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Emerson Process
Management, Hydrocarbon and Energy Industry Center, personnel have
substantial experience providing flow measurement consulting and
auditing services. We provide unbiased advice to troubleshoot a
single meter or provide effective internal controls to ensure that
your company is in compliance with the Sarbanes-Oxley Act. |
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The
Challenge |
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The
Sarbanes-Oxley Act of 2002 was proclaimed US law on 2002-Jul-30. Similar
laws are planned for publicly traded companies in Canada and other
countries. Sarbanes-Oxley legislates that your CEO/CFO is accountable
for all reported financial data. Multi-million dollar penalties and
long jail sentences are consequences for company executives who break
this law. |
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Financial
data does not exist solely in the finance department. For oil and
gas companies, data that impacts reported figures is found in the
flow measurement and reporting systems; this is the reason why Sarbanes-Oxley
impacts these systems. |
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The
challenge of Sarbanes-Oxley is the implementation of effective internal
controls. Control must be maintained by someone who can merge his/her
knowledge of the big picture, with his/her technical expertise in
the measurement and reporting system. A typical accounting auditor
does not have the technical background necessary to set up an effective
internal controls system. |
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The
Solution |
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Emerson
Process Management can provide the right combination of technical
knowledge and project experience to ensure that your company passes
a Sarbanes-Oxley compliance audit with the minimum amount of setup
and ongoing operational cost. This includes the initiation risk assessment,
the control activities, and ongoing monitoring (i.e., audits, procedures,
etc.).Our expert personnel provide services for: |
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government regulation compliance (e.g., the Sarbanes-Oxley Act) |
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meter studies and troubleshooting activities |
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production and pipeline measurement audits |
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gas plant allocation audits |
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meter station design |
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measurement data validation |
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product allocation methodology |
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strategic measurement planning studies
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The
Benefits |
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Emerson
Process Management personnel are available for the life-cycle of a
project, from conceptual design to installed base services, using
best practices for flow measurement components, to ensure that your
company stays in compliance with the Sarbanes-Oxley Act. Our personnel:
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work to the highest industry standards and flow measurement good practices |
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provide the necessary training in the new procedures and all aspects
of flow measurement and reporting |
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provide services that minimize major process interruptions |
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provide standards to every aspect of the measurement system |
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help customers optimize measurement |
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develop procedures in accordance with Sarbanes-Oxley |
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We
offer an array of support services that are designed to help you achieve
your business objectives, reduce or contain your operating and service
costs, and keep your systems running at peak performance.
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Technology
Expertise
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Emerson
Process Management personnel work with standards and recommended practices
from the following organizations: |
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the Instrumentation, Systems, and Automation Society (ISA) |
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the American Petroleum Institute (API) |
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various North American oil and gas industry government regulations.
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measurement teams have worked on: |
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well pads |
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pipelines |
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• oil and gas production facilities and refineries |
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gas processing plants, including liquefied natural gas (LNG) plants |
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offshore platforms; floating, production, storage, and offloading
(FPSO) vessels; and floating, storage, and offloading (FSO) vessels |
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