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A project audit is a formal type of project review, usually designed to evaluate the extent to which project management standards are being followed.
Audits are typically performed by a designated audit department, a project management office, an empowered steering committee or an external auditor. The audit entity must have the designated authority to conduct the audit and make related recommendations.
Going beyond practice verification, project audits are also performed as a ‘check and balance’ to evaluate project quality, necessity, value, and to examine the root causes of known project problems and reported failures. In order to meet these varied uses, audit scope may vary based on type, purpose and timing. Verification audits are pre-planned, with the subject project selected according to established criteria.
Quality assurance and problem response audits are also initiated in response to the pressing needs of a troubled project.
Alignment of requirements.
A review of the requirements will be undertaken, to make sure that they still align to the Mission Statement.
Independence.
A completely independent review. No internal party will conduct the review alongside Pellucido. The review will also include conversations with any clients and third parties.
Transparency.
A completely clear view of where the project stands will be provided. Nothing is hidden.
Institutional support.
Provide support and mentorship to aid the project team.
Mission statement
A review of the company's mission statement, to see if the project has swayed from the original goal.
Stakeholder roles and responsibilities.
A full review of all stakeholders roles will help determine if the correct people have been assigned to the project.
Audit "Trigger" criteria.
An audit of all trigger items will help determine if there has been full transparency in the project. Trigger points are assessed at the creation of the project, and help update the board and directors to the true status. Trigger points can be both positive and negative.
Audit initiation procedures.
Follow a defined checklist to review all points of the project. This will include reviewing any and all meeting notes, status updates and communications with regards to the project, as well as the PID, project plans and finances.
Audit execution procedures.
The audit will take between 1-2 days. It will occur onsite, so as though to meet one on one, with all parties involved in the project.
Audit reporting procedures.
A detailed and transparent report on the status of the project will be provided, highlighting not only all areas of concern where transparency has not occurred, but also areas of the project that have gone well and that are exceeding expectations.
Audit appeal procedures.
A meeting will be chaired with the project managers and the executive sponsor, if there is any contention as to the status of the project.
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