Management of Capital Project
This will involve (a) authorization of capital expenditure including assignment of responsibility for incurring expenditure; (b) control during the progress of the project in respect of cost, time, value and quality of work done; and (c) coordination and motivation for the effective implementation of the programme.
Post-completion audit: A project completion report is prepared wherein the entire operations are reviewed by top management and policies, procedures, and oraganisation adapted in the light of the past experience. Mistakes are identified, evaluated and corrected for future projects. The basic objective of post-completion audit is not finding faults but learning from the past mistakes to do better in the future.