A project audit is a formal review of a project, often intended to assess the extent to which project management standards are being upheld. The project audits can be scheduled or random and can be performed by in-house personnel or external examiners

Audits are generally carried out by a specially designated audit department, the Project Management Office, an approved management committee or an external auditor. Whoever is responsible for performing the audit must be in charge of the designated authority and issue related recommendations.

There are some different types of project audits they are:-

• Performance audits: It is used to appraise the progress and performance of a given project. The project manager, project sponsor, or an executive steering committee can conduct this audit.
• Compliance audits: Compliance audits are usually performed by the project management office (PMO) to validate that the project is using the project management methodology properly. Usually the PMO has the authority to perform the audit but may not have the authority to enforce compliance.
• Quality audits: This audits ensures that the planned project quality is being met and that all laws and regulations are being followed. The quality assurance group performs this audit.
• Exit audits: It is usually are for projects that are in trouble and may need to be terminated. Personnel external to the project, such as an exit champion or an executive steering committee, conduct the audits.
• Best practices audits: Besy practice audits are conducted at the end of each life-cycle phase or at the end of the project. Project managers may not be the best individuals to perform the audit. Professional facilitators trained in conducting best practices reviews are used here.