Possibble Internal Audit Monitoring Areas in Projects
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The document outlines various areas that internal auditors can monitor throughout the different phases of a project management process. These include initiating planning and executing work according to requirements, measuring performance against baselines and other metrics, taking corrective actions if needed, and closing out projects by completing handoffs, reporting, and archiving records. The full project lifecycle is covered from initial planning and requirements gathering through executing, controlling, and closing a project.
Possibble Internal Audit Monitoring Areas in Projects
- 1. Internal Audit Areas for Monitoring INITIATING PLANNING EXECUTING MONITORING & CONTROLLING CLOSING Select project management Determine how you will plan for each knowledge area Execute the work according to the PM Plan Take action to control the project Confirm work is done to requirements Determine company culture and existing system Determine detailed requirements Produce product delivery (product scope) Measure performance against the performance measurement baseline Complete procurement closure Collect processes, procedures, and historical information Create project scope statement Gather work performance data Measure performance against other metrics in the PM Plan Gain final acceptance of the product Divided large projects into phases Assess what to purchase and create procurement documents request changes Analyse and evaluate performance Complete financial closure Understand the business case Determine planning team implement only approved changes Determine if variances warrant a corrective action or other change request Hand off completed product Uncover initial requirements, assumptions, risks, constraints, and existing agreements Create WBS and WBS dictionary Continiousy improve Request changes Solicit feedback from the customer about the project Create measurable objectives Create activity list Follow processes Perform integrated change control Complete final performing reporting Develop project charter Create network diagram Determine whether processes are correct and effective (quality assurance) Approve or reject changes Index and archive records Identify stakeholders and determine their expectations, influence, and impact Estimate resource requirements Perform quality audits Update the PM Plan and project documents Gather final lessons learned and updated knowledge base Estimate time and cost Acquire final team Monitor stakeholder engagement Determine critical path Manage people Manage configuration Develop schedule Create forecasts Develop budget Hold team-building activities Gain acceptance of interim deliverables from the customer Determine quality standards, processes, and metrics Give recognition and rewards Perform quality control Create process improvement plan Use issue log Perform risk reassessments and audits Determine all roles and responsibility Facilitate conflict resolution Manage reserves Plan communication and stakeholder engagement Release resources as work is completed Control procurements Perform risk identification, qualitative and quantitative risk analysis, and risk response planning Send an receive informartion, and solicit feedback Go back-iterations Finalize procurement documents Report on project performance Create change management plan Management stakeholder engagement and expectation Finalise the "how to execute and control" parts of all management plans Hold meetings Develop realistic and final PM plan and performance measurement baseline Select sellers Gain formal approval of the plan Hold kick off meeting •MULCAHY, R. 2013. Rita Mulcahy's PMP Exam Prep , RMC Publications; Eighth edition pg. 624.
- 2. Internal Audit Areas for Monitoring ghth edition pg. 624.