Making a difference

Value for Money Auditing

In the recent economic climate, the need to make best use of scarce resources in the provision of services has never been more pressing. Increasingly, organisations are being required to demonstrate how much progress has been made and the level of standards met.

Internal and external auditors play a crucial role in establishing whether Value for Money (VFM) is being achieved and waste and extravagance minimised.

This practical course will give participants guidance on discharging such responsibilities and will enhance their knowledge and skills by showing how to conduct a variety of VFM audits and reviews, taking participants through assignments step by step.

Who should attend
Internal and external auditors and audit managers in the public, private and NGO sectors. The course will also benefit anyone charged with achieving VFM audits and reviews of the economy, efficiency and effectiveness of operations.

How you will benefit
By the end of the course you will be able to:

• articulate the objectives and scope of VFM reviews and how to maximise audit's value
• apply various approaches to conducting VFM audits, from systems reviews to detailed studies
• prepare an audit strategy for introducing and performing VFM work
• plan and conduct specific assignments using the latest standards and techniques
• assist management in strengthening systems of control and risk management

Course profile

• The Nature of Value for Money
• The meaning of "value for money" (VFM)
• Economy, efficiency, effectiveness
• Context: impact of economic, political and other factors
• "Value for Money Auditing" ("Performance Auditing")

Managing and Achieving Value for Money

• Responsibilities: the various parties involved
• Roles of senior and line managers; VFM units
• Establishing appropriate systems and controls
• Establishing appropriate attitudes: embedding VFM

VFM Auditing as Part of Modern Audit Work

• The roles, responsibilities and scope of internal and external auditors
• Standards: new IIA (Jan 09), INTOSAI and other guidance
• Building VFM work into audit activities; typical topics
• Approaches: systems-based reviews, investigative studies, combined approach
• Developing a VFM Audit strategy

Performing VFM Audits

• Auditing the overall arrangements
• Systems and risk-based reviews
• In-depth studies
• The stages of an assignment, from planning to reporting
• VFM audit practices; data collection and other techniques
• Auditing specific activities and projects