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   Forensic Audit of Service Contract

   Contract Compliance Implementation

   Internal Controls Implementation

   Finance In-Sourcing Project

   e-Business Expenses Project

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Overview:

At the end of 2006 we completed preparing one of the oil majors for Sarbanes-Oxley compliance and this short article outlines some of the benefits enjoyed by the company. It was generally agreed that the improvements gained from the establisment of a strong Internal Control Culture were worth keeping, regardless or not of the Sarbanes-Oxley legislation. All the views expressed come from formal and informal feedback from the client's staff:

Brief:

Review the Oil & Gas Production Reporting Process, assess the risks of errors, design and implement systems and controls to ensure accurate production reporting.

Solution:

 Thorough Business Process Mapping.
 Risk Analysis of existing process.
 Design of new Processes through faciliation of production staff.
 Culture Change resulting in fundamental changes to staff attitudes to understand:

Accountability
Clarity & Precision
Discipline
Segregation

  Application of Professional Project Management aimed at Stakeholder Management, Risk Management and ensuring benefits are delivered on time and within budget.

Results:

SENIOR MANAGEMENT BENEFITS

 The identification of 300,000 barrels of oil which had been previously unreconciliable with sales.
 Improvements in reserves forecasts as a result of improved production figures.
 Improvements in the forecasting production and company financials.
 Improvements in Clarity and Accountability in the way the company runs.
 Dramatic reduction in rework by ensuring that information is accurate at the point of release.
 Establisment of master sources of data, the quality of which is known and validated.
 Improvements in the organisation and the recruitment of properly qualified people for essential jobs.
 Identification and resolution of important production & measurement problems.

STAFF BENEFITS

 Involvement of key experts in the processes of establishing company performance.
 Clarity of Accountabilities within the organisation.
 Clarity of the Process and the part that individuals play in it.
 Improved teamwork and problem-solving between departments.
 The establishment of routines which increase the quality of work done.