Joint Venture Audits and Partnership Audits

Integrity Audit and Accounting are experts in conducting energy joint venture audits and partnership audits. Established in 2011, we audit Canadian, American, and international joint ventures and partnerships.

Audits generally fall into three main categories—Expenditure Audits, Production Allocation & Revenue Audits, and Final Satement of Adjustments (FSOA) Audits—and our team specializes in all three.


JV Audit Specializations

Expenditure Audits

Expenditure Audits review the capital and operating costs incurred in the construction and/or operation of wells, facilities, and projects. These audits aim to validate whether capital and operating expenses are accurate and in accordance with the governing agreements and industry standards.

Production Allocation & Revenue Audits

We can provide detailed reviews of how oil and natural gas produced is allocated to the owners, accounting for the accurate and equitable distribution of all products and revenue. Our auditors are also equipped with the background necessary to review production accounting, fees, equalizations, and other volumetric scope items.

Final Statement of Adjustments (FSOA) Audits

Typically 180 days after the Closing Date of an asset disposition, the Vendor prepares a Final Statement of Adjustments (FSOA) to account for all benefits and obligations pertaining to the assets sold. The FSOA accounts for the period between the Closing Date and the Effective Date. FSOA audits are typically very important to conduct, as there are frequently issues, including date errors that may cause the Purchaser to be charged for pre-Effective Date costs that they do not owe.

The Integrity Advantage

Joint venture audits and partnership audits in the oil and gas industry require expertise in a number of areas, including accounting, operations, contract compliance, systems, and technology. These audits demand well-rounded experts who can make the most of limited time, quickly getting up to speed on properties, agreements, and processes.

Our team of experienced auditors can help identify issues and validate the accounting of expenditures, revenue, and product allocations according to the terms of the governing agreements. Our auditors can also watch for procedures and controls, providing expert insights into the joint venture accounting.

Experience

Integrity Audit and Accounting employs a team of auditors with a proven track record in joint venture accounting and auditing. Many of our auditors have worked in senior industry positions, and they bring their experience to bear on every audit. Our auditors are equipped to conduct detailed reviews of drilling and completions, construction, overhead, payroll, property tax, electrical power, allocated expenses, production accounting, product allocations, and revenue distribution, amoung other areas.

Proprietary Technology

Our custom sofware application uses a combination of data-analytics, AI, and machine learning technologies to make audits more accurate and efficient. This technology reduces audit time, which saves you money and gets results faster.

Protocol Compliant

There are strict protocols in place for how joint venture audits are to be conducted. Our auditors know and follow these protocols, which helps maintain positive relationships with Operators and promotes successful audits.

Client Support

We support clients who require assistance with preparation, including selecting operators/properties, preparing mail ballots and participation letters, scheduling audits with operators, and also reviewing audit responses and rebuttals. We are also prepared to dig into specific questions or concerns you may have about properties under audit. With Integrity, help is only a call or email away.


Connect With Us

The Integrity team is available to conduct your joint venture audits and partnership audits. We can also help with other audit and accounting projects, issues, and inquiries.

Phone

Kevin Hill, Manager of Audits: (587) 575-1475


Email



Mail

Integrity Audit and Accounting Ltd.
PO Box 33032 RPD Panorama Hills
Calgary, AB T3K 0A1


Business Hours

Monday-Friday 8am-5pm MST



Our mission is to provide industry leading professional audit and accounting services to our clients in a way that maximizes value, efficiency and cooperation through experience, innovation, technology and integrity.


© 2021 Integrity Audit and Accounting Ltd.