Project audits and assurance
Our services
We focus on audits and appraisals of technical projects with focus on selection and correct use of technology, research, development, project management, supply management, and viability for commercialisation. The scope of our audit excludes company finances. We can provide regular appraisals and hand-holding for successful project outcome and provide formal technology audits at any stage of the project acting on behalf of the customer or investor, or companies undertaking complex project work. As an external auditor or appraiser, we bring unbiased and comprehensive evaluation with global expertise to provide an accurate and high quality evaluation of technical projects and recommendations for improvements. There are five main objectives of our appraisals and formal audit. (Note: An appraisal may be a regular exercise with a slightly focussed and reduced scope than a formal audit with a broader scope).
Below are the five main objectives of our work in this area:
1. To ensure that projects deliver quality products and services
An audit or appraisal acts as a quality assurance tool. The input and output at all project stages from design, to development to planning is reviewed in detail. We evaluate the thoroughness of the design concepts, including the analysis of alternative designs. Project planning, deliverables and milestones are studied in detail to understand whether the project is on track to deliver a solution that is ready for pilot tests. Problems are identified early to understand if the project should continue through a go/no-go decision at each stage and provide a set of recommendations if needed for the projects to get back on track if not already.
2. To ensure the quality of project management
All projects require careful professional management and our evaluation studies whether the project management satisfies the standards by assessing whether it complies with the organisation’s policies, processes and procedures and in line with project objectives. The management of labour, materials, suppliers, timelines and use of standard operating procedures is reviewed against project needs and gaps identified for recommending improvements.
3. To identify technical and business risks
We identify technical risks by evaluating designs, processes and technologies used in client projects against global standards and work of similar nature. The risk is quantified in terms of financial and opportunity cost. We also identify business risks in terms of Intellectual property infringement, freedom to operate, compliances, glox bal standards and current and future competition. We identify project factors where risks may reside, which could affect budget, time, environment and quality. These are discussed with the organisation to understand their perspective and approach to mitigating these factors. The evaluation of project costs, time and resources lies within the scope of our work where financial expenses are project specific. Once issues are identified, our report makes specific recommendations on areas for improvement.
4. To improve project performance
Project planning and current status is reviewed against promised milestones, deliverables, resource utilisation and past, current and future risks in the project. The monitoring of the various phases of the project life cycle can contribute to the improvement of the project team’s performance. We work together with clients first to understand their priorities to align project outcomes, identify project delays or delivery issues, and formulate corrective measures and preventive actions that can lead to a positive project outcome. Technical skill gaps and issues with supplier management are identified and addressed in report recommendations.
5. To introduce organisations to best practices
We bring on board global experience of our expert panel involved in audits who have worked in multiple segments as industry leaders, entrepreneurs, senior project managers and technical experts. They have experience of working on complex all sized projects and bring together a wealth of experience on how to manage complex projects and deliver on time. The project audit delivers an excellent learning opportunity for the clix`ent to learn from such global experience which can lead to improvements in their products and services, reduced cost of taking ideas to prototypes, and achieving project deliverables on time and of high quality. Providing reviews and feedback allows individuals and project teams to review their own performance in detail.
Our approach
We set out a clear structure to our appraisals and audits before it begins providing ample time to the client to understand the process and what is expected from them. For each stage of the audit, the input elements and outcome of the audit process is clearly set out and openly disclosed including:
(i) A mission statement which defines the scope of the work undertaken. It includes objectives, authority and limits of the audit operation, as well as the type of audits to be conducted.
(ii) Auditor competency statement is provided to assure the client that the auditor’s skills and experience are adequate for undertaking the work.
(iii) A statement of roles and responsibilities of the actors involved. This clearly spells out the people involved (e.g. auditor and their team, and project team including the project manager, team members, project sponsors, clients and any stakeholder).
(iv) Audit criteria will be detailed showing the key points evaluated by audit, data required to conduct the audit including any physical meetings or inspections required.
(iv) Audit communication strategy which will define the process by which individual project managers will be informed of an outstanding audit and the related preparation requirements.
(v) Audit operational process will be detailed with timelines which may include personal interviews with project staff, document reviews, questionnaires, presentations by project team and more.
(vi) Audit reporting procedures will specify how audit results will be reported and reviewed by the client. A failed appraisal or audit does not necessarily means an end to the project. Depending on the level and nature of shortcomings, audit recommendations may be used to improve project outcome through better technical training, project management, bringing in technical expertise for guidance, resource management and other initiatives.
(vii) Audit appeal procedures specify procedures to be followed to appeal and/or dispute the reported audit results. The project team may appeal against the audit results which will be re-evaluated by an additional expert for verification.
Issues you may be facing
Our services are designed to improve project outcomes for all types of businesses, from start-ups to mature companies. As a business where you are either improving your existing products, diversifying your product lines and services with research and innovation or establishing a new venture altogether, we can provide an independent insight into your capabilities, plans and project management to determine project risks and help support you with appropriate mitigation planning. You may be facing a number of challenges including:
- Limited technical expertise limiting the exploitation capability of your products and services at a global scale
- Limited domain expertise in the new area of work
- Limited understanding of intellectual property, freedom to operate, standards and compliance issues in the area of work
- Limited guidance of world-class standards to guide product and service designs
- Lack of external experts who have a 360 degree view of the project that can guide and carry out high quality project appraisals at regular intervals
- Difficulty in recruiting talent for specific project areas
- Training assistance required in filling technology gaps for your project team
- Project running late, and/or deliverables not of expected standards, and/or poor resource management
- Poor risk management planning
- Balancing available funds against pending tasks
- Communication challenges with investors and funders where projects are not delivering as expected