postaudits

Postaudit is an examination conducted after a project, program, contract, or financial transaction to verify the accuracy of financial data, assess compliance with applicable policies, and evaluate whether stated objectives were achieved. Post-audits are used to determine value for money, identify inefficiencies, and document lessons for future procurements and projects.

Post-audits can be financial, focusing on costs and invoices; compliance audits focusing on adherence to rules; or performance or benefits-realization audits evaluating outcomes relative to planned objectives. In IT, a post-implementation review is a related practice that assesses benefits realization and user satisfaction after deployment.

Process and methodology typically include: defining the scope and objectives; collecting and corroborating records (contracts, invoices, performance data); verifying transactions; comparing actual costs and outcomes with budgets and milestones; analyzing variances; assessing internal controls; drafting findings and recommendations; presenting results to management; and monitoring the implementation of corrective actions. The approach may employ sampling, substantive testing, and data analytics to support conclusions.

Auditors may be internal or external and may apply standards from professional bodies such as the Institute of Internal Auditors or governmental audit guidelines. Limitations can include incomplete data, timing constraints, and potential biases. Benefits include enhanced accountability, transparency, and evidence-based decision making, while limitations include resource intensiveness and the possibility that recommendations are not fully implemented.

Post-audit findings can influence policy changes, contract terms, pricing models, and project governance. They provide independent assurance that records are complete and that resources are used as intended, and they inform future planning and control improvements.