vas introduction presentation v9 15-5-2016
TRANSCRIPT
Oil & Gas JV Auditing in South East Asia
Venture Auditing Services
15th May 2016
Venture Auditing Services (VAS) is a Perth based JV audit business and was formed in 2014. Our Principals are experienced JV auditors, who also have a strong working knowledge of the inner workings of oil and gas companies.
VAS has also formed an alliance with another JV auditing firm - International Auditing and Accounting Services Ltd (IAAS). Based in Scotland, IAAS is a UK business who perform auditing services throughout the globe. Their principals have 20+ years experience in the JV audit business and have been performing audits in the Australia / SEA region for many years.
The goal of both VAS and the VAS/IAAS alliance is to expand our collective oil and gas auditing services in the Perth and the nearby South East Asian (SEA) region.
Our Alliance offers the following services: Non Operator Joint Venture Audits Vendor Contract Audits Operational Audits
A brief overview of VAS and IAAS, is outlined on the following pages…
Who We Are
In response to the growing demand of joint venture audit services, VAS was formed in Perth in July 2014. Specialising in joint venture and contract auditing, VAS continues to grow the business in Perth and the SEA region.The Principals of VAS are: Tom Cockle: Tom has over 20 years of diverse accounting, project and operational experience. Starting out as an auditor in
public practice, Tom moved into commerce and held CFO, COO and many EPC project (construction) Finance Manager roles. In recent years Tom held lead Finance ‘design’ roles in Chevron (Construction Readiness – Wheatstone) and INPEX (Operations Readiness – Ichthys).
Tim Benson: Tim has accumulated significant NOJV auditing knowledge & experience through the performance of such Lead roles for Chevron Australia (10 years) and Inpex Australia (2 ½ years). During this time Tim facilitated & established NOJV functions, processes and skill-sets in both companies to address Joint Venture portfolios spanning Australia, South East Asia & Canada. As a direct outcome, Tim has audited a broad range of exploration & production activities in conjunction with Mega Capital Projects that include Wheatstone, Ichthys, Prelude FLNG & Canadian Shale / Tight Gas.
Paul Ford: Paul has more than 25 years experience in the resources industry, predominantly in Oil and Gas. As well as holding CFO roles for listed companies, Paul has filled senior roles for major oil and gas operators including Conoco, Woodside and Chevron. His latest roles have been as Finance Manager for the Wheatstone Project (Chevron) and Finance & Administration Manager for KUFPEC Australia.
Part time local consultants (contractors) will be engaged by VAS as required.
Venture Auditing Services (VAS)
Based in Glasgow, IAAS is a long established international consulting business. Specialising in joint venture, contract and operational audits, IAAS has performed audit (and other advisory and training) services for a large number of oil and gas companies across the globe.
The Principals who will represent IAAS for the alliance are:
Bill Reid: Bill has over 30 years of accounting, financial control and auditing experience gained working with BNOC, Britoil/BP (as an employee) and over twenty other international companies as a consultant auditor. In the last 20 years, he has led joint venture and contract audits around the world.
Helen McDonald: Helen has over 30 years accounting and auditing experience in the industry. Beginning her career with Britoil in 1981, she worked in various financial roles including drilling accounting. Helen then moved to Lasmo (north sea) and afterwards to various project roles, including the Dacion project (Venezuela). Helen has been a Principal auditor with IAAS since 2003.
International Auditing & Accounting Services Ltd (IAAS)
The Alliance primarily focuses on the Oil and Gas sector. In particular, these services comprise:
Joint Venture Audits Exploration & Appraisal Development & Construction (incl. drilling) Operations (incl. production sharing arrangements) TPOSA (Transportation, Processing, Operations Services Agreement) Tariff Agreements Sale & Purchase Agreements Cut-off Audits Logistics
Contract Audits Cost Plus Fixed Price plus variations Schedule of Rates
Operational Audits Well accounting and control Project accounting and control Inventory management and control Misc. advice on labour allocation, ERP systems, process mapping etc
Our Services
Our alliance offers many advantages, including:
Client access to a broader set of skills and experience: Operator JV business knowledge PLUS EPC business knowledge Local market knowledge PLUS International market knowledge ERP systems knowledge
Availability and flexibility of audit personnel Increased access to labour resources in Perth and overseas Flexibility of audit staffing on remote assignments
Cross business support Increased availability of technical support during audit engagements Increased client support beyond audit engagements (eg work to close out audit findings)
Why have an Alliance?
1. The client contacts VAS to enquire about our services. 2. In turn, VAS will respond with a quote, suggesting timing and scope of work.3. For any quote, VAS will provide the following:
The engagement contact (usually the VAS Audit Lead) Scope of assignment Duration of assignment Names of audit personnel (includes a VAS principal). This will depend on availability of
personnel and skills required for the assignment. Schedule of rates for each person Estimate of travel, accommodation and meals costs to be reimbursed Planned approach for the audit report (our deliverable)
4. If the quote is agreed, a Contract, Purchase Order or Service Order is drawn up and audit work is scheduled
How does the Alliance work?
Our proven track record can assist your business through:
Cost savings – through audit and review assignments we can identify and report cost savings initiatives.
Financial risk mitigation – our experience has taught us how to quickly identify financial risk areas and then propose possible solutions.
Process improvement – reviewing world class progressive organisations provides us with insight into best practise oil and gas processes and procedures. We can apply this knowledge to your company and/or your business partners.
Improving the efficiency and effectiveness of contractual arrangements – from compliance with PSC conditions to agreements with contractors, we have the experience to review, assess and suggest procedural improvements (incl. feedback on improvements to contract terms).
How can we help your business?
Venture Auditing Services can be contacted in any of the following ways:
Tom CockleEmail: [email protected]: +61 (0) 407 250 467
Tim BensonEmail: [email protected]: +61 (0) 435 537 988
Paul FordEmail: [email protected]
Phone: +61 (0) 429 944 454
Websitewww.ventureauditing.com
How to Contact Us?