Kaieteur News – The Institute of Professional Petroleum Accountants of Guyana Inc. (IPPA-Guyana) established only four months ago locally is gearing to rollout a specialised Oil and Gas audit training for locals.
With the rapid growth of the petroleum industry in Guyana, the country has been struggling to keep up with the accounting requirements outlined in the Production Sharing Agreement (PSA) signed with ExxonMobil and its Co-Venturers, Hess and CNOOC. The contract stipulates that Guyana has two years, from the end of each calendar year, to conduct audits of the oil companies’ expenses.
The Guyana Revenue Agency (GRA) that is tasked with overseeing the process has complained of the lack of skilled professionals to complete audits. Last August, the Agency said its Petroleum Unit required 65 persons for the job, but merely had 31 on roll. Recognising the need for locals to become certified to conduct and complete thorough reviews of expenses incurred by the oil and gas companies, Guyanese scholar, Tameshwar Lilmohan BA, MBA, APA, CPA, FCCA, CFE, LLB-Hons and LLM is a mission to train as many Guyanese as possible.
“The oil industry got ahead of us. We didn’t get our structures in place, we didn’t get our laws in place and different structures, whether it is physical structure, management structures, accounting structures so others, people from overseas and elsewhere are running the show…we need to put in structures,” Lilmohan told a group of about 20 persons on Saturday. IPPA held an information session and registration drive at the Cheddi Jagan Research Centre, High Street, Georgetown where interested individuals had an opportunity to learn more about the programme.
Lilmohan, one of the key founders of IPPA-Guyana explained that students will be engaged in a specialized programme accredited by the Council of Petroleum Accountants Societies (COPAS). This is a non-profit organization, set up over 50 years ago in the United States after the country recognized the need to standardize procedures, principles and practices on accounting in the petroleum industry. It comprises various players in the petroleum accounting industry. Approximately 24 petroleum societies in the United States and Canada are under the umbrella group, COPAS.
It was given the authority to draft programmes for students and members. COPAS is not only a think tank group but is focused on training its members to become regulated auditors. On completion of the programme, graduates will become an APA-accredited petroleum accountant. The course is expected to last for one year, after which students will be tested in a three hours examination. To participate in the oil and gas audit training, participants will require a four-year degree in any field, 12 hours accounting credits and one year experience in the petroleum industry.
The Institute has designed a course with COPAS to help students without the accounting credits to qualify. Additionally, IPPA-Guyana has committed to providing students with the apprenticeship needed in the oil and gas sector. The attachment will be simultaneous with the training programme to ensure students meet the criteria for writing the examination. To find out more about the oil and gas audit training, persons can contact tele: 592-681-2717 or Whatsapp +1 647- 703- 3602 or email: [email protected].
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