Financial Control in Joint Ventures

Course Overview

The Financial Control in Joint Ventures course offers a comprehensive dive into the essential financial management aspects of joint ventures, covering both operated and non-operated types.

Participants will be guided through critical areas such as the secondment of finance-based staff, intricacies of financial reporting, governance frameworks, decision-making procedures, financial authorities, budgeting practices, and audit procedures.

With specific examples and insights, the course is designed to illuminate the complex accounting control issues prevalent in joint venture arrangements.

Targeted at internal auditors, compliance staff, and managers, this course aims to equip attendees with the knowledge and skills necessary to navigate the financial challenges and control requirements unique to joint ventures, ensuring effective oversight and management.

Learning Objectives

• Understand Joint Venture Structures: Participants will gain a thorough understanding of different types of joint ventures (operated vs. non-operated), including their features, characteristics, and the typical provisions of joint venture agreements.
• Master Financial Secondment: Learners will comprehend the strategic importance and process of seconding finance-based staff to joint ventures to ensure effective financial management and control.
• Navigate Governance and Decision-Making: Attendees will be able to identify and implement effective governance structures within joint ventures, including establishing clear decision-making procedures and understanding the roles of executives and secondments.
• Implement Robust Financial Controls: Participants will learn to set up and manage reporting mechanisms, including timing and report types, understand and establish financial authorities and levels, and develop comprehensive budgeting practices.
• Conduct Effective Audits: Learners will acquire the skills to design and implement audit procedures specific to joint ventures, ensuring compliance and financial integrity.