Vendor Audit
Format: ½ day (4 hours)

In this course you will learn the following:

1. Overview of the vendor / compliance audit activity
2. Risks in third party relationships
3. Benefits of audit
    a. Costs savings
    b. Processes improvement
    c. Risks mitigation
    d. Relationships building
4. Audit process
    a. Identification criterion
    b. Planning considerations
    c. Execution approach
    e. Reporting and follow up
5. Key areas of focus
    a. Contract Types
    b. Contract risks and risk assessment
    c. Audit approach
6. Typical overcharges and their root cause
7. Wrap up and summary of lessons learnt

Instructors:
Salman Yasin
Salman Yasin has over 19 years of experience in the Operational, Financial, and Compliance audits of all business segments that include Upstream, Downstream and Capital Projects of Oil and Gas industry.

Currently Mr. Yasin is working for Canadian Natural Resources Ltd. as a Supervisor Vendor, Audit and responsible to identify, plan, execute, facilitate and manage vendor audits in all business areas of the company.  Previously, he worked for PriceWaterhouseCoopers, Ernst Young LLP, and Enbridge Gas Distribution Ltd. at different positions."

Fee:

$300 +GST Members
$350 +GST Non-members

Location: PASC Office 600, 900 6 Avenue SW, Calgary 
Includes a continental breakfast from 7:30 am - 8:00 am

RESERVOIR ENGINEERING AND WHY IT MATTERS

5 reasons you will be interested in learning about the Reserves Evaluation Process

1. Value of the company - quantification of an upstream company’s primary asset base in terms of both dollar value and quantity of product in place.
2. Major component of share price - forward looking value potential of the company (ie. NPV of company’s assets).
3. Financial reporting requirement (National instruments 51-101).
4. Reserve based lending is how the Canadian industry accesses financing (related to point #1).  As such this is important discipline for accountants to understand.  
5. Learn the jargon spoken around the office; difference between proven, probable, possible, proved-developed-producing, 1P, 2P etc.. 

Speaker: Michael Woofter, Professional Engineer, President, Woofter Petroleum Consultants Ltd.

Michael Woofter is a Professional Engineer with over 35 years of experience in the oil and gas industry. Currently, Michael is the President of Woofter Petroleum Consultants Ltd.  Previously, he held the position of Manager of Reserves and ROTR at Paramount Resources Ltd. (commencing 2009) and is an Internal Qualified Reserve Evaluator (IQRE). Prior to Paramount, Michael operated Woofter Petroleum Consultants Ltd. providing Professional Engineering services to a wide variety of clientele within the Petroleum Engineering sub-disciplines of Evaluations, Reservoir, Drilling, Completions, Production Operations and Facilities Engineering.  He is and expert user of both PEEP/VOLTS and VALUE NAVIGATOR for asset evaluation and reserve management, along with other technical software applications (including FAST/HARMONY Suite).

Michael graduated in 1983 with a Bachelor of Science degree in Petroleum Engineering from Texas A&M University, is a registered Professional Engineer in good standing with APEGA , is a QualifiedReserveEvaluator (SPEE) and a long standing member of SPE.