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Internal Audit of Joint Ventures Proactively Addressed Potential Issues

The client was a mid-sized oil and gas exploration company that had recently undergone a change of management.

  • Consulting - joint venture operations management
  • Internal Audit

 

Solution & Benefits

JVSA conducted a thorough internal audit of the various joint venture functions, which included not only a review of the accounting on the company’s joint ventures, but also a review of material agreements impacting joint ventures. JVSA conducted this audit on an independent basis, and presented its findings as it were a standard joint venture audit.

In addition to correcting its past accounting issues, the company was able to identify issues within agreements that could be addressed before further issues arose. The client also gained an understanding of the source causes of the issues that had developed in the company and how to prevent these in the future. Additionally, the client was able to provide the results of the findings of our audit to its joint venture partners, which helped provide comfort to the partners that the new management team was proactively addressing the concerns of the joint venture partners.

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