Unlike generic financial control programs, Our ICFR solutions are tailored to the particular complexity of the oil and gas industry, including capital-intensive projects, joint ventures, multi-jurisdictional operations, and strict reporting requirements
We offer specialized assistance in:
Strengthening board and management oversight of financial reporting.
Addressing capital project accounting, and cost recovery issues, as well as joint venture complexities.
Developing financial reporting controls based on IFRS, COSO and industry best practices.
Enhancing ERP access, segregation of duties, cybersecurity, and data integrity.
Turning deficiencies into sustainable improvements that protect financial integrity.
Providing ongoing guidance as business operations and regulations evolve.
Having a robust ICFR framework is not only a matter of complying with the regulatory provisions, but also developing confidence that would endure over time in financial reporting. At MBG, we follow a structured methodology that integrates international standards and specific industry knowledge to ensure controls are practical, effective, and sustainable.
Our process is designed to help oil and gas companies:
Pay attention to critical processes such as procurement, revenue recognition, and financial close cycles.
Set out clear policies, procedures, and responsibilities in the finance and operations.
Align automated and manual controls with industry best practices and regulatory needs.
Validate that controls are working as intended, addressing gaps proactively.
Implement corrective measures in order to mitigate risks and enhance reliability in reporting.
Regular reviews and updates to ensure ICFR remains strong and adaptable.
Having over 20 years of advisory experience, we assist oil and gas companies strengthen their Internal Control over Financial Reporting (ICFR). We combine international best practices with focused regional skills, ensuring that every framework is not only compliant with IFRS, COSO, and UAE regulations but also practical for day-to-day operations.
What makes us different is our ability to simplify the complex. We bring industry-specific insights, proven methodologies, and a balance between compliance and efficiency. From designing controls to remediation and ongoing monitoring, we deliver end-to-end support that keeps your business resilient and audit-ready.
High proficiency in the management of complex reporting structures in exploration, production, and joint ventures.
Seamless collaboration between our tax, legal, audit, and risk specialists to ensure comprehensive ICFR solutions
ICFR programs aligned with IFRS, COSO, and UAE regulatory expectations, adapted to sector realities.
Use of ERP, automation, and data analytics to enhance accuracy, transparency, and control efficiency.
Submit your enquiries to MBG Corporate Services. We will respond as soon as possible.
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