JV AUDIT – Risk, Resource & Budget Estimation Tool

Welcome to the Risk, Resource and Budget Estimation tool.

This model was developed to provide users with a quick method to estimate Resource and Budget requirements for a JV Audit based on 3 key parameters; RISK LEVEL, AUDIT SCOPE (USD), and the AUDIT LEVEL to be performed. Here is some information related to the basis for the Results presented.

The Resource takes into consideration the following; 1.) The Audit Level – The more detailed, the more resources and/ or time is required 2.) The Risk Level of the License/Asset – The lower the risk, the less time and resources is required.

    The resource estimation is based on statistics from more than 100 JV Audits

The budget takes into consideration the following; 1.) Audit period incl. Preperation and Closing days before/after Fieldwork period, 2.) Number of recommended resources, and 3.) Average Travel and accommodation expenses (Local auditors)

  • The budget results provides an estimation of cost based on rates found in “APPENDIX A – Cost Sharing – Section 1 in the 032 -NORWEGIAN OIL AND GAS RECOMMENDED GUIDELINES – NORWAY JOINT VENTURE AUDIT” and do not reflect JV AUDIT AS rates..
  • Please use the Request A Quote Form (See Rate Page) or contact us (See Contact Page), so that we can provide you with a quote based on your requirements.

Now it is time to use the model, once you have inputted the requested information, hit the SHOW RESULT button and voila…….. Use the Advanced Version for a more detailed Risk Assessment of the license/ asset. We hope you find this tool helpful and we would appreciate any feedback you may have, both to the results shown and the parameters used.

Tip: A medium Risk Level – In this situation, a partner is generally comfortable
with the operator, the financial controls and the operation as a whole.