This document discusses project audit and closure. It provides details on the tasks, types, costs, and contents of a project audit. It describes the project audit lifecycle which includes initiation, baseline definition, establishing an audit database, data analysis, preparing an audit report, and audit termination. The document also covers the closure process, which involves gaining acceptance from the customer, shutting down resources, reassigning team members, closing accounts, and evaluating performance. Project closure includes a final report and presentation to formally end the project.
This document discusses project audit and closure. It provides details on the tasks, types, costs, and contents of a project audit. It describes the project audit lifecycle which includes initiation, baseline definition, establishing an audit database, data analysis, preparing an audit report, and audit termination. The document also covers the closure process, which involves gaining acceptance from the customer, shutting down resources, reassigning team members, closing accounts, and evaluating performance. Project closure includes a final report and presentation to formally end the project.
This document discusses project audit and closure. It provides details on the tasks, types, costs, and contents of a project audit. It describes the project audit lifecycle which includes initiation, baseline definition, establishing an audit database, data analysis, preparing an audit report, and audit termination. The document also covers the closure process, which involves gaining acceptance from the customer, shutting down resources, reassigning team members, closing accounts, and evaluating performance. Project closure includes a final report and presentation to formally end the project.
& 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.