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Institute For Oil & Gas Training
OGI-1200 New

Internal Controls Over Upstream Operational Cycles Training Course

Duration
5 days
CPD hours
15
Language
English
Next date
12 Oct 2026
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Overview

Internal Controls are essential to maintaining financial integrity, operational discipline, compliance, and risk visibility across upstream oil and gas activities. The Internal Controls Over Upstream Operational Cycles Training Course from Institute For Oil & Gas Training develops practical capability in designing, assessing, operating, and monitoring controls across the interconnected cycles that support exploration, development, production, joint venture accounting, procurement, revenue, data management, and financial reporting.

Upstream operations generate large volumes of operational and financial information across field locations, production facilities, joint venture partners, contractors, finance teams, supply chain functions, and corporate systems. Effective control environments connect these activities so that transactions are properly authorised, operational data is reliable, assets are protected, obligations are recorded accurately, and financial results are supported by appropriate evidence. Weaknesses in one operational cycle can affect several other processes, creating exposure across revenue recognition, procurement, production reporting, partner billing, cash management, asset records, and management reporting.

This course addresses the skills gap that arises when control responsibilities are distributed across operational and financial functions without a sufficiently integrated understanding of the upstream control environment. Participants examine how control activities operate across the full transaction lifecycle and how preventive, detective, corrective, manual, automated, and monitoring controls work together.

The programme focuses on internal controls within upstream operational cycles rather than treating controls as isolated finance procedures. Participants examine revenue cycle controls, procure to pay controls, production data controls, joint venture billing controls, authorisation limits, delegation of authority, reconciliation controls, IT general controls, and entity level controls within an integrated control framework.

Revenue cycle controls receive particular attention because upstream revenue depends on reliable production volumes, contractual terms, pricing information, entitlement calculations, invoicing, receivables management, and cash application. A breakdown in production data or contractual master data can flow directly into revenue reporting and partner balances. The course therefore links operational source data to accounting records and financial outputs.

Procure to pay controls are equally important in upstream environments where organisations manage substantial expenditure on equipment, services, maintenance, drilling activities, logistics, engineering support, and contractors. Participants examine how procurement approvals, purchase orders, goods and service confirmations, invoice validation, payment authorisation, vendor master data, and account reconciliation combine to protect expenditure.

Production data controls provide another critical control layer. Production information supports revenue calculations, inventory records, performance reporting, partner settlements, regulatory reporting, and operational decision-making. The course examines controls over data capture, validation, interfaces, amendments, approvals, reconciliations, exception reporting, and ownership.

Joint venture billing controls are addressed through practical examination of operator and non-operator responsibilities, expenditure support, billing statements, cost allocation, partner balances, cash calls, adjustments, supporting documentation, and reconciliation procedures. Participants develop a stronger understanding of how control failures in joint venture processes affect both financial accuracy and partner relationships.

Authorisation limits and delegation of authority provide the governance structure that determines who can approve commitments, expenditure, invoices, journal entries, master data amendments, payments, and other sensitive transactions. Participants learn how approval structures should align with responsibilities, risk exposure, organisational hierarchy, and transaction values.

Reconciliation controls are considered across operational and financial interfaces. Participants examine how reconciliations identify discrepancies between production systems, general ledgers, subledgers, joint venture records, bank information, procurement systems, inventory records, and other source systems. Emphasis is placed on timely investigation, evidence, ownership, escalation, and closure of reconciling items.

The course also addresses IT general controls because upstream control environments increasingly depend on enterprise resource planning platforms, production systems, financial applications, interfaces, databases, and automated workflows. Access management, change management, system operations, backup procedures, interface controls, and segregation of duties form an important part of a reliable automated control environment.

Entity level controls provide the broader governance foundation. Leadership oversight, risk assessment, organisational accountability, ethical expectations, policies, monitoring, internal audit, and management review influence how process-level controls operate in practice. Participants examine the relationship between entity level controls and transactional controls to establish a more complete view of control effectiveness.

Institute For Oil & Gas Training delivers the course for professionals who need to strengthen upstream control structures, assess existing controls, identify control gaps, improve control ownership, and support reliable operational and financial reporting. The programme connects finance, operations, procurement, joint venture accounting, information technology, risk, compliance, and internal audit perspectives.

The course is designed around real-world upstream scenarios, allowing participants to assess control failures and determine appropriate responses. Attention is given to control design, control execution, evidence, monitoring, exception management, remediation, and continuous improvement. The approach supports professionals working across exploration and production companies, operators, joint ventures, service organisations, and supporting corporate functions.

Objectives

  • Understand the role of Internal Controls across upstream operational and financial cycles

  • Assess control objectives and control activities across exploration and production processes

  • Strengthen revenue cycle controls from production data through invoicing and cash collection

  • Evaluate procure to pay controls covering requisition, procurement, receipt, invoice validation, and payment

  • Establish effective production data controls supporting reliable operational and financial reporting

  • Assess joint venture billing controls and supporting documentation requirements

  • Apply authorisation limits consistently across operational and financial transactions

  • Strengthen delegation of authority structures and approval accountability

  • Design effective reconciliation controls across operational systems, subledgers, general ledgers, and partner records

  • Understand the relationship between IT general controls and automated business process controls

  • Evaluate entity level controls supporting governance, accountability, risk management, and monitoring

  • Identify segregation of duties conflicts within upstream operational cycles

  • Distinguish preventive, detective, corrective, and monitoring controls

  • Identify control gaps and establish practical remediation actions

  • Improve control documentation, evidence retention, ownership, and monitoring

  • Strengthen collaboration between finance, operations, procurement, IT, risk, compliance, and internal audit teams

  • Improve the ability to assess control effectiveness within complex upstream environments

  • Support more reliable operational data and financial reporting through integrated control practices

Training methodology

Institute For Oil & Gas Training uses a practical corporate delivery model focused on the application of Internal Controls across upstream operational cycles. The methodology connects established control principles with realistic oil and gas business processes so that participants work with situations that reflect operational and financial control responsibilities.

Case studies form a central component of the programme. Participants analyse upstream scenarios involving revenue discrepancies, procurement exceptions, inaccurate production data, unsupported joint venture charges, inappropriate approvals, unreconciled balances, access conflicts, and control documentation weaknesses. Each case requires participants to identify the control objective, assess the existing control activity, identify the risk exposure, and establish appropriate corrective action.

Real-world scenarios are used to demonstrate how individual control weaknesses can create broader operational consequences. A production reporting error, for example, can affect revenue calculations, joint venture billing, management reporting, and partner balances. Participants therefore assess controls across process interfaces rather than reviewing each transaction cycle independently.

Control mapping exercises enable participants to connect risks, control objectives, control activities, control owners, evidence, systems, and monitoring procedures. This helps establish a structured approach to evaluating whether controls are appropriately designed and consistently executed.

Group exercises focus on practical control assessment. Participants review selected upstream processes, identify preventive and detective controls, consider segregation of duties, assess approval structures, and examine the evidence required to demonstrate control performance.

Simulation-based exercises address reconciliation and exception management. Participants work through discrepancies between operational data and financial records, determine possible causes, establish investigation procedures, and identify appropriate escalation and remediation actions.

Process walkthroughs are used to examine the movement of information from originating activity through operational systems, accounting records, approvals, reconciliations, and reporting outputs. This approach highlights control points where data can be changed, omitted, duplicated, incorrectly classified, or processed without appropriate authority.

The methodology also incorporates discussion of IT general controls and automated controls. Participants examine how system access, user privileges, change management, interface processing, and system-dependent controls affect the reliability of upstream financial and operational information.

Facilitated discussions allow participants to compare control practices across functions and identify practical opportunities for strengthening control ownership. The delivery remains focused on business application, with emphasis on procedures, responsibilities, evidence, governance, and risk response.

Organisational impact

The sponsoring organisation gains a more integrated approach to controlling upstream operational cycles. Instead of treating finance, procurement, production, joint venture, and technology controls as separate activities, teams develop a connected understanding of how information and transactions move through the organisation.

Stronger revenue cycle controls improve the organisation's ability to identify discrepancies between production activity, contractual entitlements, pricing information, invoicing, receivables, and cash collection. Better control ownership also supports faster investigation of exceptions and clearer accountability for revenue-related information.

Improved procure to pay controls strengthen expenditure governance. Organisations gain clearer visibility over approval requirements, purchasing activity, goods and service confirmation, invoice processing, duplicate transactions, vendor data, and payment authorisation. Stronger controls support disciplined expenditure management and reduce opportunities for inappropriate or unsupported transactions.

Production data controls strengthen the reliability of information used by finance, operations, commercial teams, and management. Defined validation, approval, reconciliation, and exception processes improve confidence in the flow of production information into downstream reporting and financial processes.

Joint venture billing controls support more consistent treatment of operator and partner transactions. Improved billing documentation, expenditure support, allocation procedures, reconciliations, and exception management contribute to stronger financial governance across joint venture relationships.

Clear authorisation limits and delegation of authority improve accountability. Employees understand the boundaries of their approval responsibilities, while management gains a more structured basis for reviewing transactions that exceed established authority levels.

Effective reconciliation controls help organisations identify and resolve discrepancies before they become embedded in reporting. Reconciliations across production, procurement, joint venture, general ledger, bank, and other systems establish an important detective control layer.

Strengthened IT general controls support the reliability of systems underpinning upstream processes. Improved attention to access rights, user administration, change management, system operations, and interfaces helps align technology governance with business control requirements.

Entity level controls provide a stronger governance foundation. Management gains improved visibility of control responsibilities, risk ownership, monitoring activities, escalation mechanisms, and control performance.

The programme also supports more efficient internal audit and compliance activities by improving control documentation and helping operational teams understand the evidence required to demonstrate control performance. Better-defined controls support more focused reviews and clearer remediation ownership.

Personal impact

Participants develop practical capability in evaluating Internal Controls across upstream operational cycles and understanding the relationship between operational activities and financial outcomes.

Finance professionals strengthen their understanding of the operational information behind financial transactions. This improves their ability to challenge production information, procurement transactions, joint venture charges, reconciliations, and system-generated reports.

Operations professionals gain greater awareness of the financial and governance consequences of operational data and transaction processing. They develop stronger capability in identifying control points within production, maintenance, logistics, contracting, and related activities.

Internal audit and risk professionals strengthen their ability to conduct process walkthroughs, evaluate control design, identify control gaps, assess evidence, and communicate remediation priorities.

Procurement professionals develop stronger understanding of how sourcing, purchase orders, receiving, invoice validation, supplier master data, and payment processes connect within the procure to pay control environment.

Joint venture accounting professionals strengthen their ability to assess billing controls, partner balances, cost allocations, supporting documentation, cash calls, and reconciliation procedures.

IT and systems professionals gain a clearer understanding of how IT general controls support automated business controls and financial reporting reliability.

Managers develop stronger oversight capability through improved understanding of delegation of authority, authorisation limits, control ownership, monitoring, exception management, and escalation.

The course also supports professional development by building a common control language across finance, operations, procurement, IT, compliance, risk, and audit functions. Participants leave with practical methods for assessing controls and communicating control requirements within complex upstream environments.

Who should attend

Finance and Accounting Managers

Built for professionals responsible for financial control, reporting, month-end processes, reconciliations, and accounting governance across upstream operations.

Internal Audit Professionals

Designed for auditors who assess process controls, financial controls, operational risks, system controls, and remediation activities.

Risk and Compliance Professionals

Relevant for specialists responsible for control frameworks, risk assessment, compliance monitoring, governance, and control improvement.

Joint Venture Accountants

Supports professionals managing partner billing, cost allocations, cash calls, reconciliations, partner balances, and supporting documentation.

Production and Operations Managers

Provides operational leaders with practical insight into production data controls, transaction approvals, process accountability, and financial interfaces.

Procurement and Supply Chain Professionals

Suitable for professionals responsible for procurement governance, supplier transactions, purchasing approvals, invoice controls, and payment processes.

Financial Controllers

Supports controllers responsible for control design, financial reporting integrity, reconciliations, process governance, and management oversight.

IT Audit and Controls Professionals

Relevant for specialists assessing system access, change management, automated controls, interfaces, and other IT general controls.

Commercial and Revenue Professionals

Useful for professionals managing production-linked revenue, contractual information, invoicing, receivables, pricing data, and revenue assurance activities.

Senior Managers and Department Heads

Designed for leaders responsible for approving transactions, managing control owners, overseeing operational risk, and strengthening governance across upstream activities.

Course outline

This module establishes the foundation for understanding Internal Controls across upstream operational cycles. It examines how entity level controls, risk assessment, control ownership, governance structures, segregation of duties, authorisation limits, and delegation of authority create the framework within which operational controls function.

The module connects governance expectations with process-level control activities and examines how management establishes accountability for controls across finance, operations, procurement, joint venture accounting, IT, and other functions.

  1. COSO Internal Control Framework

    • Provides a recognised structure for evaluating internal control systems.

    • Covers control environment, risk assessment, control activities, information and communication, and monitoring.

    • Supports assessment of controls at both entity and process levels.

    • Provides a structured basis for identifying and addressing control deficiencies.

    Learning Outcomes

    • Map governance responsibilities across upstream control environments

    • Assess entity level controls and their relationship with process controls

    • Identify weaknesses in authorisation limits and delegation of authority

    • Distinguish control design issues from control execution issues

    • Establish clear control ownership and evidence requirements

    • Apply structured principles to control assessment and remediation

This module focuses on the relationship between production information and upstream revenue processes. Participants examine how production volumes, contractual terms, pricing information, entitlement calculations, invoicing, receivables, and cash collection interact within the revenue cycle.

The module addresses revenue cycle controls and production data controls from source information through financial reporting. Particular attention is given to data validation, interfaces, amendments, reconciliations, exception reporting, and segregation of responsibilities.

  1. IFRS 15 Revenue Recognition

    • Establishes principles for recognising revenue from contracts with customers.

    • Provides a framework for identifying performance obligations and determining transaction consideration.

    • Supports consistent assessment of revenue-related accounting information.

    • Reinforces the importance of reliable contractual and transactional data supporting revenue reporting.

    Learning Outcomes

    • Evaluate revenue cycle controls within upstream operations

    • Assess production data controls supporting revenue calculations

    • Identify risks at interfaces between production and finance systems

    • Strengthen invoice review and revenue reconciliation procedures

    • Identify inappropriate or unauthorised amendments to revenue data

    • Connect production information to downstream accounting and reporting controls

This module examines controls across the upstream procure to pay cycle, from purchasing requirements through supplier selection, purchase orders, receipt confirmation, invoice processing, approval, and payment.

Participants assess how procurement controls operate alongside financial controls and how authorisation structures, vendor master data, three-way matching, segregation of duties, invoice validation, and payment controls protect expenditure.

  1. ISO 37001 Anti Bribery Systems

    • Provides requirements for establishing, implementing, maintaining, and improving an anti-bribery management system.

    • Addresses controls relevant to organisational anti-bribery governance.

    • Supports risk-based approaches to business relationships and financial controls.

    • Provides a recognised reference point for strengthening governance around sensitive transactions.

    Learning Outcomes

    • Map key controls across the upstream procure to pay cycle

    • Evaluate procurement approval and authorisation structures

    • Identify vendor master data and invoice processing risks

    • Strengthen payment and reconciliation controls

    • Assess segregation of duties across purchasing and payment activities

    • Establish appropriate responses to procurement control exceptions

This module focuses on financial control challenges arising from joint venture arrangements in upstream oil and gas operations. Participants examine joint venture billing controls, expenditure support, cost allocation, partner statements, cash calls, adjustments, receivables, payables, and reconciliation procedures.

The module emphasises control points between operators, non-operating partners, finance functions, operational teams, procurement departments, and supporting systems. Participants examine how accurate documentation and timely reconciliation support transparent partner accounting.

  1. IFRS 11 Joint Arrangements

    • Establishes accounting principles for entities involved in joint arrangements.

    • Distinguishes joint operations from joint ventures.

    • Provides relevant accounting guidance for interests in joint arrangements.

    • Supports appropriate consideration of rights, obligations, assets, liabilities, revenues, and expenses within relevant arrangements.

    Learning Outcomes

    • Evaluate joint venture billing controls across upstream operations

    • Assess supporting documentation for partner charges

    • Strengthen partner balance reconciliation controls

    • Identify weaknesses in cost allocation and billing adjustments

    • Improve cash call and expenditure approval controls

    • Establish clearer ownership of joint venture control activities

This module integrates technology controls with operational and financial control assurance. Participants examine how IT general controls support the reliability of systems used for production data, procurement, revenue, joint venture accounting, financial reporting, and management information.

The module also addresses ongoing control monitoring, exception management, control evidence, remediation, and management assurance. Participants establish a practical approach to evaluating whether controls continue to operate effectively as systems, processes, users, and organisational responsibilities change.

  1. COBIT 2019 Framework

    • technology.

    • Supports alignment between technology activities and organisational objectives.

    • Addresses governance, management, risk, control, and performance considerations.

    • Provides a structured reference for assessing technology-related control environments.

    Learning Outcomes

    • Assess IT general controls supporting upstream business processes

    • Identify access and segregation of duties risks

    • Evaluate change management and system operations controls

    • Connect automated controls with underlying IT controls

    • Establish effective control monitoring and exception management

    • Strengthen evidence-based control testing and remediation

    • Integrate technology assurance with operational and financial control activities

Certificate

Attendees receive a Certificate of Completion from Institute For Oil & Gas Training upon successfully finishing the course. The certificate confirms participation and completion of the programme requirements.

Attendance throughout the course is required to receive the Certificate of Completion. Participants are expected to engage in the practical exercises, case studies, discussions, simulations, and other course activities forming part of the programme.

Course dates

  • Europe

    Middle East

    Asia

    Africa

    North America

    Online

    Fee: £4,200

  • Europe

    Middle East

    Asia

    Africa

    North America

    Online

    Fee: £4,200

  • Europe

    Middle East

    Asia

    Africa

    North America

    Online

    Fee: £4,200

  • Europe

    Middle East

    Asia

    Africa

    North America

    Online

    Fee: £4,200

Fees include tuition, course materials and refreshments. Need different dates or a different city? Ask about your preferred date.

Frequently asked questions

What is the Internal Controls Over Upstream Operational Cycles Training Course?

The Internal Controls Over Upstream Operational Cycles Training Course is designed to strengthen practical control capabilities across upstream oil and gas processes. It covers revenue cycle controls, procure to pay controls, production data controls, joint venture billing controls, reconciliation controls, IT general controls, authorisation limits, delegation of authority, and entity level controls.

Who should attend this Internal Controls training course?

The course is suitable for finance and accounting professionals, internal auditors, risk and compliance specialists, joint venture accountants, production and operations managers, procurement and supply chain professionals, financial controllers, IT controls professionals, and commercial and revenue specialists involved in upstream oil and gas activities.

What internal control areas are covered during the course?

The programme covers five key areas: upstream control architecture and governance, revenue and production data controls, procure to pay and expenditure controls, joint venture billing and reconciliation controls, and IT general controls, monitoring, and control assurance.

How is the Internal Controls course delivered by Institute For Oil & Gas Training?

Institute For Oil & Gas Training uses case studies, practical control mapping exercises, real-world upstream scenarios, process walkthroughs, group exercises, reconciliation simulations, and facilitated discussions. The delivery focuses on applying control principles to operational and financial processes.

What certificate is provided after completing the course?

Attendees receive a Certificate of Completion from Institute For Oil & Gas Training upon finishing the course. Participants must meet the required attendance requirement and engage with the programme activities to receive the certificate.

Next: 12 Oct 2026

4 dates available

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