The main objectives of project audits are as follows:-

1. Ensure the quality of products and services:- Project audit acts as a quality assurance tool. It reviews the project life cycle evaluating the results yielded during the different stages, from the design phase to implementation.

When reviewing the design phase, a project audit evaluates the thoroughness of the design concepts, including the analysis of alternative designs.

Furthermore, it is assessed whether the solution is ready for the pilot test and finally, during the implementation review, the project audit assesses and confirms the implementation at each site where the product is adopted. The identification of the errors during the process contributes to the resolution of the problems and to understand if the project should continue through a go/no-go decision at each stage.

2. Ensure the quality of project management:- The project audit makes sure that the project management satisfies the standards by assessing whether it complies with the organisation’s policies, processes and procedures. It evaluates the methodology used to help identify gaps in order to introduce the required improvements.

3. Identify the business risk:- Project audits support the identification of business factors where risks may reside, which could affect budget, time, environment and quality. After all, the organization itself is keen to achieve a positive outcome to the project. The project audit assesses the feasibility of the project in terms of affordability and performance by providing transparency and assessing costs, time and resources. Project manager should apply a review and equalization approach when it comes to controlling the budget, examining data that includes estimated and actual costs, as well as costs of meeting goals.

4. Improve project performance:- The monitoring of the various phases of the project life cycle can contribute to the improvement of the project team’s performance. The audit also helps to improve the budget and resource allocation.

Identifying priorities, corrective measures and preventive actions can lead to a positive project outcome. The troubleshooting process allows the project team to provide solutions and helps prevent similar problems from recurring in the future.