PROJECT AUDIT

& CLOSURE
BY
Aarushi Gupta(F03)
Shivam Sekhri(F48)

PROJECT
AUDIT

TASKS OF PROJECT AUDIT

1.

Evaluate if the project delivered the

expected benefits to all stakeholders.
Was the project managed well?
Was the customer satisfied?

2.

Assess what was done wrong and what

contributed to successes.

3.

Identify changes to improve the delivery of

future projects.

TYPES OF PROJECT AUDITS

In-process project audits
Allow for corrective changes if conditions
have changed and for concentration on
project progress and performance.
Post-project audits
Take a broader and longer-term view of the
projects role in the organization and
emphasize improving the management of
future projects.

COSTS OF PROJECT AUDITS

While audits offer benefits, they arent free
Some costs are obvious, others less so
Salaries of auditors and staff
Distraction from project work
Before and during the audit
Anxiety and morale within the project
Cost of outside experts

CONTENTS OF A PROJECT AUDIT

Format can vary, but six areas should be

covered (Project status, in all dimensions):
1. Current status of the project
2. Future status
3. Status of crucial tasks
4. Risk assessment
5. Information pertinent to other projects
6. Limitations of the audit
Far broader in scope than a financial audit.
May deal with the project as a whole or any
component or set of components of the project

THE PROJECT AUDIT LIFECYCLE

Like the project itself, the audit has a life
cycle . The Six basic phases are:
1. Project audit initiation
Focus and scope of audit; assess
methodologies, team members required
2. Baseline Definition Determine the standards against which
performance will be measured

3. Establishment of Audit Database Gathering/organizing pertinent data

Focus on whats necessary
4. Data Analysis The judgment phase
Comparison of actuals to standard
5. Audit Report Preparation Present findings and prepare final report
6. Audit Termination Review of audit process
Disbanding of team

PROJECT
CLOSURE

CLOSURE
1.

Getting delivery acceptance from the

customer.

2.

Shutting down resources and releasing to

new uses.

3.

Reassigning project team members.

4.

Closing accounts and seeing all bills are

paid.

5.

Evaluating the project team, project team

members, and the project manager.

Involves gaining stakeholder and customer

acceptance of the final products and
services.
Even if projects are not completed, they
should be formally closed in order to reflect
on what can be learned to improve future
projects.
Most projects include a final report and
presentation to the sponsor or senior
management.

PROJECT REVIEW AND FINAL

REPORT

The final document produced for the project

and is used by senior management to tidy
up any loose ends and formally close the
project.
Concentrates on the activities required to
assist the Steering Committee to make an
informed decision about formally declaring
the project closed.

THANK YOU