ARTICLE · 06 JUNE 2024

Internal Audit And Programme Assurance

SNG Grant Thornton

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The continued tragic failure rate of Projects requires Internal Audit to be part of the solution and not bystanders.

South AfricaAccounting and Audit

According to a Gartner report, CEOs want three things: Growth, digitalization and efficiency. Businesses undertake projects to achieve their strategic objectives. However, according to the Standish Group (in the Chaos failure Curve), the failure rate of large scale projects is an astonishing 42%. This survey is based on over 50 000 recent projects. This number is astounding, even more so because this number relates to projects that are transformational in nature meant to significantly transform and improve business performance.

Depending on the size and nature of the business these projects cost companies hundreds of millions of rands which in many instances organisations do not derive any value from them when they fail. This is money literally wasted.

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