Joint Venture Audits

Joint Venture Audits (JVAs) ensure operator and non-operator partners that revenue and expenses are passed through correctly and in compliance with the joint operating agreement. These audits review operator activities, procedures, and costs over a specified period of time, ensuring that each owner’s interests and assets are productive and protected.

JVAs are primarily used in the oil and gas industry, where Hein has been rated as one of the country’s leading auditors for nearly 35 years. We are known for specialized expertise in the Council of Petroleum Accountants Societies’ (COPAS) guidelines and for developing faster ways of accomplishing our clients’ objectives.

With years of experience as our guide, we are committed to changing the model for JVAs by reducing their high cost and increasing their collection of exceptions.

A More Cost Effective Pricing Model

Historically, JVA auditors are paid a set hourly rate, based on COPAS guidelines. Total costs become prohibitive as inefficiencies like frequent travel, phone time, line-by-line data reviews and other tasks add up.

Hein has invested in or developed technologies that speed the audit process, improve outcomes, and reduce travel to the field. Therefore, we can accomplish many times more than what is normally completed in a single hour, which means that every dollar goes many times farther with a Hein audit.

JVAs are elective; companies choose to have them performed. Hein professionals make them highly efficient and cost effective, minimizing the overall net cost to your operation while producing extraordinary returns on your investment.