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Joint Venture & Contract Audit

These days few oil and gas companies have in-house audit departments, so we fulfil that role by supporting you with specialised tailored solutions for your outsourced audit and accounting requirements. 

Contact Ian McPherson

  • Ian McPherson
    Meet the team

    The team

  • Oil & Gas. Exploration & Production. Oilfield Services.  

    Who we can help

  • Joint Venture & Contract Audit. Contract/Vendor Audits. Completion Accounts. Audit & Assurance. Virtual Finance Function. Corporate Finance. Global Mobility. Litigation Support. Whistleblowing. Fraud Prevention & Investigation. 

    How we can help


Our team fully understand the specialist audit and accounting services that upstream clients need. We will support you with our core services of Joint Venture Audit, Drilling Audit, Contractor/Vendor Audit and Completion Accounts, integrated seamlessly with others when required, through our membership of the AAB Group.  

We are an international business, with a proven track record of success wherever the oil and gas industry is active. Our consultants are all senior upstream finance professionals with a diverse range of skills and experience, and particular expertise in joint venture audit. You’ll have the peace of mind of knowing you’re being represented by high calibre individuals who are well respected within the industry. 


We can play a pivotal role, selecting and providing individual associates to act as your representative on audit assignments, as well as providing complete audit teams to undertake specific projects for you. 

Our associates are all self-employed or are individual companies. All have extensive accounting and audit experience gained with major oil companies both in the UK and overseas. The majority have more than thirty years’ experience in the oil and gas industry and have attained senior management positions. We have a comprehensive roster of associates, most of whom have worked on assignments with us for many years. 

The breadth of our team’s experience means you’ll benefit from in-depth knowledge of operators, their partners and the supply chain across several continents, plus a valuable network of contacts. 


We’ll provide you with a team with unrivalled credentials, who enjoy good relationships with operators/ contractors and have a deep working knowledge of the sector’s commercial arrangements.  

This enables us to: 

  • Save you time by managing the entire Joint Venture/Contract Audit process by liaising with you, the operator/contractor and other joint venture partners as and when appropriate 
  • Achieve savings for you in your ventures by working to your agenda, collaborating with you to direct the audit effort and then capitalising on that knowledge of your assets 
  • Identify and discuss risk areas, issue reports and then proactively manage open issues to a conclusion, involving you at all key points 
  • Focus relentlessly on recovering costs which have been incorrectly charged and ensure that the operator/contractor takes the appropriate actions to correct them  
  • Advise you on best practice and industry benchmarks 
  • Support you in the escalation and resolution of issues through the appropriate channels at the right time. 


As an AAB Group company, we also work closely with their people and resources to provide: 

Audit & Assurance 

Using our understanding of your organisation to help ensure your regulatory compliance and proactively suggesting strategies to grow and sustain your business.  

Virtual Finance Function 

A bespoke outsourced service that not only assists with your finance functions but gives you access to the specialists you need, when you need them. 

Corporate Finance 

All the essential services to help you expand your business or, in difficult times, survive and emerge in a stronger position. 

Global Mobility 

In a truly international sector, our experts will use their experience to deal with all the complexities of global employment, saving you time and freeing up your resources. 

Litigation Support 

Considered, practical solutions to resolving and mitigating the impact of disputes, whilst aiming to minimise the costs and consequences. 


A dedicated service that works for both employers and employees to help ensure issues are resolved equitably, effectively and ethically. 

Fraud Prevention & Investigation 

Expert internal audit support to safeguard your reputation and financial security, by reducing the threat of fraud, and identifying and investigating fraudulent activity. 

  • The Corporate Finance team at AAB understood our business and led us towards concluding a tremendous deal. The team at AAB were thorough, proactive and efficient showing command and control of all the key elements of getting a deal done.

    Keith Wallace, EPC Offshore

  • The work AAB provided on our auto enrolment was excellent. Timely and pragmatic work delivered to high professional standards, whilst remaining personable and efficient throughout. Well done!

    Richard Smeaton, PD&MS Group

  • They keep up to date with the changing tax landscape and always present things in a clear and understandable way. I would recommend their services to anyone.

    Peter Smith

  • Commercially driven tax and financial advice provided by people who understand my business and who care about its success. A dedicated partner led team of real advisors with real commercial focus.

    Derek Smith, Maritime Developments Limited

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  1. Blog12th Dec 2018

    Establishing credibility in a new E&P business venture

    A relatively high and much more stable oil price has generated a lot of renewed investor interest in the North Sea upstream E&P sector over the past 12 months or so. Last month, in the UK Government’s 2018 Budget it…

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  2. Blog8th Jan 2018

    “Improvise, Adapt & Overcome”

    Quoting Clint Eastwood in “Heartbreak Ridge”, this is the unofficial slogan of the US Marines. It could be a good slogan to adopt in the Oil and Gas industry – or perhaps we can take it one-step further by saying…

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  3. Blog30th Oct 2017

    Exploring Joint Ventures from Every Angle

    Joint venture audit can result in real savings in the oil and gas industry, writes accountant IAN MCPHERSON of AAB, and it may well have applications in other sectors too.

    View more

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