Project Auditing is Evaluating the Stages During the Life Cycle of a Project

Project management is short term; it has a beginning, an end, and has identified steps to take throughout the process. The steps of project management are as follows: proposal, initial investigation, detailed investigation, development and testing, trial, operation and closure, as well as, the evaluation. There are measurable benefits to using project management within an organization for certain key objectives or processes that need

Project Scope is defined as the set of activities that must be undertaken to deliver a product, services, or result with defined features and specifications. Defining the scope and then adhering to it through the project life cycle is an integral part of the project. Failing to define the scope appropriately before start or even changing scope as the project proceeds may lead to significant time and cost implications for the project.

The first step will be to look at the goals of the project, and align them with the mission of the company. Systematically, the project will be broken into phases: Planning, Organizing, Staffing, Directing, Coordinating, Budgeting, Evaluating, and Reporting. Each phase will be further broken down into tasks and placed into a work breakdown structure. From this view, one is able to see the entire project duration, critical path, and milestones. The Planning phase is integral in any project. This phase of the project defines project objectives, mission, goals, and approach. In addition, outlining key elements of the project is critical: performance expectations, risks analysis, and contingency plans. However, after completion

Description of the impetus for proposed project, clear demonstration or statement of current practice (i.e. environmental scan) the gap or need identified, and detail of perceived value of project outcome.

The Audit committee team that this organization has hired has the authority to conduct or authorize any investigations with complete access to all the organizations records, books, documents and all personnel and facilities of this organization.

We will look at the oversight in my organizations process in project management. Although we have certain processes and procedures in which we use I will incorporation project oversight in those areas. One process that stands out for my organization is called “Post Mortem”, this is a process that the executive branch uses on closure of projects or tasks. Post Mortem is where the manager of that department would documents issues with the process, how the ball was dropped, what process needs to be modified. This is oversight for use and is also consistent with oversight and lessons learned.

Project ____ may be defined as a test of whether a project has met scope, time, and cost goals.

Enough information should be provided to give sufficient context. However in the Executive Summary this section can receive less emphasis than it might in the overall report so that more attention can be given to the evaluation purpose, design, limitations, and findings. In the main report it should describe the problem being addressed by the project, and the project logic for why it will lead to better outcomes. This could include a logical framework for the project if one exists, and the development hypothesis, or causal logic, of the project or program of which the project is a part.

Project audit termination: When the project ends, the audit process itself will end after it has finished the last task. There will be a final report generated and a review of the audit process will be done. The review of the audit process is to look for improvements in the audit and how it was conducted for future use.

A project begins at initiation with a specific goal or task to be accomplished. In the initiation phase, we begin with a broad definition of the project, and assess its feasibility.

Auditors having the appropriate competence and capabilities to perform the audit, and follow ethical requirements, and maintain professional skepticism throughout the audit.

The nature and scope of a project is determined at the initiation stage. This involves analyzing the business needs, developing goals, budgets, tasks, deliverables, and the stakeholder analysis. The project planning stage determines the planning team, develops the scope, and identifies work breakdown structure and activities that will be needed to complete deliverables. The planning stage also estimates time and cost activities, develop schedule and risk plan, and gain formal approval for work to begin. The executing stage involves all processes used to meet the project requirement and involves managing people and resources. The process that entails the identification of potential problems and

ABC Technologies is a fast growing computer hardware and network re-seller in Sri Lanka. Due to the expansion in business in recent years ABC has decided to implement Sage Accpac ERP system within the organization. ERP system consultants for the project will be XYZ Solutions.

Project appraisal the process of critical evaluation of all the six faces of the project appraisal namely:

International Professional Practices Framework (IPPF) 2011 and Institute of Internal auditors (IIA), Defines, the Internal auditing as an independent, objective assurance and consulting activity intended to add value and improve an organization’s operations. It helps an organization to achieve its objectives by bringing a methodical, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes. The overall objective of internal auditing is to assist all members of management in the effective discharge of their functioning, by endorsing them with objective analysis, appraisals, recommendations and pertinent comments concerning the activities reviewed. The Institute of Internal auditors under the glossary of the Standards for the Professional Practice of Internal Auditing,(IIA 2004c:25) outlines the concept of ‘value added’ in the integrity and objectivity of internal auditing and financial report scrutiny states that:(Institute of Internal Auditors