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Project Auditing Is Evaluating The Stages During The Life Cycle Of A Project

1129 words - 5 pages

Project auditing is designed to conduct an evaluation at a number of stages during the life cycle of the project. Even though a project will be evaluated at the end as part of the post control, an audit will help identify if the processes are being followed and are the resources and revenue being utilized throughout the project. A project audit can be a formal or less than formal investigation in any area of the project. Purposes are generated for an evaluation and there is an extent on how they will be carried out, and considerations on how measurements will be applied, and how the final report will be developed. As the project nears completion, it will then move into the final phase which will be the project termination. There are several reasons why a project is terminated and several methods that are used to terminate the project. This discourse will review some of the processes involved with a project audit and the methods that can be used to terminate a project.
A project audit is designed to be an examination of the procedures involved in a project and the processes that are involved, the records being used, the budgets and expenses are being used appropriately, and if the project is meeting its goal as it progress through its stages (Meredith & Mantel, 2012). The design of the audit should encompass how the current status of the project is being completed by the goals that have been set, will there be any changes in scope, schedule, and cost and. If there is a change, what will be the change, are the major phases of the project succeeding or failing, is there any foreseen impact that will result in monetary loss or project failure, are there any lessons that need to be recorded to aid future projects, and were there any limitations that affected the data collection of the audit. There is a difference between a project audit and financial audit as a project audit deals with the several components of the project and is very broad in scope and a financial audit reviews the control of the assets of the organization and has a limited scope.
The project audit life cycle details the progression on how the audit will be performed and there are six events which capture the life cycle. They are the project audit initiation, project baseline definition, establishing an audit database, preliminary analysis of the project, audit report preparation, and project audit termination. The project audit initiation will start the process by creating the purpose, scope and methodology that will be used to determine the information that will be analyzed. The project baseline definition determines what areas of the project will be analyzed and the standards that will be compared against similar projects that have been conducted or benchmarked. Establishing an audit database which requires gathering an assessment of how the project is doing by inputting the information and determining how the areas of cost performance, output quality and the current project...

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