No, the project was not "abandoned" like that. What source told you that?

The wording on the top of http://truecrypt.sourceforge.net/ leads me to believe that TrueCrypt is no longer being developed, and bugs (including vulnerabilities) are not being fixed.

If that's the case, what's the purpose of of the audit?

Thank you, tptacek, for the huge amount of time you're spending answering questions in these threads.

Lots of people still depend on Truecrypt, and have depended on it the past, and those people need to know whether it was ever safe to do that, and how urgent it is for them to migrate to something better.

That makes a lot of sense. Thanks!

Apparently none! Apparently that idea made it into my head somehow, I must've just jumped to conclusions and assumed I read it somewhere. Oops!