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

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 several reasons why a project is terminated and several methods that are used to terminate the project. This discourse will review some of the processes involved with a project audit and the methods that can be used to terminate a project.

A project audit is designed to be an examination of the procedures involved in a project and the processes that are involved, the records being used, the budgets and expenses are being used appropriately, and if the project is meeting its goal as it progress through its stages (Meredith & Mantel, 2012). The design of the audit should encompass how the current status of the project is being completed by the goals that have been set, will there be any changes in scope, schedule, and cost and. If there is a change, what will be the change, are the major phases of the project succeeding or failing, is there any foreseen impact that will result in monetary loss or project failure, are there any lessons that need to be recorded to aid future projects, and were there any l...

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...It may be restarted at a later time. At the end, a final report will be generated which reviews the history of the project. It is not an evaluation but a reflection on what went right and what went wrong, the team members who worked on the project and how the project was managed. Projects can be large and small but it is important that the steps are followed for a successful project.

Performing a project audit provides the evaluation of the results and processes involved in the project. It encompasses how the demands are placed on the audit, the measurements that need to be taken and the type of report that will be generated at the time. As the audit is concluded the last phase of the project moves into the termination where several methods can be used to close the project and the final report is generated so a review of the history of the project can be captured.