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Auditing and Review Process

I) Overview and Objectives

The primary goal of a project audit is to review, analyze the current state of project conformance and compliance with the pre-defined for project success as defined by the performing organization and the contract.

 

Specific audit objectives are:

  • Assess the quality of the project management methodology used as the defined in the project execution plan
  • Assess the relationship between project deliverable planned and actual during a given period
  • Verify the conformance of the project execution plan with the contractual requirements
  • Identify strength and weaknesses of the project execution plan
  • Identify potential risks and opportunities for continual improvements of the project management process

 

II) 3EDGE Audit Methodology

The content and specific objectives of a Project Management Audit will vary depending on the phase of the project; however, the same methodology will be applied:

A)   Preparing and Issuing the Audit Plan

An experienced audit consultant works with the project manager and quality manager to develop the overall scope of the audit, purpose and objective. An audit checklist based on industry Best Practices has been developed by 3EDGE. This list is used as a starting basis in defining the scope and specific areas of the audit.

 

Prior to the performance of the audit, all pertaining and agreed up project documentation is shared with the audit team for review. A Project Audit Plan is prepared and issued to the project manager for review. The plan includes:

  • Audit Methodology
  • Audit Schedule
  • Audit Scope, Goal and Objectives
  • Required Participants
  • Any additional Documentation

 

 

B)    Performing the Audit

Upon approval of the Audit Plan the consultant audit team performs the audit through a series of group and individual sessions:

a.     Audit Kick-Off Meeting

This meeting is used to introduce the audit team as well as review the audit objectives and criteria. During this session questions from the participants are answered as well as a clear understanding of the expectation and contribution of the participants is agreed upon.

 

b.    Data Collection

Using the audit checklist as a guideline, the consultant audit team begins a series of interviews covering all the areas/disciplines identified in the audit plan. The objective of this session is to gather fact based data and any supporting information relevant to the decisions or strategies being implemented by the team.

 

c.     Data Validation

Upon completion of the Data Collection phases, the audit team jointly analyzes the findings to ensure correctness, further analyzes, interviews and documentation is requested if needed. Upon completion of the analysis the team determines if corrective, preventive or improvement actions are required for each of the findings identified.

 

C)    Audit Findings and Recommendations

A detailed report is prepared and issued for the project team for review and implementation. The following areas are detailed:

  • Audit Objectives and Criteria
  • Root Cause Analysis of Findings
  • Corrective Action Plan
  • Recommendations and Path forward