Audit & Advisory Services

Praxis works independently or in collaboration with Big Four or boutique accounting or legal firms to provide audit services during all phases of the E&P life cycle. From pre-kickoff and planning through drilling operations and post-project review, Praxis’ engineers provide clients with a forensic review of activities and expenditures to ensure that Joint Operating Agreements (JOAs) for E&P programs are executed economically, effectively and accurately— with the objective of preventing or recovering unnecessary expenditures and costs for the JOA partners.

Principal objectives of Praxis audit and advisory:

  • Produce a clear snapshot picture of project activities for clients to make informed decisions
  • Provide technical audit and advisory services during any phase of the JOA life cycle
  • Collect objective evidence to ensure that E&P programs are being performed per contract T&C
  • In cases where actual project conditions necessitate JOA contract modification, Praxis can provide the insight needed for contract changes to ensure improved project governance
  • To render assistance to clients as may be needed in dispute resolution cases, including arbitration, mediation and expert reports for litigation

Comprehensive audit capabilities (before, during and after E&P activities):

  • JOA Review
  • Costs & Expenditures Review
  • Overhead Recovery Review
  • Technical & Engineering Review
  • Due-diligence Review
  • Policy & Procedural Review
  • Process Workflow Review
  • Dispute Resolution

Keys to success:

  • Oil & Gas experience. Praxis’ thorough knowledge of E&P programs and industry best practices provide clients with comprehensive audit capabilities.
  • Partnership with leading accounting firms. Praxis forms synergy with firms experienced in legal and/or financial audits to deliver greater value to the end client and maximize project effectiveness and cost savings.
  • Regional expertise. Regional legal & accounting staff in combination with Praxis’ oil and gas expertise provides significant added value through the lens of the particular country in question.