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QMS Audit and IFRS for Oil & Gas Industry

An Interactive 10-Day Training Course

QMS Audit and IFRS for Oil & Gas Industry

The Complete Guide to Auditing both Quality Management & Financial Standards in Oil & Gas

NASBA
Classroom Schedule
Date Venue Fees
27 Jul - 07 Aug 2026 Dubai $ 11,900
02 - 13 Nov 2026 Dubai $ 11,900
14 - 25 Dec 2026 London $ 11,900
Online Schedule
Date Venue Fees
02 - 13 Nov 2026 Online $ 7,900

Full outline shall be posted soon.

For more Enquires, please call +971 44 250 700 or email us at: info@glomacs.sa

Course Outline

Module I: Auditing Oil & Gas Industry Quality Management Systems

Day 1

Quality Management System (QMS) Audit

  • ISO 29001:2010 and 9001:2015 QMS international standards
  • Review of 29001 clauses 4-8 and 9001 clause 9 Internal audit requirements
  • Quality system requirements
  • Types and levels of QMS internal audits
  • Documentation in the Quality Management System (QMS)
  • Roles and responsibility of auditors
Day 2

Audit Preparation and Setup

  • Terminology and definitions
  • Audit concepts and principles
  • Planning and conducting effective audits
  • Producing audit programme and procedure
  • Audit terms of reference
  • Interview and note-taking skills
Day 3

Conducting an Internal Audit

  • Internal audit process
  • Creation of effective audit checklists
  • Communications during audit
  • QMS documentation review
  • Key personnel interviews
  • Physical site observation
Day 4

Preparing Audit Report

  • Review of non-conformities and observations
  • Audit findings and conclusions
  • Preparation of internal audit report
  • Corrective action plan
  • Presentation of audit report
  • Monitoring and close-out of non-conformities
Day 5

Review of Internal Audit Process & Assessment

  • Review of internal audit process
  • Review of internal audit reporting

Module II: IFRS for the Oil & Gas and Petrochemical Sectors (Upstream, Midstream & Downstream)

Day 6

Major Accounting Issues facing the Oil & Gas and Petrochemical Industry (Upstream, Midstream & Downstream) and the Role of IFRS

  • The Latest Accounting Issues facing the Oil & Gas and Petrochemical Industry (upstream, midstream & downstream)
  • The Impact of Commodity Prices, Currency & Interest Rate Fluctuations and Political and Environmental Developments
  • The Impact on Strategic Development and Growth within the Industry
  • Establishing the Case for IFRS
  • An Overview of IFRS in relation to the Oil & Gas Industry
  • The Annual Reports & Financial Statements of Leading International Petroleum Companies
Day 7

Accounting for Assets in the Oil & Gas and Petrochemical Industry (Upstream, Midstream & Downstream)

  • IAS 16: Property, Plant and Equipment and Depletion, Depreciation & Amortisation (“DD&A”)
  • IAS 36: Impairment of Assets
  • IFRS 6: Exploration for and Evaluation of Mineral Assets and the Accounting Approaches
  • IFRS 13: Fair Value Measurement
  • IAS 2 Inventories
  • Reserve Reporting
Day 8

Accounting for Business Combinations, Joint Ventures &  Production Sharing Agreements (“PSA”s)

  • IFRS 3: Business Combinations
  • IFRS 10: Consolidated Financial Statements
  • IAS 38: Intangible Assets
  • IFRS 12: Disclosure of Interests on Other Entities
  • IFRS 11: Joint Arrangements
  • Break Even Oil, Cost Oil & Profit Oil
Day 9

Accounting for Cash Flow & Financial Instruments in the Oil & Gas and Petrochemical Industry (upstream, midstream & downstream)

  • IAS 7 Statement of Cash Flows
  • The Use of Derivatives in the Oil & Gas & Petrochemical Sector to Manage the Commodity, Currency and Interest-rate Risks, etc.
  • Treasury Management Issues for Multi-nationals
  • IFRS 7 Financial Instruments: Disclosures
  • IFRS 9 Financial Instruments
  • Evaluating the Cash Flow & Use of Financial Instruments by Leading International Oil & Gas and Petrochemical Companies
Day 10

Creative Accounting and Corporate Governance

  • Creative Accounting
  • Enron and Investor Protection
  • Corporate Governance
  • The Role of the Board & Audit Committee
  • External Auditing - reporting to investors
  • Internal Auditing - Defining and Developing the Internal Audit Process
Certificates
  • On successful completion of this training course, GLOMACS Certificate will be awarded to the delegates.
  • Continuing Professional Education credits (CPE): In accordance with the standards of the National Registry of CPE Sponsors, one CPE credit is granted per 50 minutes of attendance.
Providers and Associations

Endorsed Education Provider

NASBA

In Association With

Options & Brochure

Why Choose Saudi GLOMACS?

Saudi GLOMACS is the official Saudi Arabian division of GLOMACS International (glomacs.com), delivering internationally recognised training courses both within Saudi Arabia and across international locations. Our training courses are aligned with the highest professional and institutional standards, supported by a strong understanding of the professional landscape in Saudi Arabia and access to global expertise.

Saudi GLOMACS enables professionals and organisations to strengthen leadership, capability, and long-term excellence through consistently high-quality learning experiences.

Official Saudi Presence

Official Saudi Arabian division of GLOMACS with established global credibility.

International Benchmarks

Internationally benchmarked training courses aligned with professional best practices.

Trusted Across Sectors

Trusted by professionals and institutions across public and private sectors.

Flexible Delivery

Training courses delivered within Saudi Arabia and across international locations.

Global Standards, Local Relevance

All Saudi GLOMACS training courses are developed in line with internationally recognised standards while remaining relevant to the professional expectations and working environments in Saudi Arabia.

This approach ensures participants benefit from globally benchmarked knowledge that can be applied effectively within Saudi-based roles, regional responsibilities, and international professional contexts.

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Frequently Asked Question

No. Saudi GLOMACS delivers courses in Saudi Arabia and internationally, including delivery across Europe and Asia. This allows organisations and professionals to access training both locally and abroad.

No. While governance and leadership are part of the portfolio, Saudi GLOMACS delivers training across the entire business and professional lifecycle, including administrative, technical, legal, regulatory, and sector-specific training.

Yes. Saudi GLOMACS designs and delivers bespoke in-house training tailored to organisational objectives, sector requirements, and workforce needs. Training can be delivered in Saudi Arabia or internationally, depending on requirements.

Courses delivered in Saudi Arabia are adapted to reflect local regulatory frameworks, organisational structures, sector conditions, and professional expectations. This ensures training is relevant, practical, and aligned with Saudi workplace realities.

GLOMACS has been delivering professional training for over thirty years, with courses delivered across Europe, the Middle East, Asia, and other international markets.

Saudi GLOMACS combines three decades of global training experience with a clear focus on Saudi market relevance. This allows it to deliver training that is both internationally credible and locally applicable, across a broader range of disciplines than niche or single-focus providers.

Saudi GLOMACS is a Saudi-based professional training provider delivering courses tailored to the Saudi market and applicable internationally. It operates within the global GLOMACS framework and draws on more than three decades of international training experience.

Saudi GLOMACS offers professional training across a wide range of disciplines, including administration, leadership and management, governance and regulation, law, oil and gas, energy, engineering, finance, digital technologies, and sector-specific specialisations.

Training supports professionals across all career stages, from operational roles to specialist and senior responsibilities.

Participants include professionals from public sector, semi-government, and private sector organisations, across a wide range of roles and industries. Attendees range from administrative and operational professionals to technical specialists, managers, and senior decision-makers.

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