A joint interest audit, sometimes referred to as an JIB audit, COPAS audit, or expense audit, is a review of the charges and credits on the joint interest billings (JIB) to a non-operator for its working interest share of a joint venture’s costs to determine if the charges and credits are in compliance with the provisions of the governing agreements, many times the Joint Operating Agreement and attached Accounting Procedure.
Operational and accounting dynamics can vary greatly among the many domestic basins and shale plays. Over the course of thousands of audits, our team has developed a deep understanding of operations ranging from a single-well vertical to the complex development and operation of thousand-well shale developments. In addition, we have an advanced understanding of the wide variety of agreements in effect, from the most basic model forms to custom and unique complex agreements.
An effective offshore or deepwater audit is predicated upon understanding the operational and accounting dynamics of boats and helicopters, labor allocations, rig moves, shorebase allocations, and production and processing arrangements; our offshore joint venture audit experience is unmatched.
Operational and accounting dynamics can vary greatly among the many domestic basins and shale plays. Over the course of thousands of audits, our team has developed a deep understanding of operations ranging from a single-well vertical to the complex development and operation of thousand-well shale developments. In addition, we have an advanced understanding of the wide variety of agreements in effect, from the most basic model forms to custom and unique complex agreements with new and unique provisions.
An effective offshore or deepwater effective audit is predicated on being able to understand the operational and accounting dynamics of boats and helicopters, labor allocations, rig moves, and shorebase allocations, production and processing arrangements; the Martindale team has that requisite understanding.
The reasons for conducting a joint interest audit vary. A firm’s experience and expertise must be able to handle the operational, contractual, and accounting complexities involved. It is a highly-specialized service, and Martindale is THE go to firm for joint interest audits.
Matt Pilkington