Project & Programme Audits

There is increasing pressure for internal audit programmes to meet demand, due to:

  • A rapidly changing business and technology environment
  • The greater transparency demanded by shareholders, regulators and consumers
  • The heightened awareness at board level of the need to manage risk
  • Big ticket transformation programmes that are mission (business) critical and must be on time/budget/quality/delivery

So how can you supplement, strengthen and support internal audit teams to meet these fast-advancing requirements? Let’s take a look at what the IIA and NAO [1] define as an optimal audit space within the organisation:

The Institute of Internal Auditor’s definition of ‘Audit’:

“Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organisation's operations. It helps an organisation accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes.” [2]

The National Audit Office’s definition of ‘Assurance’:

“Assurance provides information to those that sponsor, govern and manage a project to help them make better informed decisions which reduce the causes of project failure, promote the conditions for success and increase the chance of delivering the required outcome cost-effectively." [3]

In the world of project auditing, assurance and audit objectives are in-line with one another. The IIA’s definition of their assurance requirements is exactly what Pelicam offers. The same skills/services are required to support both internal audit and the transformation teams; as a result, we use the same methodology (the Pelicam Assurance Method™) whether we are performing a health check or an audit.

What can you expect from a Pelicam Project Audit?

  • Independence: we only do assurance, slotting comfortably in to the consulting ‘eco-system’.
  • Best-in-class Pelicam Assurance Method™: our 460-point predictive model allows us to identify potential risks, benchmark against best practice and generate any necessary remedial actions.
  • Experiential: we don’t just ask ‘have the risks been reviewed and mitigated?’ but ‘have the right risks been considered?’ and 'have all risks been uncovered?'
  • Supportive and collaborative: our style is open, conversational and diplomatic - we earn trust by asking open questions and sharing our thinking.
  • Bottom-up approach: this supplements the usual top-down consulting method, resulting in a content-rich, concentrated action-plan.
  • Flexible: our practitioners can supplement existing teams (a co-sourcing approach), or work as a separate, independent team.
  • Transferrable: our project audits can be applied to any project, programme, methodology (agile, waterfall, traditional), or industry sector.

We build in-house skills and knowledge ensuring Internal Audit maintains business credibility and is considered an essential part of the governance for all transformation and change projects.

We have a lot to show for this unique approach – our success stories speak for themselves:

“We initially had some concerns about potential loss of control and relying on outsourced knowledge, but we realised that third party resources can work effectively alongside in-house staff to gain greater synergies. This has changed how the business views the value we add, they are recognising the value we bring.”
— Mark Johnston, Head of Internal Audit, easyJet
“Very strong project management skills and disciplines have stood us in good stead. Personality and human skills have enabled us to develop positive, constructive relationships.”
— Graham Hill, CEO, AXA online