Certificate in Auditing of Projects & Contracts

Overview:

Introduction:

Project auditing is a key process for ensuring that projects are delivered on time, within budget, and to the required quality. It involves assessing the effectiveness of project management processes, identifying risks and issues, and providing recommendations for improvement. Modern Internal Audit functions have a key role in enabling organizations to deliver projects within cost targets, to the required quality and on time.This course will also cover a range of key projects, common in the majority of organizations, to provide a deeper understanding of how to approach auditing these projects in a practical and

cost-effective way.

Course Objectives:

• Understand the principles of project auditing Identify and assess project risks

• Evaluate project performance

• Conduct effective project audits

• Prepare comprehensive audit reports

• Appreciate the benefits of proactive risk-based audit of key projects

• Evaluate and analyze the common factors and mistakes that lead to projects not achieving the desired outcomes

Targeted Audience:

This course is suitable for:

• Internal auditors

• Project managers

• External auditors

• Other professionals who are involved in the auditing of projects and contracts. Appreciate the benefits of proactive risk-based audit of key projects

Course Outline:

Unit 1: Introduction to Project Auditing

• What is project auditing?

• The importance of project auditing

• The benefits of project auditing

• The project lifecycle

• Project planning

• Project control

Unit 2: Project Risk Management:

• Identifying project risks

• Assessing project risks

• Developing risk mitigation strategies

• Key performance indicators (KPIs)

• Earned value management (EVM)

• Project dashboards

Unit 3: Project Audit Methodologies:

• Risk-based auditing

• Continuous auditing

• Special purpose audits

• Defining the audit scope Developing the audit plan

• Assembling the audit team

Unit 4: Project Audit Execution & Reporting:

• Conducting interviews

• Reviewing documentation

• Testing controls Preparing audit findings

• Writing audit recommendations Communicating audit results

Unit 5: Project Audit Follow-up:

• Tracking the implementation of audit recommendations

• Assessing the effectiveness of audit follow-up actions

• Continuous improvement of project auditing practices

• Benchmarking project audit performance against industry standards Monitoring the implementation of audit recommendations