VALUE FOR MONEY AUDIT: PROJECT AUDITS

OBJECTIVE

This Value for Money Audit training course is designed to assist the auditor in assessing whether an organization operates in a cost conscious, efficient and effective manner, and it will improve the organization’s internal audit function.

CONTENT

What is Value for Money (VFM) Audit?

• Organizational Drivers and Objectives
• Concept of Value for Money (VFM) Audit and its Roles in Achieving the Organizational Goals and Objectives
• Pillars of Value for Money (VFM) Audit
• The Challenges of Value for Money (VFM) Audit
• The Value for Money (VFM) Auditor

The Audit Function  

• Purpose & Types of Audit
• The Roles & Procedures within the Internal Audit Department
• Audit Preparation and Planning to Ensure an Effective Audit
• Audit Testing / Sampling to Verify Accounts and Controls
• Communicating Audit Findings & Audit Reviews

Initiating and Planning the VFM Audit

• The Procedures of Value for Money Audit
• A Risk-based Approach to Value for Money (VFM) Audit: A Model Framework
• The Key Steps in the Value for Money (VFM) Auditing Cycle
• Special Planning Considerations for Value for Money (VFM) Audit
• Value for Money (VFM) Audit and KPIs
• Obstacles to the Conduct of Value for Money Audit

Executing the Value for Money (VFM) Audit

• Conducting the Value for Money (VFM) Audit
• Working with others during the Value for Money (VFM) Audit
• Setting and Assigning Value for Money (VFM) Audit Metrics
• Process of the Data Collection Process
• Analyzing Data and Extracting Conclusions
• Management Controls and Value for Money Audit

Reporting the Value for Money (VFM) Audit

• Documenting the Value for Money (VFM) Audit
• Quality Assurance of the Results
• Producing Value for Money (VFM) Audit Reports
• Distributing a Value for Money (VFM) Audit Report and the Impact