Certified Meeting Professional (CMP) Practice Exam

The type of audit performed by project team members is known as an internal audit. Internal audits are typically conducted by individuals within the organization or project team to evaluate the effectiveness and efficiency of operations, compliance with policies and regulations, and overall risk management. These audits focus on the internal processes and performance of the team, allowing them to identify areas for improvement and ensure that project goals are being met according to established standards.

This process helps reinforce accountability and transparency within a project while fostering a culture of continuous improvement. By conducting internal audits, project teams can proactively address issues before they escalate, ultimately enhancing project outcomes and stakeholder satisfaction.

In contrast, external audits are performed by independent entities, combined audits involve both internal and external parties, and formal audits are structured assessments following set protocols or guidelines, which may not specifically apply to project team members conducting their own internal review.