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Procedure for submission of proposals of investments and audit of investment

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When a company is deciding whether to undertake an investment (from a number of possible options), what is the general procedure for the submission of proposals and the subsequent audit of investment?

I'm only looking for a relatively brief outline, maybe bullet-points if possible?

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Solution Summary

The solution presents an outline in which there are 10 points for the procedure for submission of proposals, and an additional 10 points for the evaluation of the decision.

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1. What is the nature and purpose of the investment?
2. Does the project align with the overall objectives of the business?
3. How much finance is required? Does this fit with the funds available?
4. What other resources are required for the successful completion of the project?
5. How long will the project last and what are the key stages of the project?
6. What is the expected pattern of cash flow?
7. What are the main problems associated with ...

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