By the end of this course delegates will be able to:

• Analyze, rate, priorities and allocate potential risks to avoid litigation
• Limit organization’s exposure through prioritization of projects and possible termination
• Cultivate a better understanding and appreciation 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 your contract risk management process
• Discover current best practice and techniques for defining and managing contract risk and setting performance criteria
• Review key contractual differences 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 to be successful in each of them
• Describe the types of contract audits and related concerns, and the specific purposes of price proposal and historical cost audits

• Determine the allow ability of costs using acquisition regulations and cost accounting standards
• Select and apply the methodology and quantitative audit techniques applicable to price proposal and historical cost audits
• Perform price proposal and historical cost audits
• Identify the different sources of contract law and related requirements when dealing with certain types of contracts
• Analyze the different parts of a contract, from the basic components to more complex provisions
• Plan an audit of contracts, from start to finish
• Develop tools for optimizing audit sampling as it relates to selecting contracts for review
• Perform tests of controls and substantive tests when performing an audit of contracts, and optimize the reporting of significant findings to management
• Know common problems encountered in contract auditing
• Know exposures related to contracting performance and administration
• Know a model audit approach to apply to virtually any type of contract
• Know suggested contract language for better contract administration and auditing
• Be able to develop objectives of contract auditing for their organization.
• Provide a model approach to control of contracts
• Be able to identify performance issues related to contracts
• Be able to mobilize management to improve the management of contracting activity
• Be able to identify cost overcharges and enhance revenue

Audit Team Leaders, Senior & Chief Auditors, Audit Managers, Managers and Superintends, Auditors who need to audit projects, contracts or technical business areas, Assurance professionals who need to assess technical issues, Assurance providers who need a greater understanding of Corporate Governance, Audit staff preparing to engage in a contract audit, Audit managers planning to perform an audit of contracts, Chief Audit Executives interested in developing a meaningful audit of contracts within their organization, Non-audit managers and Project Managers interested in enhancing their understanding of contracts.

This interactive Training will be highly interactive, with opportunities to advance your opinions and ideas and will include;

• Lectures
• Workshop & Work Presentation
• Case Studies and Practical Exercise
• Videos and General Discussions

• Introduction to Auditing Contracts
• Common Contracts
• Audit’s Role in the Contract Process
• Contract Auditing Objectives
• Developing an Understanding of Contract Exposures and Opportunities
• Fundamentals of Contract Auditing
• Approaches to Auditing Costs
• Best Practices
• Risk Assessment and Contract Risks
• The Contract Audit Approach
• Auditing Contract and Construction Administration
• Large Cost Recovery Areas
• Auditing Supply Contracts and Purchase Orders
• Auditing Professional Service Contracts
• Auditing Joint Venture Controls
• Auditing Catering and Subsistence Contracts
• Utility Audits
• Contract Auditing and the Auditor
• The Contract Auditor’s Toolkit
• Fraud Implications of Contract Auditing
• Contract Components
• Planning the Audit of Contracts
• Selecting Audit Samples of Contracts
• High Impact Reporting

RECTUS attendance certificate will be issued to all attendees completing minimum of 80% of the total course duration.