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Auditing Oil and Gas Producing Activities
OVERVIEW OF OIL AND GAS PRODUCING ACTIVITIES   
(a) Oil and Gas Producing Operations,   
(b) Oil and Gas Ownership Interests,   
(c) Raising Capital and Sharing Risks,   
ACCOUNTING PRINCIPLES AND PRACTICES   
(a) essful Efforts and Full Cost Accounting,   
(b) Accounting for Joint Operations,   
(i) Operator Accounting,   
(ii) Nonoperator Accounting,   
(iii) Other Accounting Procedures,   
(c) Accounting for Gas Imbalances,   
(d) Accounting for Production Sharing and Similar Contracts
 
RISK FACTORS AND AUDIT REACTION   
TYPICAL TRANSACTIONS AND INTERNAL CONTROL   
(a) Lease Records and Master File Maintenance,   
(b) Revenue and Royalties Payable,   
(c) Determination of Royalties and Production Taxes,   
(d) Joint Interest Billings,   
SUBSTANTIVE TESTS   
(a) Joint Interest Billings Receivable,   
(b) Oil and Gas Property Costs,   
(i) essful Efforts Issues,   
(ii) Full Cost Issues,   
(iii) Proved Reserves,   
(iv) Impairment of Oil and Gas Properties,   
(v) Capitalization of Interest,   
(vi) Workover Costs,   
(vii) Mineral Conveyances, 
(viia) Acquisitions  
(viii) Audit Objectives and Related Auditing Procedures,   
(c) Oil and Gas Revenues and Related Expenses,   
(d) Lease and Well Equipment Inventory,   
(e) Analytical Procedures,   
(f) Supplementary Financial Disclosures,   
(g) Statement of Cash Flows,   
(h) Disclosure of Risks and Uncertainties,   
Statement of Financial Accounting Standards (SFAS) No. 19, Financial Accounting and Reporting by Oil and Gas panies (Accounting Standards Section ), defines oil and gas producing activities as those that "involve the acquisition of mineral interests in properties, exploration (including prospecting), development, and production of crude oil, including condensate and natural gas liquids, and natural gas." This chapter covers those activities; it does not address the r