Project audit is a continuous process that starts at the execution stage of a project and goes on till the project’s end and beyond. It aims to check the project against success criteria and confirm that this project remains effective and follows documented quality standards and requirements. The audit process helps complete various projects on time, on budget and as per user requirements. Organization needs to continuously make investments in sustaining, growing and transforming its business activities. Project management serves as the ideological framework and the implementation mechanism for administering and controlling the various investment initiatives, which appear to be projects. But only well-managed and controlled projects will provide the organization with significant opportunities to create value. A well-managed project is performed in line with the constraints of Scope, Time, Cost and Quality.