Project Auditing allows for evaluation of procedural and technical compliance - which if not followed - can lead to failure or unnecessary costs. It is also critical if you get into a dispute with suppliers. It is also essential for CAPEX project post-completion reviews.
Accountability is important to ensure that people are performing their jobs correctly and taking responsibility for their actions. Of course procedures also need to be practical and make sense in the context of the project type. A comprehensive audit trail of who did what and when, is essential and ideally all project data should be online and up-to-date allowing it to be accessed from a single computer, thereby saving time and costs.
Many organisations have documented procedures for all business processes and projects. This is often required for various ISO certifications. However very few organisations actually follow these procedures correctly. This can lead to loss of certification as well as civil and even criminal litigation. It is crucial for everyone's protection that whatever system is used enforces procedural compliance and documents every step thereby covering you in the event of something going wrong.
TRACKING COMPLIANCE as part of the ISO process means having an audit trail to prove compliance but this often does not happen. Whatever systems are put in place should automatically track all actions - including communications (emails) in order to be able to prove compliance and accountability and preferably the communications should be stored in a contextual manner so as to make for easy auditing and dispute resolution. There should be no need for running around getting hard-copies from filing cabinets, or emailing documents back and forth, or forgetting to upload the latest version to the server. Thus reviewing your project becomes a cinch.
Following procedures and having an audit trail in place is exactly you need when the paw paw hits the fan. Of course it should be flexible and easy to find the information you need without spending hours searching through hundreds of documents and emails in multiple locations.
All your project data in one place, accessible from anywhere by all stakeholders is what you need.