Project Auditing

The key to understanding what is required in a project audit is that in performing the audit you must address the concerns of management.

Managers are generally concerned about:

• cost,
• schedule,
• scope or
• quality

although they may want to consider:

• project management methods being used
• the end product

It is also necessary to understand which industry the project is in:

• construction,
• oil & gas,
• development or
• information technology

And is the project for improving business processes or new product development?

If the audit is related to a construction or oil & gas project,

• controls over schedule
• controls over cost
• Analysis of cost forecasting procedures
• declared progress is accurate.
• terms of their contract.
• progress billing.
• quality management processes (selection of quality standards and the quality control procedures)
• staffing and training related to quality
• continuous improvement procedures

If the audit is IT-related the following areas may be examined:

• adherence to project management standards
• effective controls are in place.
• security
• testing .

The ultimate goal of a project audit is twofold: process improvement and to provide assurance to management

For more information contact Mearsecroft
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