Part of #An Integrated Continuous Auditing Project Management Model (CAPM)# :
Publishing year : 2008
Conference : Sixth International Management Conference
Number of pages : 11
Abstract: In the large scale complex projects, there is a need to continuously monitor and audit the various components and indicators of the project, in order to identify and detect significant performance disruption and result, defects, errors, omissions and possible fraud. In a paper-based traditional project management approach, project activities are typically monitored and audited infrequently and with a time lag, which sometimes may be extended to weeks or even months. Auditing of project management activities with a time lag can create inefficiencies in time delays and cost overruns as appropriate interventions are not rendered immediately after incidence or in real time bases. In this paper we present a continuous audit model for complex projects that requires constant monitoring and reporting of exceptions. The authors believe that the CAPM can significantly enhance the project management team's ability to monitor project activities. In the first section of the paper, we will discuss how continuous auditing works to facilitate project management monitoring and control of project activities. The second section of the paper deals with project management internal controls using the IPMA1 excellence model.