Final Class Presentation on Project Audit and Closure.ppt
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Project auditing can be defined as the process of detailed inspection of the management of a project, its methodology, its techniques, its procedures, its documents, its properties, its budgets, its expenses and its level of completion.
To understand the process
of project audit
To recognize the value of
an audit to project
To determine when to
terminate a project
To identify various reasons
why a project is terminated
To identify checklist
What is an audit?
Degree of completion
1. Evaluate if the project
delivered the expected benefits
to all stakeholders.
Was the project managed
Was the customer satisfied?
2. Assess what was done wrong
and what contributed to
3. Identify changes to improve
the delivery of future projects.
Actual vs. planned
Nature of changes
Progress of specific
Potential of failure
1.Does the work actually completed
match the planned level of
2.Are significant schedule changes
likely? If so, indicate the nature of
3.What progress has been made on
tasks that could decide the success
or failure of project?
4.What is the potential for project
failure or monetary loss?
5. What lessons learned from the
project being audited can be
applied to other projects being
undertaken by organization?
6. What assumptions or limitations
affect data in audit?
7. First audit should be done early
and focused on technical issues.
From then on audits may be done
after major milestones (important
to team). An audit at the end
would be value to parent
Audit Life Cycle
Preliminary Analysis = compares
gathered information to standards
and judges project performance
Report preparation = preparing
audit report and recommendations
Termination = review of audit
process and recommendations for
NB: Project audit is not like a financial
audit. A financial audit is limited in
scope and focuses of organization’s
assets while a project audit is broader in
scope and either deals with whole,
partial, or individual component of
Audit Initiation = id.
Purpose and scope of audit
and determination of
methodology. Team should
have access to all records
Baseline = performance
Database = accumulation
1. Getting delivery acceptance
from the customer.
2. Shutting down resources and
releasing to new uses.
3. Reassigning project team
4. Closing accounts and seeing all
bills are paid.
5. Evaluating the project team,
project team members, and
the project manager.
Ensure completion of work
Notify essential contacts of project
Ensure documentation is complete
Clear final billings and oversee
preparation of final invoices,
Ensure proper storage and
distribution of documents
Ascertain product support
Oversee closing of project
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