What is a more formal process than a review, undertaken by an independent party?

The correct choice is the project audit. This process is typically characterized by its thoroughness and independence, ensuring that the evaluation is unbiased and objective. A project audit involves a systematic examination of a project’s activities, performance, and compliance with established standards or regulations. Unlike a standard review, which may involve stakeholder opinions and subjective assessments, a project audit is carried out by an external party with a focus on verifying information and identifying any discrepancies.

This makes the audit particularly valuable for providing stakeholders with an objective view of a project's status and supporting accountability and governance in project management. The rigor and formality associated with project audits enhance their credibility and usefulness in decision-making processes.