This work program focuses on the capital projects process. It focuses on identifying and prioritizing risks, evaluating internal controls and assessing the maturity of this business process.
Audit objectives include: understand and analyze activity; set objectives and plan; identify and prioritize risks; identify controls and evaluate; test controls; report; monitor and follow-up; and add value. Audit steps include: utilize COSO framework objectives; complete initial planning and scoping; link capital project risks to company objectives, initiatives and history; and rate capital project risks based on significance and likelihood.
Policies & Procedures
Capital Projects – Allocating Contract Cost Policy