Internal Audit Checklist for Oil and Gas Company

An internal audit checklist is a key tool for conducting effective internal audits in any business, helping ensure processes are being carried out accurately and efficiently.

Process audit questions typically consist of reviewing paperwork, records and employee qualifications to assess training, certification history and verify employee qualifications. A special section is also set aside for opportunities for improvement (OFI). OFI questions ensure that processes are running according to plan.

Risk Assessment
An internal audit checklist is an indispensable asset to any business, ensuring every audit follows consistent criteria to easily compare results and identify areas for improvement. Furthermore, its use promotes consistency by reducing confusion while increasing transparency and trust between auditors and stakeholders.

One of the key components of an oil and gas audit is risk evaluation. This can be an extremely challenging endeavor, given that oil and gas projects often involve significant financial and operational ramifications and price volatility in this volatile industry – thus making risk evaluation an essential element of maximizing return on investments and remaining competitive.

Questions that will be raised in this section include verifying processes, reviewing information flows and examining quality documents. Furthermore, an audit team will review records related to training and communication to ensure employees are adequately equipped and informed in performing their jobs.

Audit Planning
Before initiating an internal audit, team members should create a comprehensive plan outlining specific requirements and expectations, agree on an audit schedule and discuss its process. The plan should describe which areas need to be reviewed such as processes, controls, records, documents and policies as well as identify any risk areas which need further assessment.

Auditor should notify all departments about the audit and start gathering the necessary information, in order to minimize negative responses and give departments enough time to complete any outstanding works.

Once an audit is complete, a report should be prepared that summarizes its findings and any recommendations for improvement. It should also contain a list of documents and records reviewed during the audit as well as indicate whether all applicable laws and regulations have been observed by your company. In addition, an follow-up audit should be carried out in order to evaluate how effectively the implemented changes have worked out.

Audit Execution
Once all preparations have been met, an audit can begin. This step involves more hands-on activities like conducting research or interviews to collect data about the current state of an area under audit.

Once an audit is complete, Wildcard will create and send to its customer for review a draft report which details its scope, objectives, period of coverage, nature, findings and any recommendations for improvement.

Once the auditor has compiled his or her findings from an audit, it’s crucial that they be shared with management. Managers in each area can provide greater insight and have an incentive to implement any improvements identified during an audit. Once improvements have been implemented as planned, a follow-up review will take place to gauge whether or not original objectives of an audit have been accomplished.

Audit Report
An audit report offers insight into whether or not the processes within a company are functioning as anticipated. It should contain a summary of audit results and highlight areas requiring improvement; additionally it should provide details on corrective actions taken and provide updates regarding their implementation status.

After an audit has taken place, it’s critical that any findings be monitored closely in order to maintain improvements and remain compliant with internal standards and regulations. Monitoring also allows businesses to gauge the impact and success of corrective actions taken and their effectiveness.

Nimonik makes internal audit easier with their Internal Auditors Checklist, designed for efficient audit execution. The list features questions related to quality management system documentation and employee interviews as well as instant audit reports with graphs, pictures and your logo – plus its free use makes customizing easy!