Project Audit is a systematic and often iterative activity of examining, researching and verifying a project for consistency and relevance to the basic parameters (quality, performance, cost-effectiveness) that are preset at the very beginning of the project. It aims to maximize success of the project.
Auditing a project means gaining insight into the project’s environment to uncover any issues, concerns and challenges that are required resolution. This activity allows understanding what has gone well and what needs to be resolved and improved within the project to ensure successful completion
The following steps are usually included in the project audit activity:
- Success criteria selection. First, an auditor needs to define what project success means and what criteria to use for analyzing and measuring success.
- In-depth analysis. Now, the auditor collects project data (performance, deliverable status, work effectiveness, staff productivity) to research and review the project. Success criteria will help determine project consistency.
- Report development. Finally, the auditor summarizes the work done and reports on the project’s current state in terms of success criteria. The audit report is submitted to key stakeholders (project manager, sponsor) for review and decision making.