Conduct efficient audits within the product development sector of your organization with the best-practice steps in this tool. This document outlines a structured approach to evaluating the effectiveness and efficiency of product development processes, ensuring alignment with organizational goals and market demands. It encompasses various audit objectives, such as understanding the product development process, assessing compliance with policies, and evaluating the adequacy of resources allocated to product planning and execution. The work program includes detailed steps for planning, fieldwork and reporting, emphasizing the importance of cross-functional collaboration among teams like marketing, engineering and sales.

By reviewing management reports, policies and procedures, this audit program aims to identify potential risks and areas for improvement, thereby enhancing decision-making and strategic alignment. Additionally, it addresses critical aspects such as intellectual property protection, market analysis and customer feedback integration, which are vital for successful product launches. Ultimately, this document serves as a valuable tool for internal auditors, providing them with the necessary guidelines to ensure that new products are developed efficiently, meet customer expectations, and contribute positively to the organization's overall performance.

Audit objectives include:

• Develop an understanding of the product development process, related measurements and interfaces.
• Determine if the product planning group complies with entity policies and procedures
• Ensure that new products are developed per market factors and the organization's strategic objectives.
• Ensure that all product developments are fully assessed for the potential market, estimated production costs and selling prices.