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.