Several years ago when I was a first time project manager, the project I was handling underwent an internal audit.
This being my first project, I prepared very hard & was very confident about it. However when the audit report came, the result was a “B” grade with a red flag status, meaning it needed the intervention of my superiors.

I was livid with the audit report & called up the auditor for an explanation. he said that my project had failed a test called “ If my customer decides to take me to court, do I have enough documentary evidence to defend myself”
I argued that the points for which the documentary evidence was absent were trivial & unlikely that the customer would go to court for this.
The auditor wanted every change & every decision to be documented & sent across to all concerned.
My appeal failed and the project rating stayed.

Several years later, now, I feel that the auditor was right in his findings.
I do conduct audits for various software projects & I also manage many projects. In each of these, I always ask my self the question, “If my customer decides to take me to court, do I have enough documentary evidence to defend myself”
The not so good audit report of my first project has made me a better project manager.