Exam 12: Project Auditing

In the future project status of the audit report,no assumptions should be made about __________ that are still under investigation at the time of the audit.

List the minimum points that should be contained in the formal report of a project audit.

The key rule of engagement for the project auditor is to gain __________ to enter the system.

In the audit report,negative comments about individuals or groups associated with the project should be __________.

The _____ of an audit report includes all issues the auditor feels require close monitoring by senior management.

Compare the following components of financial audits with their characteristics. A)Measurement B)Record-keeping system C)Recommendations D)Qualifications to the audit report 1)Format dictated by legal regulations and professional standards 2)Mostly in financial terms 3)Customary to qualify statements if conditions dictate,but strong managerial pressure not to do so 4)Usually few or none,often restricted to management of accounting system

The __________ of an audit report contains a description of the project to provide a framework of understanding for the reader.Project objectives are clearly delineated.

For audits made late in the project's life,__________ are major matters of interest.

__________ appraises the progress and performance of a project compared to its planned progress and performance or to the progress and performance of other similar projects.

Discuss the differences between a project audit and a financial audit.

If the audit report is to serve as a communication device,there should be a __________ for such documents.

Project evaluation often makes recommendations that relate to the ancillary objectives of the parent organization.List some of these potential ancillary benefits of project evaluation.

The project audit covers __________.

The most immediate dimension of project success is the project's __________ in meeting both budget and schedule.

The __________ dimension of project success includes factors relating to opening a new market,developing a new line of products or services.Alternatively,if an internal project,success factors include developing new technologies,skills,or competencies.

The __________ goals are usually not overtly identified.

This of an audit report should contain the following measures of performance: cost,schedule,scope,and quality.

List and describe the events that comprise the project audit life cycle.

Two of the most common limits on the depth of an investigation and level of detail presented in an audit report are __________.

This of an audit report contains a description of the project to provide a framework of understanding for the reader.