The regulatory and reporting landscape is particularly complex for oil and gas companies. Not only do they have to conduct operations in a variety of regulatory and tax regimes but they also have big upfront investment needs, which often go hand in hand with great uncertainty about long-term outcomes. The geopolitical, environmental, energy and natural resource supply and trading environment, combined with often complex stakeholder and business relationships, adds to the complexities oil and gas companies face. In addition, the advent of International Financial Reporting Standards and section 404 of the Sarbanes-Oxley Act for US registrants has added to the challenges. All of this demands careful judgement around corporate governance, internal controls and external reporting.
All 60,000 auditors in PwC firms around the world use a single global audit methodology that is fully compliant with International Auditing Standards and applicable national standards.