The Ethereum Cat Herders were tasked by the Ethereum Core Developers with reviewing and finding an independent party to perform an audit on the Programmatic Proof Of Work algorithm (a.k.a ProgPoW). Please go here to see the full blog post on the goals and expectations of the audit:
The planned audit is to be completed by Least Authority (https://leastauthority.com/). You can view the audit proposal here:
We are soliciting funding for the audit from a variety of sources including Ethereum organizations, miners, and the community. Note that this Gitcoin grant will only be for a portion of the funding and we will rely on larger organizations and others to contribute. We appreciate everyone who contributes to this audit! Please note that this will be a one-time grant that will span one month and will not be a monthly recurring grant.