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Royalty Audit Requires Tailored Solution

The client was a large oil and gas exploration company subject to royalty agreements.

  • Audit and report
Solution & Benefits

JVSA was uniquely positioned to conduct the audit, with its unique combination of industry expertise and designated accountants. Utilizing our extensive experience in the oil and gas industry and the auditing of contractual arrangements, JVSA was able to develop an audit plan and report tailored to the requirements of the royalty agreement in a short period of time. JVSA utilized its access to industry resources to help verify information in a more efficient manner. Additionally, JVSA was able to address the deficiencies identified in the previous report by including additional analysis on operational matters.

Beyond the benefit of complying with their agreement and avoiding a large payment, the client also was able to gain additional information on its own operations, including a review of logistics and shipping matters on the operations of the wells subject to the royalty agreement. Additionally, by hiring a specialized firm and providing a more detailed audit report, the client was able to gain additional trust and increase communication with its contractual counterpart.

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