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Strengthening power grid projects' governance and sustainability through lifecycle auditing
Mo Zhou1, Yinhao Chen1, Liuzhao Zhou2
1State Grid Jiangsu Electric Power Co., Ltd., Nanjing, 21000, China.
Lifecycle auditing (LAud) enhances power-grid project management and risk control. This study developed a comprehensive LAud framework, improving governance and sustainability in complex infrastructure projects.
Area of Science:
- Engineering Management
- Auditing
- Infrastructure Development
Background:
- Power-grid projects face significant risks and complexities.
- Traditional auditing methods have limitations in managing these risks.
- There is a need for enhanced project management and risk control in power-grid development.
Purpose of the Study:
- To examine the application of lifecycle auditing (LAud) in power-grid projects.
- To develop and test a comprehensive LAud framework for power-grid lifecycles.
- To enhance project governance, risk control, and sustainability in the electricity sector.
Main Methods:
- Qualitative case study approach.
- Implementation analysis of a full-process LAud model within an internal audit framework.
- Data analysis from 29 completed power-grid projects and expert interviews.
Main Results:
- Development of a comprehensive LAud framework covering all project lifecycle stages.
- Creation of a new workflow and a digital platform for LAud implementation.
- Demonstrated enhancement of project governance and sustainability through real-time monitoring and proactive risk mitigation.
Conclusions:
- Lifecycle auditing significantly improves project governance and sustainability in power-grid development.
- The developed LAud framework offers actionable insights for project oversight and continuous auditing.
- LAud supports the sustainable development of the electricity sector by fostering transparency, efficiency, and resilience.
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