approach on our large global audit clients. We see this as best practice, as a centrally driven and directed approach allows our teams to focus on those areas that we have identified as having high risk of material misstatement.
Shared service centers: A number of our large global clients operate shared service centers in countries including Argentina, Poland, Malaysia, Philippines, UK, Ireland, India, Hungary, Indonesia and the US.
This has allowed us to develop an audit approach specific to shared service centers that maximizes efficiency and reduces the audit footprint.
Mobility: Being dominant in the oil and gas sector has allowed us to invest differentially and build a strong network across all the key oil and gas territories. The size of our global oil and gas base creates opportunities that allow us to move resources to supplement any local needs.
Commodity trading: We are dominant in the commodity trading sector and have a dedicated commodity trading risk management team. Our in-depth experience across the oil and gas majors, global utilities, investment banks and independent commodity traders gives us an understanding of leading industry practice and the current challenges the industry faces. This allows us to have a full appreciation of the key risks in a trading organization and how to mitigate them, including rogue trader risks.
Other assurance services
We offer other assurance related services applicable to companies in the oil and gas industry, such as statutory audits, Sarbanes-Oxley compliance, assessment of procedures and controls relating to privacy and confidentiality, performance measurements, systems reliability, information security and outsourced process controls.
Our teams examine processes and outcomes of non-financial risk assessments to confirm whether non-financial risks appropriate to the business have been identified and whether adequate controls have been established to mitigate these risks. We review internal monitoring and reporting mechanisms to test the adequacy of management information and internal reporting. We work to understand existing internal oversight for key nonfinancial issues, highlighting strengths and identifying potential areas for improvement.
Climate change and corporate responsibility
Issues such as health and safety, environmental impacts, social performance, ethics and human rights are critical to the commercial success of our oil and gas clients. With organizations in the sector coming under increasing scrutiny from investors, governments, regulators, communities and other stakeholders, we work with our clients in the sector to:
- Understand and prioritize material non-financial issues and risks, develop and implement strategies, improve governance, and develop performance metrics and controls through our sustainability advisory services
- Enhance confidence in internal management and external reporting of performance, and support the delivery of performance improvements, through a range of assurance services
Financial Accounting Advisory Services (FAAS)
Our FAAS team leverages their extensive expertise in delivering specialist assistance and integrated solutions to help companies manage complex accounting and financial reporting challenges. We bring together global, multi-disciplinary teams who have deep sector knowledge, to provide tailored solutions in the following areas:
- Accounting and financial processes – designing and enhancing accounting and financial reporting processes, preparing accounting manuals and related application guidance
- Accounting standards and regulatory requirements – supporting companies in implementing new accounting standards, regulations or accounting policies
- Corporate treasury services – providing accounting advice in the areas of treasury, derivative valuations, commodity trading and risk management to aid compliance and drive value or cost reduction
- GAAP conversion – identifying accounting differences, assessing business implications, preparing the first set of financial statements under the new GAAP and providing required staff training
- Restructuring and asset financing – assisting companies undertaking restructurings or financing the purchase of assets
- Transactions, IPOs and financial reporting assistance – addressing key accounting and regulatory challenges that arise on mergers, IPOs, acquisitions and divestitures, to help optimize the transaction outcome
Fraud Investigation and Dispute Services (FIDS)
The global nature and scale of the oil and gas industry and the complexity of the working and contractual relationships with governments, venture partners, suppliers and other contractors presents unique legal and regulatory challenges and make compliance with anti-bribery and anti-corruption legislation something that requires significant management focus.
With stronger enforcement actions and intensified scrutiny as well as pressure for increasing transparency of information in operations, materials sourcing and payments, companies in the oil and gas industry require assistance now more than ever to successfully navigate the legal and regulatory landscape. Our forensic practice can provide this assistance, whether it is in relation to a dispute with a business partner, regulatory enquiry, internal investigation or even assessing the background of a prospective business partner or the legacy bribery and corruption risks of a proposed acquisition.
We can help you manage risks in your supply and distribution chains, trace and document the source of conflict minerals, quantify the value of payments to foreign governments and improve your operations to help prevent fraud, abuse and fuel loss. Our global network of FIDS professionals can quickly respond to your requirements with a team that includes oil and gas professionals in the relevant geography who understand your company, the industry and challenges of the local environment.
Our key oil and gas services include:
- Fraud investigations and dispute advisory
- Integrity due diligence
- Forensic technology and discovery services (including cybercrime)
- Anti-fraud services
- Business integrity and corporate compliance services
- Insurance claims