Frequently Asked Questions
If you need additional information and/ or have questions, please do not hesitate to contact us. We do ask that you review our FAQ, as the answer may be there already.
How did you come up with the idea of AuditCompass?
Working as a JV Auditor for the last 15 years, in an employee and now in a consultant role, I have had to use e-mail, EXCEL, WORD and a «COPY PASTE» approach to performing my audit work. The admin part of the JV Audit process is "extremely" time consuming and takes away valuable time, which should be used on actual audit work. Over the years, I have developed and structured both tools and methodology to solve some of the challenges I have experienced. These “limited” tools and streamlining efforts have allowed me to increase my productivity, as well as improving the quality and results of my work. It is now time for me to share these “benefits” and more, with auditors, clients, auditees and other JV Audit Key Stakeholders in the Oil & Gas Industry. I have always dreamt of the “ultimate” JV Audit tool and... this is how the AUDITCOMPASS concept came to be
Will you be offering multi user accounts?
Yes we will. This is under review at the moment and once we have a plan for implementation, ww will notify all users and update our site to reflect this. For now, we recommend creating individual accounts as the BETA version is offered free of charge.
What is the basis for AuditCompass?
AuditCompass tools and services are created for and by a team of experienced JV auditors combined with statistics from more than 100 audits and growing. Our data continues to grow daily.
Are you looking for partners?
AC is very open to discuss partnerships, whether financial and/ or operational. Send us an email and let us talk about possible opportunities to cooperate. In the BETA launch, we have realised about 5% of the total AC concept. Get in touch with us at firstname.lastname@example.org
Do I need AuditCompass
Well, Yes and No - but the market trend is indicating an increased need by Oil and Gas Companies to manage their JV Audits in a consistent and transparant manner. To do this, Auditcompass can be of assistance. A top level market summary can be found here ---> https://expertrecorder.com/2020/01/06/new-study-audit-software-market-to-witness-huge-growth-xactium-acl-services-master-control-wolters-kluwer/10512/
Will you offer work programs for other types of audits?
At present, Auditcompass is focusing on JV Audits. Our tools do allow for the introduction of other types of audits, such as; Internal audit, Vendor audits, Multi-venture (Overhead), Logistics, HSE audits and so on. As we continue to grow, we will be introducing these work programs at various intervals. As a signed up user (free), you will be notified of these developments.
Why do you only offer USD as basis for your results
USD is generally the norm used in the Oil and Gas Industry. However, we plan to introduce multi currency to the tools in time.
How can I share my Risk Assessment Report, Resource and Budget Report and Audit Work Program with my colleagues?
You are given the option to share the relevant reports with others by adding recipients email addresses and they will be provided with a link to where they can access and download the reports or you can simply download the reports to your own workspace.
What is the content of the reports that the tools generate?
Graphical presentation of suggested Resource and Budget requirements for a JV audit according number of Fielwork weeks based on estimated Risk level, Monetary Scope and Materiality level. The Report Generator will allow you to add your own comments and summaries in real time and see the result instantly. All reports are structured in a way so that you may utilise them in your existing audit documents and processes and can be downloaded in Word or PDF format or you can share them with your contacts.
Do I need to complete an advanced License risk assessment to generate an audit work program?
Yes, the Risk Assessment is the basis for the Work Program and based on your input and evaluations, Audit Compass will generate a more detailed questionaire from which the Work Program is created. The better the risk assessment, the more robust and relevant the Work Program will be.
How is the audit program created and how do I know it is complete?
The Audit Work Program will be generated based on your response to the clarification questions raised from your Risk Assessment of the Asset/ License. The AuditCompass Work Program Tool, has been developed based on decades of auditors experience, a multitude of Audit Programs and more than 20 JOAs (Joint Operating Agreements). We at AuditCompass are confident that the Risk Based Audit Work Program will be relevant and meet your requirements to perform the audit; however we do recommend that you use it wisely and at your own discretion taking into consideration your existing programs and audit work processes.
How long will my data be retained?
Your data will be kept by AuditCompass indefinitely, however you may request a cancellation of your account at any given time. AuditCompass will delete your User Account and usage data will be retained but anonymised for statistical and research purposes.
How is our data kept secure?
AuditCompass is doing its outmost to manage your data in a secure and safe manner. We do not share any of our data with third parties. See our Data Management page for more information. Under no circumstances do we share your user data with 3rd parties.
What will it cost?
Our Pricing Model is in the process of being finalised and our goal is to offer a Scaleable and Transparent pricing structure based on user requirements. In the meantime, during our Beta Launch period, you will be able to utilise all our tools at no cost but we would really appreciate receiving your feedback.
What is the basis for the Resource and Budget Tool results?
The Resource calculations 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 3.) Statistical data from over 100 audits and market research. The budget takes into consideration the following; 1.) Estimated resource requirements; 2.) The Audit Fieldwork period including Preparation and Closing days; 3.) Average day rates; and 4.) Travel and Accommodation expenses The rates are based on averages from over 100 audits and adjusted to reflect todays market rates in the industry and are weighted to reflect local/ international audits. At a later stage in this project, we plan to introduce a budget tool, where users can set their own rates or choose from a predefined set of rates.
What is the purpose of this JV Audit tool?
AuditCompass has developed a full Suite of Audit Tools to facilitate and manage the audit process and documentation in a transparent, standardized and efficient way. Our goal is to reduce the time spent on administrative tasks while allowing you, the user, to focus on the things that matter. At present, we have launched the Resource and Budget Tool, Risk Estimation Tool and the Work Program Tool. Additional tools are under development as we speak and cover the entire “Audit Lifecycle” from Planning through Closure of the Audit.