Predominantly dependent on coal as its leading energy commodity, South Africa is a small but growing player in the oil and natural gas industry, with proven oil reserves of only 15 million barrels. South Africa's energy sector is regulated by The National Energy Regulator of South Africa (NERSA), while state-run Petroleum Oil and Gas Corporation (PetroSA) manages licensing for the country's oil and gas exploration. To supplement its natural gas supply, South Africa is investing in partnerships with neighboring countries and is financing exploration in the country's Mossel Bay fields to target additional natural gas reserves.
Financial audit includes examining the relevance and reliability of financial records and reporting activities. Different audits may include those completed for taxation, legal, disclosure, or compliance purposes. Audits may be done internally or externally by third parties that deliver an opinion on whether the financial records are in accordance with specified criteria.