Auditing project management is a complex challenge for companies and public organizations.
Monitoring and controlling internal processes, ensuring regulatory compliance, and creating accurate reports requires effective tools and methodologies.
This article will demonstrate how Twproject completely transforms project management and showcase how Argea, a public agency, has effectively implemented it to enhance its internal auditing procedures.
Types of project management audits, benefits, and challenges
A project management audit is a formal review of a project’s progress and compliance to its plan.
The aim of a project management audit is to identify any areas in which the project is at risk of failure and to recommend corrective action.
Project management audits can be conducted at any point in the life cycle of a project but are most commonly conducted during the planning phase, the execution phase, and the closure phase.
There are three main types of project management audits:
- In-process quality assurance reviews: these reviews are conducted during the execution phase of a project to ensure that the project is on track to meet its objectives.
- Gateway reviews: these are performed at crucial milestones in a project to assess its progress and approve its continuation.
- Post-implementation audits: are conducted after a project has been completed to evaluate its overall success and identify any lessons that can be learned for future projects.
The benefits of project management audits
Project management audits can provide many benefits, including:
- Higher confidence in the success of the project
- Early identification of potential risks and problems
- Identification of areas where the project can be improved
- Improved transparency and accountability
- Better communication between the project team and the project sponsor
The challenges of audits in project management
Project management audits can also pose many challenges, including:
- The need for independent auditors
- The time and resources required to conduct an audit
- The potential for resistance from the project team.
- The difficulty of identifying all potential risks and problems
Auditing project management with Twproject
This software offers a wide range of tools and features that enable project managers to plan, monitor and control every aspect of auditing projects.
It allows the creation of specific templates and standardized tasks for each audit project, ensuring that each process step is executed within the defined time and resources.
One of the critical features of Twproject is the ability to manage projects in real-time, even in remote work situations.
Indeed, Argea’s auditors work on complex auditing projects, distributed among several team members, using Twproject as a central platform to keep all project information and progress up-to-date.
Now, let’s have a look at their experience with Twproject.
Argea’s experience with Twproject
Argea is a public agency that is key in financing the Community Agricultural Policy for the Region of Sardinia.
As agency activities have grown and responsibilities in the disbursement of European Union funds have increased, auditing project management has become increasingly complex and critical to ensuring regulatory compliance and proper use of funding.
In the past, Argea’s activities were mainly carried out using specialized niche grant-making tools and the standard tools available on a workstation, such as Microsoft’s Office suite.
However, as responsibilities increased and processes became more complex, it became apparent that it was necessary to create an internal auditing department to analyze processes, solve problems and create reports to be submitted to the Union’s auditing bodies.
Argea’s internal auditing area lacked a specific tool for managing audit activities. Therefore, extensive research of software tools available on the market, both locally and internationally, was conducted to find the best solution that combined robustness, flexibility, convenience, and adaptability to Argea’s internal auditing processes.
After analyzing a dozen tools, Twproject proved to be the ideal choice for Argea.
The company was particularly impressed with the flexibility, comprehensiveness, and convenience the project management software offers.
Argea implemented Twproject to standardize and streamline internal auditing processes. The software enabled the agency to create a project management environment and internal auditing processes that streamlined community regulatory procedures. Auditing projects and processes were standardized through the use of specific templates and standardized tasks in Twproject.
This ensured that each process step was executed within the defined time and resources, providing accurate control and efficient management of auditing projects.
With over 30 internal auditors working on dozens of auditing projects simultaneously, Twproject has provided a central platform to keep all project information and progress up-to-date.
Auditors can collaborate in real time, keeping track of auditing activities, tasks, and reports.
All this has also resulted in significant savings to Argea’s software budget.
The solution offered by Twproject beat domestic and international competitive offerings, providing exceptional value for money.
This has enabled Argea to save significantly on internal operating costs while maintaining high functionality and support.
In addition, Twproject offers continuous improvements by regularly releasing new features. This means that the agency can immediately benefit from these new features without needing specific customizations, ensuring that the software is always state-of-the-art and can meet the specific needs of auditing project management.
Twproject was the best solution out of the dozen we have analyzed and tested, having a much greater flexibility, adaptability and affordability than the rest.
Auditing project management is a critical challenge for organizations to ensure regulatory compliance and control of internal activities.
Argea’s experience with Twproject showed the many benefits of this solution.
Twproject has enabled the agency to standardize auditing processes, simplify internal project management and save significantly on the software budget.
The flexibility and reliability of the project management software have enabled it to effectively manage auditing projects, enabling Argea to respond to the increasing responsibilities and complexity of auditing activities.