Deck 12: Project Auditing

Question 1

__________ tries to capture the essence of project successes and failures so that future projects can benefit from past experiences.

A)Auditing
B)Postcontrol
C)Baselining
D)Ruling

Answer 1

B

Question 2

__________ is one of the four independent dimensions of project success,and is focused on meeting both the budget and schedule established in the project plan.

A)Project efficiency
B)Customer impact / satisfaction
C)Business / direct success
D)Future potential

Answer 2

A

Question 3

__________ appraises the progress and performance of a project compared to its planned progress and performance or to the progress and performance of other similar projects.

A)Project control
B)Project evaluation
C)Project monitoring
D)Risk management

Answer 3

B

Question 4

A meeting place for the project team,a display area for the charts that show the project's progress,a central repository for project files and reports,and an office for the project management and other project administrators.

A)Project office
B)Project conference room
C)War room
D)Project club house

Question 5

A major vehicle for evaluation is the __________,which is a more or less formal inquiry into any aspect of the project.

A)ethical audit
B)project audit
C)moral compass
D)technical audit

Question 6

There are tough problems associated with finding the ancillary goals of a project.

A)If a goal is not openly acknowledged,project team members need not fear that their performance can be weighed and found wanting.
B)Members of a project team are never quite comfortable in the presence of an auditor / evaluator.
C)It is often very difficult for the project manager and senior management to agree on the ancillary goals.
D)The diverse set of direct and ancillary,project,and individual goals do not bear clear,organizationally determined priorities.

Question 7

The __________ is a thorough examination of the management of a project,its methodology and procedures,its records,its properties,its budgets and expenditures,and its degree of completion.It may deal with the project as a whole,or only with a part of the project.

A)ethical audit
B)project methodology
C)project audit
D)project well-check

Question 8

Managerial audits look at __________ and their use.

A)managerial systems
B)subordinate systems
C)manual systems
D)ethical policies

Question 9

The __________ dimension of project success includes factors relating to opening a new market,developing a new line of products or services.Alternatively,if an internal project,success factors include developing new technologies,skills,or competencies.

A)project efficiency
B)customer impact / satisfaction
C)business / direct success
D)future potential

Question 10

Identification of the direct goals of a project requires __________.

A)a reading of the project structure
B)a reading of the project proposal
C)a reading of the budget
D)a reading of the WBS

Question 11

The stated project objectives,including funder satisfaction,are part of the project's __________ goals

A)indirect
B)ancillary
C)secondary
D)direct

Question 12

Which of the following is not one of the top three project success factors,from a project manager's perspective?

A)customer impact / satisfaction
B)business / direct success
C)future potential
D)efficiency

Question 13

The __________ dimension of project success is measured primarily in terms of the level of commercial success and market share.For internal projects,however,the factors might include such measures as yields,cycle times,processing steps,quality,and so on.

A)business / direct success
B)customer impact / satisfaction
C)project efficiency
D)future potential

Question 14

The most immediate dimension of project success is the project's __________ in meeting both budget and schedule.

A)timing
B)delay
C)totality
D)effectiveness

Question 15

The __________ goals are usually not overtly identified.

A)primary
B)overall
C)ancillary
D)most important

Question 16

The __________ dimension of project success includes the obvious factors of meeting the project's technical and operational specifications.It also includes factors relating to loyalty and repurchase.

A)project efficiency
B)customer impact / satisfaction
C)business / direct success
D)future potential

Question 17

_____ goals are unplanned but important contributions to the project and its parent.

A)Direct
B)Secondary
C)Off-book
D)Ancillary

Question 18

Identification of the ancillary goals of a project requires __________ because; for the most part the goals were not overtly identified.

A)circular reasoning
B)deductive reasoning
C)inductive reasoning
D)abductive reasoning

Question 19

The project audit covers __________.

A)only financial matters
B)everything except operating matters
C)only ethical and financial matters
D)any specified scope of importance to management

Question 20

Postcontrol cannot change the past,but it tries to capture the essence of project successes and failures so that future projects can benefit from past experiences.The PMBOK refers to this as

A)audits
B)lessons learned
C)feedback loops
D)evaluation cycles

Question 21

Project morale may suffer if the project audit report is not written with a(n)__________.

A)honest tone
B)complete story
C)stakeholder's perspective
D)constructive tone

Question 22

This of an audit report contains a description of the project to provide a framework of understanding for the reader.

A)Introduction
B)Current status
C)Future project status
D)Critical management issues

Question 23

In the current status of an audit report,the subheading labeled __________ will compare the work completed with the resources expended.

A)scope
B)cost
C)schedule
D)quality

Question 24

The _____ of an audit report includes all issues the auditor feels require close monitoring by senior management.

A)introduction
B)current status
C)future project status
D)critical management issues

Question 25

The __________ of an audit report contains a description of the project to provide a framework of understanding for the reader.Project objectives are clearly delineated.

A)current status
B)future project status
C)introduction
D)risk management

Question 26

The __________ of the audit should be reported as of the time of the audit.It should contain the following measures of performance: cost,schedule,progress,and quality.

A)future project status
B)introduction
C)risk management
D)current status

Question 27

The __________ of the audit report contains the auditor's conclusions regarding progress together with recommendations for any changes in technical approach,schedule,or budget that should be made in the remaining tasks.

A)introduction
B)current project status
C)future project status
D)risk management

Question 28

Audits done early in the project lifecycle are often focused on __________.

A)technical issues
B)management issues
C)financial issues
D)personnel issues

Question 29

This of an audit report contains the auditor's conclusions regarding progress together with recommendations for any changes in technical approach,schedule,or budget that should be made in the remaining tasks.

A)Introduction
B)Current status
C)Future project status
D)Critical management issues

Question 30

The value of project audits / evaluations conducted during the post-project stage will depend on the __________ to future projects.

A)links
B)costs
C)applicability of findings
D)conformity

Question 31

For audits made late in the project's life,__________ are major matters of interest.

A)technical issues
B)management issues
C)financial issues
D)personnel issues

Question 32

A typical detailed audit is conducted when __________ is required.

A)a follow-up to the general audit
B)effectiveness
C)an ethical audit
D)full disclosure

Question 33

If the audit report is to serve as a communication device,there should be a __________ for such documents.

A)repository
B)predetermined distribution list
C)stakeholder register
D)communication manager

Question 34

Two of the most common limits on the depth of an investigation and level of detail presented in an audit report are __________.

A)the personality of the auditor and cooperation received
B)scope and objectives
C)word processing support and existing documentation
D)money and time

Question 35

We have seen a rise in agile management for projects with

A)high costs
B)uncertain scope
C)low employee morale
D)low quality

Question 36

In the audit report,negative comments about individuals or groups associated with the project should be __________.

A)avoided
B)included
C)highlighted
D)disguised

Question 37

In the future project status of the audit report,no assumptions should be made about __________ that are still under investigation at the time of the audit.

A)financial problems
B)ethical problems
C)efficiency problems
D)technical problems

Question 38

The accumulation,storage,and maintenance of auditable data are important cost elements.Such storage may be critically important in meeting the legal test of __________.

A)completeness
B)accuracy
C)due diligence
D)capacity

Question 39

This of an audit report should contain the following measures of performance: cost,schedule,scope,and quality.

A)Introduction
B)Current status
C)Future project status
D)Critical management issues

Question 40

__________ is a measure of the degree to which the output of a system conforms to pre-specified characteristics.

A)Scope
B)Quality
C)Cost
D)Schedule

Question 41

Compare the following components of projects audits with their characteristics.

A)Measurement
B)Record-keeping system
C)Recommendations
D)Qualifications to the audit report
1)No standard system,uses any system desired by individual organization or dictated by contract
2)Financial terms plus schedule,progress,resource usage,status of ancillary goals
3)Focus on shortcomings of audit process
4)Often required,and may cover any aspect of the project or its management

Question 42

Compare the following components of financial audits with their characteristics.

A)Measurement
B)Record-keeping system
C)Recommendations
D)Qualifications to the audit report
1)Format dictated by legal regulations and professional standards
2)Mostly in financial terms
3)Customary to qualify statements if conditions dictate,but strong managerial pressure not to do so
4)Usually few or none,often restricted to management of accounting system

Question 43

__________ is defined as a standard for performance,commonly established early on for later comparisons.

A)Audit
B)Baseline
C)Evaluation
D)Summary

Question 44

A primary purpose of evaluation is to help translate the achievement of the project's goals into a contribution to the parent organization's direct goals.List some potential benefits that could be applied to ongoing and future projects from recommendations obtained from such an evaluation.

Question 45

A formal inquiry into some issue or aspect of a system is known as a(n)__________.

A)request
B)baseline
C)evaluation procedure
D)audit

Question 46

Research by Walker argues that __________ is essential for management's ability to assemble information that is both timely and accurate.

A)independence
B)knowledge
C)efficiency
D)technology

Question 47

The key rule of engagement for the project auditor is to gain __________ to enter the system.

A)acceptance
B)weight
C)permission
D)money

Question 48

The __________ of the audit report should contain all issues that the auditor feels require close monitoring by senior management,along with a brief explanation of the relationships between these issues and the objectives of the project.

A)introduction
B)critical management issues
C)current project status
D)future project status

Question 49

Discuss some of the problems associated with finding the ancillary goals of a project.

Question 50

Which of the following is not a project audit life cycle event?

A)project audit initiation
B)project baseline definition
C)establishing an audit database
D)post-completion analysis of the project

Question 51

Match the following project stages with the associated value of a project audit.

A)Initiation
B)Baseline schedule
C)Implementation
D)Preliminary plan / schedule budget
1)Less useful,plan frozen,flexibility of team limited
2)More or less useful,depending on importance of project methodology to successful implementation
3)Very useful,particularly for setting measurement standards to ensure conformance with standards
4)Significant value if audit takes place early-prior to 25 percent completion of initial planning stage

Question 52

Match the following items to be covered in an audit report with their description.

A)Future project status
B)Critical management issues
C)Introduction
D)Risk management
1)This contains the auditor's conclusions regarding progress together with recommendations for any changes
2)This contains a description of the project to provide a framework of understanding for the reader
3)This should contain a review of major issues associated with the project and their projected impact on project time / cost / scope
4)All issues that the auditor feels require close monitoring by senior management

Question 53

The __________ of the audit report should contain a review of major risks associated with the project and their projected impact on project time / cost / performance.

A)risk management
B)current project status
C)future project status
D)introduction

Question 54

The formal audit report may be presented in various formats but should,at a minimum,contain comments on a number of points.Match each of the points below with its description.

A)Current status of the project
B)Risk assessment
C)Information pertinent to other projects
D)Limitations of the audit
1)What assumptions or limitations affect the data in the audit?
2)Does the work actually completed match the planned level of completion?
3)What is the potential for project failure or monetary loss?
4)What lessons learned from the project being audited can be applied to other projects being undertaken by the organization?

Question 55

List the minimum points that should be contained in the formal report of a project audit.

Question 56

In order for an audit / evaluation team to be conducted with skill and precision,all of the following conditions must be met,except __________.

A)proper selection of the team
B)setting a schedule convenient for the auditors
C)accessibility of all records and files
D)preservation of free contact with the project members

Question 57

Project evaluation often makes recommendations that relate to the ancillary objectives of the parent organization.List some of these potential ancillary benefits of project evaluation.

Question 58

During the audit,the auditor / evaluator must maintain __________ and treat all materials gathered as confidential until the audit is formally released.

A)political and technical independence
B)political independence
C)technical independence
D)technical dependence

Question 59

Contact between the a / e team and the __________ are not made without clearance from senior management.

A)CIO
B)ethics board
C)customer
D)project manager

Question 60

An evaluation of the likely outcomes of a policy and their probability of occurrence,usually conducted to compare two or more scenarios or policies is known as __________.

A)technical evaluation
B)project evaluation
C)risk analysis
D)profit estimation

Question 61

List and describe the events that comprise the project audit life cycle.

Question 62

Discuss the differences between a project audit and a financial audit.

Question 63

List and describe the points that should be contained in the formal report of a project audit.