Qualified Reserves Auditor specialising in writing annual reserves reviews for private and listed companies which are accepted by financial auditors. 

 

SPC has more than 10 years of reserves auditing experience having supervised 4 external audits and carried out 4 internal audits for a FTSE main market listed company and one internal audit for a Ltd company. These internal audits were accepted by financial auditors in place of  expensive and time consuming competent person reports which are only required every few years. SPC is able to offer the service on an annual or semi-annual basis for other clients who have had a recent CPR and are only looking at annual updates to reserves based on production data and well results. A reserves review would be supplied to the client which would then be accepted by the financial auditor in place of a competent person report. A reserves review would be expected to take no more than a month and if necessary would also include impairment modelling and/or going concern modelling, both requirements for the financial auditor. SPC has worked with three different financial auditors in the past (two large audit firms and one small audit firm).