This session is designed as a guide to the COPAS publications a joint venture auditor should carry in his/her “audit bag” because understanding the provisions therein are crucial to being able to conduct an efficient and effective joint venture audit. Discussion centers on what subject matter each publication covers and some of the provisions in each document.
Some of the publications covered are:
- MFI-18 Operator Affiliates and Related Entities
- MFI-23 Discounts
- MFI-31 Self-Insurance for Workers’ Compensation and Employers’ Liability Insurance
- MFI-36 Audit Rights of Non-Participating and Non-Consenting Parties
- MFI-41 Electronic Invoice Documentation Requirements
- MFI-42 Procurement Card and Convenience Check Documentation Requirements
- MFI-43 Joint Interest Expenditures Documentation Requirements
- MFI-47 Overhead Rate Adjustments
- AG-24 Notifying Non Operators of Accounting Procedure Deviations
- AG-25 Allocations of Rig-Related Expenditures
Learning Objectives: By the end of this class you will be able to
- Identify COPAS publications and recall their related provisions as covered in the session.
- Apply provisions correctly to Joint Venture audit situations.