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
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“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