Project Auditing is Evaluating the Stages During the Life...

Project auditing is designed to conduct an evaluation at a number of stages during the life cycle of the project. Even though a project will be evaluated at the end as part of the post control, an audit will help identify if the processes are being followed and are the resources and revenue being utilized throughout the project. A project audit can be a formal or less than formal investigation in any area of the project. Purposes are generated for an evaluation and there is an extent on how they will be carried out, and considerations on how measurements will be applied, and how the final report will be developed. As the project nears completion, it will then move into the final phase which will be the project termination. There are†¦show more content†¦They are the project audit initiation, project baseline definition, establishing an audit database, preliminary analysis of the project, audit report preparation, and project audit termination. The project audit initiation wi ll start the process by creating the purpose, scope and methodology that will be used to determine the information that will be analyzed. The project baseline definition determines what areas of the project will be analyzed and the standards that will be compared against similar projects that have been conducted or benchmarked. Establishing an audit database which requires gathering an assessment of how the project is doing by inputting the information and determining how the areas of cost performance, output quality and the current project status are doing. The preliminary analysis of the project will inform the project manager of the findings before the report is released. The audit report preparation will be organized in the format that was set initially which will provide findings and recommendations. The last step in the life cycle of the audit is termination which is when the review is finished and the audit team moves on to another project. An important aspect of the audit is the selection of the audit and evaluation team who will inspect the records, and have full access to the information and personnel that pertain toShow MoreRelatedEssay on System Development Life Cycle1231 Words   |  5 Pagesï » ¿ System Development Life Cycle Irene Anderson CMGT/582 - CIS Security and Ethics June 23, 2014 Krystal Hall System Development Life Cycle â€Å"Both risk governance and regulatory requirements emphasize the need for an effective risk management plan. And to effectively manage risk, it is important that definitions of the risk management plan objectives are clear from the start, so that the plan can head in the right direction. Risk management of information assets also provides a strongRead MoreCorporate Responsibility : Samsung And Panasonic Essay1984 Words   |  8 Pages Future goals should be clearly established together with an effective strategy for achieving these goals. 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