Project audit frameworks
ComplianceFinanceTax & AccountingOctober 25, 2021

Understanding Project Audit Frameworks

Project audit frameworks can be valuable tools for internal audit teams to make sure that the various projects within an organization are on the right track. If you don’t audit your projects, whether that’s a migration to a new technology, adopting a new financial reporting process, or the project management function as a whole, then you might not identify certain risks, have improper governance or have ineffective oversight that results in lost time and money, among other potential consequences.

So, internal audit teams likely want to adopt project audit frameworks, and ideally audit leaders can implement agile auditing methodologies when doing so. That can help your internal audit members get a better handle on their workloads instead of trying to haphazardly juggle multiple project audits or move inefficiently from one project audit to the next.

Plus, an agile auditing methodology enables you to incorporate feedback from stakeholders on an ongoing basis and make adjustments on the fly, which can align with the goals of a project audit. Especially if you’re conducting a project review while the project is still in progress, you want to be able to deliver feedback that makes an impact now, rather than realizing something after both the audit and project finish.

In this guide to understanding project audit frameworks, we’ll look more closely at:

  • What is a project audit framework?
  • How does agile auditing relate to a project audit framework?
  • How can an internal audit team implement agile project audit frameworks?

What is a project audit framework?

A project audit framework is the set of processes and guidelines for conducting a project audit, which can include risk assessments along with governance and controls oversight at various points of different projects.

There are several variations of a project audit: in-process quality assurance review, gateway review, project management audit and post-implementation audit.
Project Management Institute¹

In other words, a project audit framework can be used to ensure that everything’s up to par within particular stages of company projects or for the project management function as a whole.

How does agile auditing relate to a project audit framework?

An agile project audit framework simply involves adopting an agile way of working for project audits. That can include breaking project audit tasks into short sections, known as sprints, that can be accomplished within 1-2 weeks.

Your internal audit function also might use an agile project audit framework to stay more organized and make clear headway on project goals by reviewing tasks daily within a Kanban board. Rather than having a general to-do list that doesn’t tell you much detail about your progress, this more organized approach can improve project audits.

How can an internal audit team implement agile project audit frameworks?

To implement project audit frameworks that follow agile auditing principles, internal audit teams should aim to break project audit tasks into short sprints or at least use Kanban boards to help visualize and organize workflows. Many agile auditing groups also find that both of these methodologies can be used together.

From there, internal audit teams should aim to involve project managers/project leads in the project audit, as part of being agile means incorporating feedback and presenting audit findings continually, rather than just in a final report. That not only can improve workflows but also overall project audit quality.

A project manager who knows what the audit process entails is more likely to have a positive audit report.
Project Management Institute¹

Using auditing software tools like TeamMate+ Agile Audit can make it easy to establish agile auditing processes for project audits. From creating sprints to visualizing work progress within the built-in Kanban board, TeamMate+ Agile Audit can help you implement and execute successful project audit frameworks.

Learn more about how TeamMate+ Agile Audit can help you reach your project audit goals.

1 Gumz, J. (2006). Help! Your project has been selected for an audit—what now? Paper presented at PMI® Global Congress 2006—EMEA, Madrid, Spain. Newtown Square, PA: Project Management Institute.


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