From August 21 thru to September 17, 2014, Abiroy delivered a Finance and Audit for Managers training aimed for Lukoil financial personnel based in Iraq.
The course objective was to enhance personnel qualification in relation to finance and accounting as well as international accounting standards used throughout the world, including oil companies.
The course provided an overview of international financial reporting practices and skills in reading the annual reports including those of oil companies. Course delegates had an opportunity to perform financial analysis using examples from Lukoil 2012-2013 reports. Delegates studies types of international financial standards and application thereof as well as development, organization and updating of accounting systems. Other subjects included cost management and prime cost calculation including the oil industry, cost types and methods of accounting, cost distribution methods, cost reduction strategies, cost forecasting and revenue planning, methods of calculations in various industries including the oil industry.
The course was delivered in Russian with simultaneous interpretation into Arabic. Two interpreters managed to convey information to the course delegates and facilitated feedback, which contributed to interactive format of the training. Delegates asked practical questions related to their work and gave practical examples during the course. They expressed interest in additional information related to the course subject, which the trainer provided throughout the course.
Delegates attempted an entry test on the first day to provide the baseline of their knowledge of finance and accounting, which helped tailor the course for the delegates’ needs and make allowance for gaps in their skills. The initial test had shown satisfactory results ranging from 58 to 88% out of 100.
The delegates have shown good overall knowledge throughout the 10-day course and solved practical tasks in a skilful and professional manner.
Training material included numerous practical tasks of varying degree of complexity aimed at reinforcing the theoretical part. The emphasis was on more complex tasks that were promptly solved and processed by the delegates. Delegates willingly worked in front of the class to make sure they understand particular aspects of the subject.