Joint Venture Audits
Vendor Recovery Audits
Contract Compliance Audits
Cost Recovery
& Risk Mitigation
Anti Corruption
& Fraud Prevention
Specialist Hydrocarbon Accounting
Field Office Accounting
Well Engineering Accounting


  Contract Compliance Audits

Contract Compliance audits generally fall into two categories
  A. Recovery
  B. Control
Contract Compliance Audit (Recovery)

This can be covered and included as part of a full Vendor recovery audit. However, we recognize that some clients will want us to focus entirely on a contract compliance audit and forgo some of our standard vendor audit procedures. Some clients already have adequate vendor controls in place to safeguard against routine business risk such as duplicate payment but believe there is considerable risk exposure in high value contracts.

Petroserve has extensive experience in this area and we can tailor the program to focus on the areas that the client believes represents greater risk exposure.

The objectives of the recovery audit are to determine if:

1) Company has been overcharged in accordance with contract rates and prices.
2) Charges are valid and relate to the Project.
3) Charges are billable per contract terms and conditions.
4) The Company has been billed twice for the same charge.
5) Expose any potential shortcomings for future cost recovery.
Contract Compliance Audit (Control)

Control audits are performed at the start of a project or in the early stages of a project whereas a vendor recovery audit will be performed at the conclusion of project spend and will not be suitable for establishing that the Company's controls and procedures are aligned with PA rules and requirements. Non compliance with the relevant PA or PSC could result in significant under recovery of costs in future years. Petroserve focuses its work around costs recovery, reducing business risk and improving the contract and procurement process. The objectives are to:

A. Evaluate current contractual and procurement controls that are already in place.
B. Identify weaknesses in the current procurement process.
C. Strengthen operational, contractual and regulatory compliance.
D. Assess the potential risk in terms of:
  1. Non-compliance with the relevant government and partner agreements.
  2. Future cost recovery.
  3. Company ethics
  4. Fraud.
E. Final report to client
 
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