It is best practice to close a project out because it is important to formally close out documentation of all activities associated with the project being completed. It is important to finalize and close out any remaining conclusion items like final payments, last system release deployments, finalizing hypercare and documenting issues and the solutions. It is also important to close out projects properly from a resource utilization standpoint for capacity tracking. Once project has been closed then the PM can build out what the retrospective would look like in bringing the project teams together to discuss how the project performed, what worked well, could improve and areas of opportunities. Also, an opportunity to recognize and provide feedback to all stakeholders and project team on the overall performance of the team. Opportunities for a project audit could be in the situations where major milestones were missed or a project that went extremely over budget. These situations could benefit from a audit review to understand where and how things went off track and allow for proper documentation to address the prevention of it happening again. Auditing could also identify opportunities where additional support is needed from leadership or PM oversight