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Title: AUDITING GAS MEASUREMENT AND ACCOUNTING SYSTEMS
Author: Debbie Thompson
Source: 2018 International School of Hydrocarbon Measurement
Year Published: 2018
Abstract: Measurement practices related to gas volume production from the field to volumetric calculations in the office play a crucial role in accurately recording revenue and have a direct effect on the financial results. The measurement environment has experienced a rapid and revolutionary change, with evolving measurement technology, the enactment of the Sarbanes-Oxley Act (SOX), in 2002, and the new federal regulations (CFR 43, subparts 3173, 3174, 3175) published January 17th, 2017. There is a heightened demand for corporate accountability, measurement accuracy, and increased regulatory scrutiny. In such a climate, there is tremendous need for good internal controls and audit processes. What is an Internal Audit? The institute of Internal Auditors (IIA) defines Internal Audit as: Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organizations operations. It helps an organization accomplish its objectives by bringing a systematic, discipline approach to evaluate and improve the effectiveness of risk management, control, and governance processes. In other words, auditing is a repeatable methodology used to evaluate risk, internal controls, and compliance with regulatory, state, and contractual requirements.

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