Reviewing the cost-benefit documentation done by unqualified members will lead to wrong decision making my friend. First, review qualifications of key members of the project team.
The feasibility study typically includes an analysis of the costs and benefits associated with the proposed system development. The IS auditor should review the cost-benefit documentation to ensure that it is reasonable, accurate, and provides a sound basis for decision-making. This involves assessing the validity of cost estimates, evaluating projected benefits, and ensuring that the financial analysis aligns with industry standards and organizational goals.
In summary, all of these options are important considerations when auditing the feasibility study of a system development project. The choice of which one is the most critical may depend on the specific context of the project and the auditor's objectives, but each option plays a significant role in assessing the project's feasibility and mitigating risks
A. Review the request for proposal (RFP) to ensure that it covers the scope of work:
This is important because it ensures that the RFP accurately reflects the project's scope and requirements. Ensuring that the RFP is comprehensive and aligned with the feasibility study is a key part of the audit.
B. Ensure that vendor contracts are reviewed by legal counsel:
This is also crucial to ensure that the contracts are legally sound and protect the interests of the organization. While it may not be part of the feasibility study itself, reviewing contracts is an important part of project management and risk assessment.
C. Review cost-benefit documentation for reasonableness:
This is a critical part of auditing a feasibility study. The IS auditor should assess whether the projected costs and benefits outlined in the study are reasonable and have been adequately justified. This is essential for determining the project's economic feasibility.
D. Review qualifications of key members of the project team:
Assessing the qualifications of key team members is important to ensure that they have the necessary expertise and experience to successfully execute the project. This is especially relevant in evaluating the project's technical feasibility.
option C is the correct answer.
The feasibility study of a system development project is an important phase that helps to determine whether the project is viable and worth pursuing. One key aspect of the feasibility study is the cost-benefit analysis, which assesses the potential benefits of the project against the costs and risks associated with it.
C. review cost-benefit documentation for reasonableness.
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