Incorporating Project Management Software into Internal Audits

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During one of my project management class sessions we were introduced to the project management software Microsoft Project 2016. I learned that this tool is helpful for project managers in the project planning phase by helping develop the project plan into a realistic, attainable schedule by scheduling the plan out my deliverables and tasks, assigning resources and estimating costs. It also seemed to help in the project execution phase by allowing the project manager to track the progress of the project by providing a visual of how the project is progressing through task completion dates and determining if tasks are completed on time or if tasks are behind schedule. If tasks are behind schedule, the software helps the project manager monitor and rework the tasks so they can be completed.

 Now, the purpose of this blog post is not to promote Microsoft Project, but I am trying to bring awareness to the fact that Internal Auditors need to start utilizing project management software. It is a helpful tool that assists auditors in developing their audit plan schedule, as well as help in the monitoring and controlling of the audit scope, schedule, and cost. In my experience, I was not provided project management software, nor was I encouraged to utilize it in the process of planning or executing internal audits. I learned how to perform audits through trial and error and every audit has taught me something new. However, one thing I have not had much success in learning was how to be able to consistently deliver my audits on time. There was always some reason or another that caused delays, but I never quite knew what it was ‘specifically’ that caused the delay, and of course it changed from audit to audit and from year to year.

 By utilizing project management software, I can take more control over the audit schedule. l can detail out the plan into deliverables and tasks, estimate the resources needed and determined the time needed to complete each task. Then, as the project is being executed, I can monitor the progress to see if we are on track or off track. If we are off track in an area, I can get a better understanding of what is causing the delay and, more importantly, how much it is delaying the audit. I can then be better able to inform management and stakeholders what is being delayed, the cause for the delay, and when we can expect the audit to be completed. Ultimately, I can see this tool as being helpful in controlling the audit better to keep in on track and have less instances for the audit to be delayed… well, in the case where management wants to shift resources or added additional tasks, we can inform them ahead of time how such changes can impact the current audit so they can make more informed decisions.

Until next time,

CPack

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I have been working in the field of Internal Auditing since 2010. I am a Certified Internal Auditor (CIA) who has experience in performing Gaming Regulation compliance audits for Casinos, as well as Federal Acquisition Regulation (FAR) compliance audits for government contractors. Due to the advancements in technology and how technology is used in everyday business, I am currently pursuing more knowledge in Information Systems (IS) for the purpose of being able to perform internal IS audits and provide businesses with assurances that their systems are working accurately and in compliance with internal processes, procedures, and applicable regulations. Data analytics is another area I am interested in learning more about. To learn how to look at data and use various data analytic approaches to find the potential risk areas or weaknesses with a system that can be corrected. While traditional auditing approaches have worked okay in the past, businesses capture more data these days that internal auditors can view and assess risk at a 100% instead of at a sample basis and making educated guesses as to whether a problem is systematic or not. While studying more about IS, I am learning more about Project Management. While I see many similarities in project management techniques and the Internal Audit Standards, after having worked in the Internal Audit field for eight years, I notice that Internal Audit doesn’t quite follow all the project management techniques that they “should” and that could be contributing to Internal Audit not being as affective, or value add, to the company as they could like to be. This blog will take a look at some of the project management knowledge areas and techniques that Internal Auditors should use and how these techniques can improve their audits, the reception of their audit results, and provide “value-add” to the company stakeholders.

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