An audit means examination and scrutiny of corporate profits and business benefits through regulatory compliance. Audit Committee must be an independent, fair, professional and unbiased body to asses, verify, monitor and maintain the effectiveness of internal controls and to determine whether project activities comply with organizational and project policies, and procedures.
PMO mostly audit quality, project management and post-implementation. Audit should be without conflict of interest and without the influence of the party being audited. PMO can utilize project management staff, internal audit staff, external auditors and 3rd Party subject matter experts to compare initial benchmarks with ongoing results.
PMO function is responsible for auditing projects, programs and portfolio to evaluate deviation from standards and to ensure the projects are operating within this budget, decisions controls, strategy guidelines, governance, milestones and technology to meet the project requirements; Control self-assessments are often part of the audit process. Audits should have a systemic and transparent approach along with documented procedures, well-defined process, audit criteria and report. A time-bound corrective and preventive action plan must be the resulting effect of audit.