Project Audit - Real Life Case Study

Abstract

This article, based on a real life project audit conducted, signifies the efficacy of Internal Audit done concurrently at the execution phase of a long duration project, in not only highlighting the areas of major concern but also providing important inputs/suggestions for timely course correction and improvement of bottom-line.

Through such an intensive audit of all major aspects of the project from estimation to sub-contracting monitoring, many emerging issues for not only arresting the cost and time overrun weres identified and reported but also enabled the company to limit the damage on its reputation/ credibility for being eligible for consideration in similar projects in future. Also it is pertinent to note that there is some possibility of better results if the audit recommendations are positively responded and reviewed by the project management team.