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Project Quality Management
Published in Ginger Levin, PMP® Exam Preparation, 2018
The information obtained from a quality audit can be used to improve quality systems and performance. The subsequent effort to correct any deficiencies should result in a reduced cost of quality and an increase in sponsor or customer satisfaction. In most cases, quality audits also can confirm implementing approved change requests such as updates, corrective or preventive actions, and defect repairs. Change requests to implement recommendations from the quality audits are an output of the Manage Quality process. [Executing]
Auditing processes for project life cycle phases
Published in Abdul Razzak Rumane, Quality Auditing in Construction Projects, 2019
Quality audit is a systematic, planned, independent and documented process to verify or evaluate and report on the degree of compliance to the agreed-upon quality criteria, or the specification or contract requirements of the product, services or project. Figure 6.1 illustrates the PDCA (Plan-Do-Check-Act) cycle for the auditing process, Figure 6.2 illustrates the typical quality auditing process for construction projects and Table 6.1 lists the typical contents of an audit plan.
Quality Management System
Published in Abdul Razzak Rumane, Quality Management in Oil and Gas Projects, 2021
Third-party audits may result in independent certification of a product, process, or system such as ISO9000 QMS certification. Third-party certification enhances organization’s image in the business circle. Quality audit provides feedback to the management on the adequacy implementation and effectiveness of quality system.
Does the audit quality affect the financing efficiency of photovoltaic enterprises? Evidence from listed companies in China
Published in Energy Sources, Part B: Economics, Planning, and Policy, 2022
Ming Pang, Ya Zhang, Ruimin Zhang, Ke Hou
A high-quality audit can increase the reliability, authenticity and transparency of information disclosed by enterprises, reduce the information asymmetry between financing parties, reduce agency problems in the stage of fund-raising, and improve the success rate of financing. At the same time, the supervisory role of a high-quality audit can replace creditors to supervise the use of funds by financing enterprises, avoid risky projects, reduce agency problems and reduce the difficulty of financing. In the midstream battery manufacturing link, photovoltaic enterprises are more likely to pursue production capacity excessively and ignore market demand, resulting in overcapacity. Auditors can reduce managers’ short-term investment behavior and inefficient investment behavior effectively through supervision, and prevent managers from using funds for high-risk investment and over-investment. Based on the impact of audit quality on the agency problem in the fundraising and allocation stages above, our paper puts forward the following assumptions: