Governance, risk & compliance
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.
- To gain audit comfort, we examine and validate the controls put in place by management to mitigate financial reporting risks.
- We bring together a team with appropriate industry experience and skills, including functional and technical specialists.
- We review external reporting for transparency consistent with the internal information that management uses to run the business.
Reporting and compliance consulting
- PwC helps clients identify governance, risk management and compliance information needs for both stakeholder reporting and operational monitoring in every area of the company.
- We evaluate the source and quality of the data to support the information needs and, after considering cost and other factors, recommend processes, organisation and use of technology for obtaining and preparing data and delivering timely information.
Oil and gas regulations
- One of the key benefits our oil and gas clients receive is a team of professionals who are thoroughly trained in industry-specific issues and accounting treatments. We keep abreast of changes and trends involving all of the petroleum accounting matters – oil and gas reserves accounting, impairments, transactions, revenue recognition, intangible assets, suspended wells, and many others – so that we can provide the best guidance to our clients.