Project Management Internal Audit Services

Audit-Driven Project Prowess: Unleashing Business Potential

Every new initiative the company takes shall be properly managed. It is indeed fundamental for a company to assign project management internal audit services from third-party professionals like enterslice. Our team of project management internal audit shall help the company have an accountant and assurance on various project implementation costs, allocation of resources, and utilizations, ensuring growth in the business operations. Every project management audit assures the organizations with a proven, repeatable methodology.

Enterslice is a consultancy company comprised of professionals in various fields like law, accounting, risk and assurance, advisory, audit, etc. We at Enterslice provide internal audit services for companies and various other startups, assisting them in identifying and detecting the drawbacks in the early stage, ensuring the growth of the company's business operations.

The auditors must know the project management's internal audit objectives and associated risks, ensuring an effective design to control potential risks associated with the company’s project. This service page introduces the concept of enterslice project management internal audit and emphasizes how our professional team assists the company in managing its project and ensuring seamless execution of organizations projects.

Project management internal audits assist the company to improve themselves and establish stronger and more effective procedures for future projects. However, this not only benefits the organisations but also the employees by introducing a new efficient system.

Enterslice Project Management Internal Audit Goals

It is often a common notion behind the audit, that causes anxiety among individuals and companies, but in hindsight, there are several benefits a company can achieve through an enterslice project management internal audit

Identify risk

We shall accompany the company in detecting or determining risks that are negatively affecting the company's project. This risk may be from various factors like project timeline, budget, quality, etc. Our team will evaluate the cost and time of the project as well as the necessary resources that are required to achieve the highest goal of the organization's project. By identifying risks, project management can take precautions before it goes out of hand.

Assessment of the Project Quality

Enterslice project management's internal audit experts team will determine the different stages of the project, like examining the concepts of design, plans, and currently proposed implementation procedures. These steps help the company to spot and flag errors in the project, and thus, accordingly, our team will find a solution to overcome such errors and ensure that the quality of project expectations is being met.

Improve Performance Project

Project management internal audit helps the company determine its project goals and priorities and if the same has been supported effectively. However, project performance is improved and guided through constant monitoring and evaluation by identifying errors and mistakes before they arise mid-project. Thus, overall, the company can improve the proposed budget and avoid potential areas of struggle connected with the project.

Measurement of the Project Quality

An audit ensures that the project and its team are complying with the respective organization's procedures and policies. This gives a project team clear expectations of the upper management from such a project. Project management internal audit services by an enterslice shall also provide suggestions for an improvement in the project quality for better results.

Learn for Future Project Management

Audits and evaluations provide the company with an opportunity to learn from its past performance. A company can thus shape and update its policies and procedures to reflect its needs and goals, ensuring the growth of its business operations.

Enterslice Strategy on Project Management Internal Audit

If you are looking to leverage project management internal audit for evaluating your project, here are some of the common methods used by enterslice professionals in assessing a company’s project management

Project Risk Management

We shall help the company project management by improving and aligning with the objectives of the organization's strategic goals. Projects, by their nature, involve various risks and thus require constant project management monitoring and internal audit risk management. Our professional expertise in project management and internal audit shall evaluate the overall facets of the organizations from top to bottom. Project management internal audit assists the company in detecting, monitoring, remediating, and mitigating potential risks of an organization. However, this project management internal audit gives extensive insights into the organization's risks on projects that can impact the growth of the company’s business operations.

Detections of Issues and Remediation

Our team of project management internal audit while evaluating the projects of the company by using various methods of project management. After completing such an examination, we shall detect the issues and potential risks and thus accordingly prepare a remediation plan. However, our expert professionals will assist the company in preparing an action plan to mitigate such issues and risks identified during the internal audit. Thus, this detection of issues and remediation strategy creates better relationships with the project owners and consequently improves the company’s business areas.

Point-in-Time Assessments

Point-in-time assessments are assessments that not only include observations and findings but also a deep analysis of the current status of the company's project. Some of the common aspects of point-in-time assessments are

• We at Enterslice also focus on the technical aspects of the company's project, such as system implementation knowledge, construction, and organizational change knowledge.
• Our project management internal audit team shall also inquire about the company’s past project scenario and its respective teams.
• An interview shall be conducted with the project team to discuss the various aspects and objectives behind the projects. Along with that, we shall be reviewing the project artefacts and documents connected with the company's project. This assessment shall focus on the current and future outcomes and not dwell on the past mistakes that cannot be remediated. However, this point in the assessment shall be reported to upper management, and risk mitigation recommendations will be provided.

Project closure support and assessment

Project closure refers to completing the project. This includes delivery of the project to customers or businesses, submission of final documents to the project management officer or management of a company, the closing of contracts, informing the concerned stakeholders of the company on the closure of the project, etc. During this period of project closure, the project management's internal audit plays a vital role in assessing and facilitating the benefits achieved through a project in an unbiased manner. With their expertise and knowledge, Enterslice professionals will collect factual evidence and not subjective outcomes of a project, thus ensuring credibility in the company's project report.

Understand the Project management Audit Types

Before conducting a project management internal audit, you must understand the various types of project management audit types and its importance

Normal Audit

It is an audit procedure based on the component of monitoring and controlling the company's project team. This audit procedure includes inspections as it is connected with quality control.

Quality Audit

This quality audit is a critical procedure as it involves evaluating the items of the projects that are part of the execution method, such as checking if the objectives of the project and its team have complied with the company's rules and policies.

Risk Audit

A risk audit is a kind of audit that is conducted among the monitoring and controlling internal audit teams. This audit helps the company to mitigate the potential risk involved in the project. A company under this audit shall have an assessment of the overall efficiency of the approach of project risk management.

Enterslice checklist On Project Audit

Before performing any audit, our team experts always prepare a checklist to make it easier while performing the internal audit services for a company. To begin with, project management internal audit has to comply with the given checklist for efficient audit procedures:

Define the audit objectives

Just like any other audit, this project management internal audit must also comprise clear objectives or aims to achieve from such audit programs. These objectives involve a complete overview of the auditing party, its competence, etc.

Criteria for Project Auditing

These criteria for project auditing are connected to not only the standards against which a project will be evaluated but also various other causes for which projects are audited at the initial stage, such as an audit on verifications that are based on instant pre-planned audits for examining the projects based on predefined criteria.

Execution procedures

This execution procedure includes a methodology and various other plans and procedures for conducting the project management internal audit. Some examples of project audit executions are interviews, meetings, and questionnaires with the company’s project team.

Reporting Procedures

Lastly, we are very precise with the reporting procedures on audit reports. Once we complete the evaluation, we shall immediately report the same to the upper management and the company stakeholders.

How Enterslice Supports Your Projects from a Common Mistake

With the growing expansion of business across the globe, organizations are taking up new projects or introducing new plans to innovate and expand their business operations globally. While introducing a new project, the company must ensure that its project management internal audit is conducted under the guidance of professionals to avoid any mistakes. The company must maintain its reputation in the market to attract potential clients by staying with the current trends and complying with the relevant laws and regulations. With our decade of experience in project management internal audit, we have witnessed multiple numbers of methods and mistakes in evaluating companies' projects. This decade of experience by our team has enabled us to uncover the various common mistakes incurred during the project management internal audit. Given below are the common mistakes to be avoided by a company

• One of the common mistakes under the project management audit is the tick and bop method in determining the various necessary documents for a project aligning with the company's policies. However, this procedure of tick and bop identifies the potential risk and flag, but it is not an ideal method to assess those gaps or flags unless a project management officer or project owner takes up the responsibility by himself. It requires a deep analysis and staying updated with new project management methodology with the help of project management internal audit.
• Another important mistake to be avoided is a lack of knowledge of the methodology of project management internal audit. An expert professional has to be engaged by an organization to add value to the project and to get into the intricacies of the company's project management. This lack of knowledge will discourage the company in two ways: a) There will always be doubt among the project team on such internal audits, especially in difficult situations. b) Only planning an audit program does not help the company to prevent potential risk and thus requires adequate deep findings and analyses.
• A common method used by internal auditors like COSO, ISOs, and RBIA is the one that mostly focuses on records of the company’s business operation units, departments, procedures, etc., instead of evaluating the project management internal audit of a company.
• It is easy to point out the mistakes in the project auditing, but at Enterslice, our team makes plans and executes them to overcome such mistakes that are detected at the project management internal audit services.

Process the Project Management Audit with Enterslice

The project management internal audit process consists of the following ways

Audit Planning

Our team shall make an internal audit plan to execute the evaluation of the company’s project management with the help of the project team. We shall team up with the project team and thus inform the concerned members of the strategy of an audit to improve the things connected to the project.

Conduct Audit

We shall then conduct the project management internal audit of a company by obtaining various data and documents along with the proof connected with the project. This procedure involves interviews and questionnaires with the project manager, sponsor, and team.

Audit summary

By this time, our team must have collected multiple data and reports on the project, so we shall summarise the same, mentioning the improvements and flaws to provide the company with a clear and wide overview of the project. This summary of the project shall also point out the name of the team member who has contributed efficiently.

Audit result presentation

Once the project management internal audit is completed, we shall present the result to the project team members and stakeholders, stating the issues that have been identified and resolved as issues that are yet to be resolved. We will also present recommendations a company must take for the successful completion of a project.

Action Plan

After the due evaluation by our in-house internal auditors, we will assist the company in making an action plan to increase the efficiency of the company's project plans. Our action plans involve preparing a path to tasks, due dates, executions, etc. A solution for a company to have a seamless project performance will be executed by our Enterslice experts through information collected via questionnaires, interviews, meetings, etc. However, these action plans shall be forwarded to the company’s upper management.

Follow-up Plans

Our service does not end here; we shall also assist the company in following up on such action plans in project management to trace if the project is executing according to the said plans and objectives.

Six Benefits of Project Management Internal Audit

Six major benefits you will achieve on hiring enterslice as your project management internal audit consultant

• A company can improve the performance of the project by determining the components of problems that an organization may face during project management.
• Cost awareness among the project team will be clear through an audit, as it takes a deep evaluation of the project cost expectations and checks if such project cost will exceed more than the estimated budget. Thus, the project management's internal audit will help the company break down the project cost so that such budget can be assigned accurately at every stage of the project.
• As such, the audit also reduced the cost of the project after breaking down the project budget into essential elements and problems detected during the audit examination. Managing these may thus reduce the budget for project completion by eliminating unnecessary costs.
• An internal project management audit also increases awareness and understanding of every aspect of the company's project. Through a professional auditor, the project team will acquire a better understanding of the complexities of the project and their role.
• This audit also improves and builds trust with clients, as they will be pleased to know that their project is handled by the highest Caliber professionals without wasting their money and time. Such project management internal audit gives a better customer experience, enhancing the level of confidence and also creating peace of mind.
• Audit also creates a positive effect on the company’s future projects by understanding the aspects of change every project has to go through for a successful completion.

Enterslice Best Practices on Project Management Audit

For the smooth functioning of the project, a company can choose Enterslice to serve as the auditor for evaluating their operations in project management. Our team has obtained hands-on experience in project management and internal audit. We have assisted the project managers and teams by providing clear and measurable objectives for completing the project within a stipulated time. Some of the best practices adopted by our team are as follows

• We ensure a well-crafted audit and measurable project goals such that a project manager can have a track record of their progress towards the project objectives. In addition to that, we also ensure that the project team members understand the due dates and that the same is communicated with the stakeholders.
• Our team will help the company’s project team to assign responsibilities to each member of the project team so that no miscommunications occur between the teams on such allocations of work and thus map out the project workflow among the team members.
• We shall also ensure that healthy communications are maintained among the project team members and stakeholders. Transparency in communications should be followed with the project management team as it connects to progress, document requirements, potential risks, etc. Such transparency in communications thus helps the company to resolve problems more quickly and easily.
• Audit professionals shall also help the company to plan for setbacks and course of corrections on errors and risks detected at the time of audit examination.
• Lastly, the most important best practice used by an enterslice on project management internal audit is implementing a technology or a software methodology to monitor and track the ongoing project development.