Project Management

Monthly Audit Template

By Mumbai Chapter

Format: Log

This template is to be used by internal auditors for reviewing project governance and compliance with organizational standards. This template focuses on the project budget, resource utilization and project health. It can be further expanded to include other project constraints; add more details as per your organization's audit needs.

However, all the project constraints/parameters are expected to be reviewed regularly by project/program managers (refer to the Portfolio View Template, for example).

Audit template parameters:

1. Approved Total Budget in Business Case ($): This is the financial resource approved by the business when it officially activates a project. 

2. PM Baseline: This is the assigned PM's budget baseline for the entire project after assessing project requirements and the approved budget. It may or may not be the same as business case costing. Future project forecasts and actuals are to follow the PM baseline as their budget corpus. If an organization does not have a reassessment of budget by PMs after the business case is finalized, they can skip this. 

3. Estimate At Complete (EAC): Actual cost consumed till date + budget requirement forecast for remaining project 

4. Variance between PM baseline & EAC: Based on the audit threshold (e.g., $10k or $20k), this variance will determine the Cost Status (RAG) of the project (e.g., variance > $10k turns cost status to Amber; variance > $20k turns it to Red).

**The thresholds will follow the organization's standards for project governance. 

5. Technical/Business Justification for non-Green status: The auditee PM is expected to fill up these notes if the project’s overall health or any of the constraints (scope/schedule/budget) are Amber or Red. 

6. FTE: Full-time employee 

7. CW: Contract workers 

8. Actual total hours logged (this month): These are the total efforts logged by employees in timecards in the system for the month concerned. 

9. % Variance: This shows the level of total resource effort utilized with respect to the total forecast for the month concerned. 

**The effort variance threshold will follow the organization's standards to mark it as “critical” or within the tolerance level.

 10. Overall Project Health Criteria: This specifies how the overall RAG status is to be determined based on the individual scope/schedule/cost RAG status:

  • Overall project health Red when 1 or more project parameter is in Red.
  • Overall health is Amber when all 3 parameters show Amber or there is 1 Green & 2 Ambers.
  • Overall health is Green when all 3 parameters show Green or there is 1 Amber & 2 Greens.

**RAG status definition will follow the organization's standards for project governance.

Zip file contains Excel template and Word instructions document.

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