A project audit provides an opportunity to uncover the issues, concerns and challenges encountered in the execution of a project. It affords the project manager, project sponsor and project team an interim view of what has gone well and what needs to be improved with the project to successfully complete it. If done at the close of a project, a project audit can be used to develop success criteria for future projects by providing a forensic review. This review will provide an opportunity to learn what lements of the project were successfully managed and which ones presented some challenges.
This will help the organization identify what it needs to do so that mistakes are not repeated on future projects. Given that all projects of significant size or importance should be audited, the first audits are usually done early in the project’s life. The sooner a problem is discovered, the easier it is to deal with. Early audits are often focused on technical issues in order to make sure that the key echnical problems are solved or are under competent attack.
Ordinarily, audits done later in project life cycle of a project are of less immediate value for the project, but are of more value to the parent organization. As the project develops, technical issues are less likely to be matters of concern. Conformity to the schedule and budget becomes the primary interest. Management issues are major matters of interest for audits made late in the project’s life. Post project audits are conducted with several basic objectives in mind. First, a post roject audit is often a legal necessity because the client specified such an audit in the contract.
Second, the post project audit is a major part of potential Post project Report. Third, the post project audit is needed to account for all project property and expenditures. Work Experience Application I was working in an automotive firm called Johnson Controls Inc. , In Bangalore, India. There we did certainly follow the rule that the audit has to be made as soon as possible in the project’s life cycle. We had internal auditors from other project team ho would conduct audits periodically, sometimes after certain milestones.
These internal auditors conducted audits based on the parameters that the external auditors would use from the parent company. These audits helped us to be on track with the schedule. It also helped us in realizing the importance of correcting ourselves and catching up with pace. External audits would ideally happen once at the midpoint of project had reached. This gave us time to correct ourselves and improve in order to get back on track. Project Audit By vinayakmitty