Venture Auditing Services (VAS) and International Auditing and Accounting Services Ltd (IAAS) have formed an alliance.
The goal of the alliance is to expand our collective oil and gas auditing function in Perth Western Australia, Australia and the South East Asian Region.
Our Alliance offers the following services: Non Operator Joint Venture Audits Vendor Contract Audits Operational Audits
A brief overview of VAS and IAAS, is outlined on the following pages…
Who We Are
VAS is a newly formed consulting business in Perth. Specialising in joint venture and contract auditing, VAS intends to grow the business in Perth Western Australia, Australia and the SEA region.The Principals of VAS are: Tom Cockle: Tom has over 20 years of diverse accounting, project and operational experience.
Starting out as an auditor in public practice, Tom moved into commerce and held CFO, COO and many EPC project (construction) Finance Manager roles. In recent years Tom held lead Finance ‘design’ roles in Chevron ( Construction Readiness – Wheatstone) and INPEX (Operations Readiness – Ichthys).
Tim Benson: Tim has accumulated significant NOJV auditing knowledge & experience through the performance of such Lead roles for Chevron Australia (10 years) and Inpex Australia (2 ½ years). During this time Tim facilitated & established NOJV functions, processes and skill-sets in both companies to address Joint Venture portfolios spanning Australia, South East Asia & Canada. As a direct outcome, Tim has audited a broad range of exploration & production activities in conjunction with Mega Capital Projects that include Wheatstone, Ichthys, Prelude FLNG & Canadian Shale / Tight Gas.
Part time local consultants (contractors) will be engaged by VAS as required.
Venture Auditing Services (VAS)
Based in Glasgow, IAAS is a long established international consulting business. Specialising in joint venture, contract and operational audits, IAAS has performed audit (and other advisory and training) services for a large number of oil and gas companies across the globe.The Principals who will represent IAAS in the alliance are:
Bill Reid: Bill has over 30 years of accounting, financial control and auditing experience gained working with BNOC, Britoil/BP (as an employee) and over twenty other international companies as a consultant auditor. In the last 20 years, he has led joint venture and contract audits around the world.
Helen McDonald: Helen has over 30 years accounting and auditing experience in the industry. Beginning her career with Britoil in 1981, she worked in various financial roles including drilling accounting. Helen then moved to Lasmo (north sea) and afterwards to various project roles, including the Dacion project (Venezuela). Helen has been a Principal auditor with IAAS since 2003.
International Auditing & Accounting Services Ltd (IAAS)
The Alliance will primarily focus on the Oil and Gas sector. In particular, these services will comprise:
Joint Venture Audits Exploration & Appraisal Development & Construction (incl. drilling) Operations (incl. production sharing arrangements) TPOSA (Transportation, Processing, Operations Services Agreement) Tariff Agreements Sale & Purchase Agreements Cut-off Audits Logistics
Contract Audits Cost Plus Fixed Price plus variations Schedule of Rates
Operational Audits Well accounting Project accounting Inventory management and stocktake Asset verification Misc. advice on labour allocation, ERP systems, process mapping etc
Our alliance offers many advantages, including:
Client access to a broader set of skills and experience: Operator JV business knowledge PLUS EPC business knowledge Local market knowledge PLUS International market knowledge ERP systems knowledge
Availability and flexibility of audit personnel Increased access to labour resources in Perth and overseas Flexibility of audit staffing on remote assignments
Cross business support Increased availability of technical support during audit engagements Increased client support beyond audit engagements (eg work to close out audit findings)
Why have an Alliance?
1. The client contacts VAS to enquire about our services. 2. In turn, VAS will respond with a quote, suggesting timing and scope of work.3. For any quote, VAS will provide the following:
The business you will be contracting through (VAS or IAAS) The engagement contact (usually the Audit Lead) Scope of assignment Duration of assignment Names of audit personnel (may include VAS and/or IAAS - as well as other third parties). This will depend on availability of personnel and skills required for the assignment.
Schedule of rates for each person Estimate of travel, accommodation and meals costs to be reimbursed Planned approach for the audit report (our deliverable)
4. If the quote is agreed, a Contract, Purchase Order or Service Order is drawn up and audit work is scheduled
How does the Alliance work?
Our proven track record can assist your business through:
Cost savings – through audit and review assignments we can identify and report cost savings initiatives.
Financial risk mitigation – our experience has taught us how to quickly identify financial risk areas and then propose possible solutions.
Process improvement – reviewing world class progressive organisations provides us with insight into best practise oil and gas processes and procedures. We can apply this knowledge to your company and/or your business partners.
Improving the efficiency and effectiveness of contractual arrangements – from compliance with PSC conditions to agreements with contractors, we have the experience to review, assess and suggest procedural improvements (incl. feedback on improvements to contract terms).
How can we help your business?
Venture Auditing Services can be contacted in any of the following ways: