Due to the financial crisis starting in 2008, credit institutions and banks suffered a sustainable loss of trust and reputation. Several new regulations were set up by government, local national bank authorities or the European National Bank to gain more power over capital markets and its operating credit institutions and banks. Those regulations also have an impact on every organizational unit of a bank, like the Internal Audit Department. Internal Audits audit activities, which aim to check compliance of the bank with law and other regulations, are based on risk orientated planning and are summarized in an audit plan. The aim of this Master Thesis is to check, how the risk orientated audit plan of an Austrian credit institution can be steered and monitored by the use of project portfolio management. In this regard, a model of a risk oriented audit plan was designed in cooperation with an Austrian auditor. With the help of four scenarios created by the author - one after each quarter of a year - the use of project portfolio management for steering and monitoring the audit plan was evaluated. The outcome of the evaluation declares with regard to some remarkable similarities between a project and an audit, that the risk oriented audit plan of an Austrian credit institution can be steered and monitored by using project portfolio management. In addition, practices of project portfolio monitoring and project portfolio reporting can also be applied. Limitations with regard to the major tasks of project portfolio management only concern the selection and prioritization processes as well as the strategy alignment process due to the specific approach of risk oriented planning.