Project Audit is not the best of times for a Project Manager for sure but did you know the various types of Audits mentioned in the PMBOK? To begin with the basics, project auditing can be defined as the process of detailed inspection of the management of a project, its methodology, its techniques, its procedures, its documents, its properties, its budgets, its expenses and its level of completion.
The various types of audits you will come across during your PMP preparation are,
Normal Audit or Inspection
A normal audit or simply 'audit' is part of Monitoring and Controlling process group. It is also termed as Inspection as it is basically a QC process. Inspection is done after the product is built
Quality audits are part of Execution process group. These are reviews of your project by your company. They figure out whether or not you are following the company's process
Risk audits are part of Monitoring and Controlling process group. These help with overall process improvement. The risk responses (that were implemented) are analyzed to determine if they were effective in handling the risks and their root causes. Similarly, you can also audit and gauge the effectiveness of the risk management processes in the project as a whole too
Procurement Audit is part of Closing process group. As part of procurements closure, a structured overall review flushes out issues, sets-up lessons learned, helps ensure problems are resolved for future projects and also identifies successes and failures that warrant transfer to other procurements