The audit also helps to improve the budget and resource allocation. The monitoring of the various phases of the project life cycle can contribute to the improvement of the project team’s performance. The project audit assesses the feasibility of the project in terms of affordability and performance by providing transparency and assessing costs, time and resources.Īpply a review and equalization approach when it comes to controlling the budget, examining data that includes estimated and actual costs, as well as costs of meeting goals. Project audits support the identification of business factors where risks may reside, which could affect budget, time, environment and quality.Īfter all, the organization itself is keen to achieve a positive outcome to the project. It evaluates the methodology used to help identify gaps in order to introduce the required improvements. Ensure the quality of project managementĪ project audit ascertains that the project management satisfies the standards by assessing whether it complies with the organisation’s policies, processes and procedures. The identification of the errors during the process contributes to the resolution of the problems and to understand if the project should continue through a go/no-go decision at each stage.Ģ. When reviewing the design phase, a project audit evaluates the thoroughness of the design concepts, including the analysis of alternative designs.įurthermore, it is assessed whether the solution is ready for the pilot test and finally, during the implementation review, the project audit assesses and confirms the implementation at each site where the product is adopted. It reviews the project life cycle evaluating the results yielded during the different stages, from the design phase to implementation. Ensure the quality of products and servicesĪ project audit acts as a quality assurance tool. The final objective of a project audit is to ensure that the project meets the standards of project management through investigation and evaluation.īelow are the five main objectives of a project audit:ġ. Whoever is responsible for performing the audit must be in charge of the designated authority and issue related recommendations.
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Let’s take a closer look at what this is about and how to perform it in the best possible way.Ī project audit is a formal review of a project, often intended to assess the extent to which project management standards are being upheld.Īudits are generally carried out by a specially designated audit department, the Project Management Office, an approved management committee or an external auditor. Although it is not always a joyfully expected event, a project audit can lead to a positive result, regardless of whether a project manager overcomes it or not. The word ‘audit’ may have a negative connotation sometimes, particularly for the one who’s subjected to it.
Audit policies and activation procedures.
Ensure the quality of products and services
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