What is the most critical aspect for an IS auditor to consider when reviewing an enterprise's project portfolio?

The most critical aspect for an IS auditor to consider when reviewing an enterprise's project portfolio is that the portfolio is aligned with the business plan. Aligning projects with the business plan ensures that they support the overall strategic goals and objectives of the organization. This alignment creates value, as it ensures that resources are being allocated to initiatives that have meaningful impacts on the business's success.

When projects are aligned with the business plan, they contribute directly to the organization's priorities, facilitating better decision-making and resource allocation. Additionally, this alignment helps in managing risks and ensuring that any projects undertaken are relevant to the current market and operational needs.

Other factors, while important, do not carry the same level of criticality as alignment with the business plan. For instance, projects needing to be within the existing IT budget and approved by the IT steering committee are necessary for operational feasibility and governance but do not guarantee that those projects are the right ones for the organization to pursue strategically. Similarly, alignment with the investment strategy can matter, but if it does not correlate with the organization's broader business objectives, it may not yield the desired outcomes. Hence, ensuring that the project portfolio aligns with the business plan is paramount for driving the success of the enterprise.