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   Home >  IT AUDIT >  PROJECT AUDIT > Project audit methodology

Project audit methodology     Print

Your organisation continuously make significant investments in sustaining, growing or transforming your business. But only well managed projects provide organisations with significant opportunities to create value. And recent surveys show that only one third of the projects are successful, meaning they are completed on time, on budget and meet user requirements.

Objective

As you seek to maximise the success of your projects, the goal of the project audit is to evaluate if

  • project decision making is appropriate;
  • projects are adequately managed;
  • concurrent project governance and risk management meet the business requirements.

A project audit aims at uncovering issues, concerns and challenges encountered in the execution of a project. Management receives a quick view of what goes well and what needs to be improved.

Audit preparation

The audit scope defines whether the global project methodology will be assessed or whether some specific key projects will be targeted. The project methodology in place is compared against best practices as defined in CMMI, PMBOK and PRINCE2.  The deliverables of sample projects are collected and reviewed in order to prepare the audit interviews.

Project governance 

Audit execution

Project leaders, steering committee members, sponsors, team members and business representatives are interviewed to assess the effective implementation of project management practices. An audit opinion is formulated and recommendations are issued to mitigate the identified risks.

Audit finalisation

During a management discussion, the proposals and the efforts to enhance the current practices are defined and appropriate actions to improve the project management are identified. The final audit report provides, in addition to the audit opinion, an overview of the recommendations, accompanied with an agreed on action plan. To ensure this plan is put into practice, a regular follow up of its implementation should be scheduled.

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