Last updated on Jun 15, 2024
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Define the scope and objectives
2
Select the audit team and method
3
Collect and analyze data
4
Report and present results
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5
Implement and follow up actions
6
Here’s what else to consider
A project audit is a systematic and independent review of a project's performance, processes, and outcomes. It helps to identify the strengths and weaknesses of a project, as well as the risks and opportunities for improvement. A project audit can be conducted at any stage of the project life cycle, but it is usually recommended to do it at least once during the execution phase and once after the closure phase. Here are the steps to conduct a project audit:
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- Thorsten Wilhelm 175
- Ahtisham Adalat +11k || CA Finalist || Audit Associate || H.A.M.D || McMillan Woods Global || Owner || Teacher|| 5
- Gary Tutungian Retired Administrative Contracting Officer from United States Air Force 5
1 Define the scope and objectives
Before starting the audit, you need to define the scope and objectives of the audit. The scope determines what aspects of the project will be examined, such as the scope, schedule, budget, quality, risks, communication, or stakeholder satisfaction. The objectives state what you want to achieve from the audit, such as verifying compliance, evaluating performance, identifying best practices, or recommending corrective actions. You should also define the criteria and standards that will be used to measure the project against, such as the project plan, the contract, or the industry benchmarks.
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- Thorsten Wilhelm
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- Define Purpose and Scope.- Gather Project Information.- Select the Audit Team.- Create an Audit Plan.- Conduct Interviews and Surveys.- Review Project Documentation.- Analyze Financial Records.- Assess Risk Management.- Evaluate Deliverable Quality.- Analyze Schedule Adherence.- Assess Stakeholder Communication.- Identify Lessons Learned.- Prepare Findings and Recommendations.- Communicate Audit Results.- Implement Corrective Actions.Document the Audit Report.Follow-Up for Continuous Improvement.
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- Review the Project SOP / Procedure - To understand the criteria and objectives of the project. - Check the Project Charter , Project Kick Off Review, - Project management plan, ( Task, Time, Man responsibility, etc) - Project review with critical path analysis, - Ensure the Project deliverables documents- Project budget and spending analysis, - Project closure report. - Finally dash board analysis Plan to Output.
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-Define Objectives and Scope-Assemble Audit Team-Review Project Documentation-Interview Stakeholders-Review Project Performance-Evaluate Project Management Processes-Assess Risks and Issues-Review Budget and Resource Utilization-Assess Communication and Stakeholder Management-Identify Lessons Learned-Document Findings-Share and Discuss Findings-Develop an Action Plan-Implement Recommendations,Corrective Actions-Follow-Up and Continuous Improvement-Note that the specific steps and depth of the audit may vary depending on the size and complexity of the project. It is essential to adapt the audit process to the unique characteristics of the project at hand.
Like Like Celebrate Support Love Insightful Funny 3 - Ashwin Jain ISO Auditor| Inspection| NDT| Valves| Project Management| Supplier Quality | General Management-IIMK
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Review the below-1) Project scope & audit criteria.2) Work force planning3) Risk assessment & periodic review4) Quality Plan5) Subcontractors 6) List of deliverables & Sample report check.7) Communication (Kick off & Internal MOM)8) Site Management, if applicable9) Competency/Discipline leads approval10) HSE11) Project controls (Budget planning, timely invoicing, Pending submissions)12) Client feedback, NC/CAPA/OFI/RW recordsAll these will check during any project audits. Thanks
Like Like Celebrate Support Love Insightful Funny 3 - Caroline Vasques Audit Partner at UHY Bendoraytes
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Ao definir com o cliente o escopo do trabalho, todas as informações devem ser devidamente documentadas e formalizadas nos termos de contrato. Isso inclui a definição clara do escopo do projeto, os objetivos específicos, os prazos de entrega, as expectativas de comunicação e qualquer outra obrigação ou acordo relevante. Essa documentação serve como um roteiro para o projeto e garante que tanto o cliente quanto a equipe estejam na mesma página, reduzindo o risco de mal-entendidos ou expectativas desalinhadas ao longo do caminho.
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2 Select the audit team and method
Next, you need to select the audit team and the method of conducting the audit. The audit team should consist of qualified and independent professionals who have the relevant skills, experience, and knowledge of the project. The audit team should also include representatives from the project team, the sponsor, the customer, and other stakeholders, as appropriate. The method of conducting the audit can vary depending on the scope and objectives, but it usually involves a combination of document review, interviews, surveys, observations, or tests. You should also determine the schedule and budget of the audit, and communicate them to the project team and stakeholders.
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- Ahtisham Adalat +11k || CA Finalist || Audit Associate || H.A.M.D || McMillan Woods Global || Owner || Teacher||
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1- Explian audit objectives.2- Review project documentation .3- Understand project goals and metrics.4- Plan audit approach.5- Conduct interviews.6- Perform data analysis.7- Assess compliance.8- Identify risks and issues.9- Evaluate performance.10- Document findings.11- Develop action plan.12- Communicate results.13- Monitor implementation.14- Close audit.
Like 5 - Leonardo M. Internal Audit Director - Investment ProjectsProject Management |PMP| Engineering | Independent Review | Risk Management | Contract Management | Economic Evaluations
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Es fundamental tener la mente abierta para crear formas diversas que nos permitan obtener información precisa para evaluar el nivel de control interno y la agregación de valor de un proceso. Algunas de estas formas incluyen encuestas a stakeholders, visitas a terreno, análisis masivo de datos y entrevistas.Es clave contar con personal especializado en las materias críticas a revisar y elaborar el programa de auditoría con su participación. La estrategia debe combinar especialistas externos con personal de áreas similares dentro de la misma corporación y auditores clásicos que conozcan la metodologia a aplicar. Este enfoque asegura una perspectiva cercana y crítica, centrada en agregar valor y no simplemente en cumplir con un checklist.
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3 Collect and analyze data
The third step is to collect and analyze the data related to the project. The audit team should use the agreed criteria and standards to evaluate the project's performance, processes, and outcomes. The audit team should also identify any gaps, deviations, issues, or risks that affect the project. The data collection and analysis should be done in a systematic and objective manner, using appropriate tools and techniques. The audit team should also document the findings and evidence of the audit, and organize them into categories or themes.
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- Leonardo M. Internal Audit Director - Investment ProjectsProject Management |PMP| Engineering | Independent Review | Risk Management | Contract Management | Economic Evaluations
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Los cruces entre información de diferentes áreas del proyecto son esenciales para su éxito. Por ejemplo, validar si las alertas del proyecto, gestionadas por P&C, se incorporan en la gestión de riesgos nos permite evaluar el verdadero funcionamiento integrado del equipo. Esta integración es clave para garantizar una gestión eficiente y efectiva, fortaleciendo la colaboración y la toma de decisiones informadas en el proyecto.
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4 Report and present results
The fourth step is to report and present the results of the audit. The audit team should prepare a comprehensive and concise report that summarizes the findings, conclusions, and recommendations of the audit. The report should also highlight the strengths and weaknesses of the project, as well as the areas for improvement or action. The report should be reviewed and approved by the audit team and the sponsor before being presented to the project team and stakeholders. The presentation should be clear and engaging, and allow for feedback and discussion.
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5 Implement and follow up actions
The final step is to implement and follow up the actions that result from the audit. The project team and stakeholders should review the report and agree on the actions that need to be taken to address the findings and recommendations of the audit. The actions should be prioritized, assigned, and tracked, and their progress and impact should be monitored and reported. The audit team should also provide support and guidance to the project team and stakeholders during the implementation and follow up process. The audit team should also conduct a post-audit review to evaluate the effectiveness and benefits of the audit.
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- Gary Tutungian Retired Administrative Contracting Officer from United States Air Force
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As an ACO, I would request DCAA to perform financial audits such as incurred cost to determine allowability of costs under the project. Other audits may include, floor checks, other Business systems reviews such as Accounting, Estimating and Compensation.
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6 Here’s what else to consider
This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?
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- Luis Andres Prieto Director General SEA LATAM / Consultor en Organizaciones Aeronáuticas / Especialista en Aviación / Speaker / Autor
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Planificación: Define el alcance, objetivos y recursos. Revisión de Documentación: Analiza documentos clave como el plan del proyecto, presupuesto y cronograma de trabajo. Entrevistas: Dialoga con el equipo del proyecto, stakeholders y patrocinadores. Evaluación de Riesgos: Identifica posibles riesgos que podrían afectar el proyecto. Seguimiento de Progreso: Revisa el avance real en comparación con el plan inicial. Control de Calidad: Evalúa la calidad de los entregables. Gestión de Cambios: Revisa los cambios implementados durante el proyecto. Gestión de Recursos: Evalúa la asignación y utilización de recursos, verificando que estén alineados con las necesidades del proyecto.
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