Initial Inquiry
The process of auditing any project starts out with a formal notification being sent to the project members, informing them of the impending audit. The notification will also inform the project members of the audit team's objective and what compliance issues the team will be examining. After sending project members notification of the impending audit, the audit team will schedule and conduct a face-to-face meeting with the project head and any administrators. The audit team will examine the project's records and data files ahead of the full audit.
Reporting Schedule
After the formality of the initial inquiry is over, the audit team begins a full-fledged inquiry into the project. The team will attempt to glean a further idea of how the project is functioning by going over the project's background documents and conducting interviews with the project head and the project's sponsor. The audit team will also conduct a series of interviews with members of the project, mapping out their individual roles in the project, to get a more detailed idea of the project's hierarchy and the validity of each member's role. During the inquiry and reporting phase of the audit, the audit team will periodically report its finding back to the project's sponsor. The audit team will also examine the project members' efficiency in following their set timelines and will record any inconsistencies in the project's goals and individual project member's performance.
Final Report
After sufficient data has been gleaned from the project's data files and group member interviews and the audit team has a firm idea of how the project is supposed to be carried out, the audit team will create a formal draft of its report. After the management team presiding over the audit team has reviewed the formal report and decided whether to recommend any amendments or further inquires into the project, the audit team will construct the final draft. The final draft of the audit report will contain a summary, list background and key issues raised, and provide an assessment of the quality of the project members' performance in carrying out its said goals.
