AUDITING OF PROJECTS AND CONTRACTORS: TERMINOLOGY, CONCEPT & APPLICATIONS

Introduction:

Contemporary internal audit practices play an important role in empowering companies to execute projects on time, at the appropriate quality and within the cost goals. Delegates will develop a strong knowledge of how audit approach that is risk-based offers the chance to increase project delivery for the organization. By assessing why projects do not accomplish the expected goal and what can be done to mitigate or alleviate common errors in delivery of projects, this training virtually illustrates how internal auditors can use an approach that is risk-based to support success at every stage of the project.

Auditing of Projects and Contractors is a detailed training that will help delegates recognize the process of preparing audits and the resulting implementation of project and contract audits to achieve the set audit goals. This training aims to teach delegates skills such as project risk management, understanding the risk profile associated with contractors and develop a well-designed audit programme. By implementing these skills, delegates will be able to conduct a thorough audit and obtain ample audit evidence to develop an audit report, report your findings and execute them.

Course Objectives:

At the end of this training, delegates will be able to:

• Identify the correlation between projects and contractors
• State the methods for evaluating project risks
• Appreciate how audit planning affects audit processes
• Demonstrate the skill sets needed in conducting project and contract auditing
• Develop audit management skills
• Use project audit to increase the performance and results of projects

Course Outline:

Day 1: Brief Description of Contractors and Projects

• Project Development Procedure Review
• Activities involved in a project and Project lifecycle
• Major players in a project
• Learning the method of procurement
• The role of contractors in a project

Day 2: Audit Threats and Goals

• Assurance of Projects
• Definition of an audit of a project
• Project Audit Objectives
• Benefit of Project Audit
• The Users of the result of Project Audits
• Principles of auditing a project
• Project Risks and responses

Day 3: Project Assessment and Planning Process

• Project Audit Process
  • Preliminary stage
  • Performance stage
  • Assessment/Analytical stage
  • Conclusion stage
• Planning for Pre-engagement
• Assessment of Risk
• Resource Review
• Analysis of methodology for audits

Day 4: Methodology of Auditing

• The Stages of Audit Methodology
  • Initiation Stage
  • Proposal Stage
  • Planning Stage
  • Realization Stage
  • Completion Stage
• Audit of the Procurement Process
• Contractor Engagement Audit

Day 5: Implementation and Reporting of Audits

• The audit process is implemented in practice
• Common issues of the audit process
• Ethical Considerations
• Writing an audit report
• Presenting/executing audit report
• Implementing audit best practices

Who Should Attend?

• Project Managers
• Finance Managers
• Financial Analysts

Delivery Method: Lectures, discussions, syndicate work, case studies, role – play and group exercises. Audio – Visual aids will be used to reinforce these training and learning methods.

Venue: London

Fee: $5,000.00

Duration: 1 Week

Date: Jul 17^th – 21st 2023