Course Overview

What is the value for money audit? Value for money audit is concerned with the economy, efficiency and effectiveness of governmental expenditure.

The risk-based emphasis being increasingly implemented is universally accepted as the new benchmark for Internal Audit. The flip side of risk, though, is opportunity. Precisely targeting significant areas of business opportunities in the audit programme can bring major measurable benefits to the organisation whereas at the same time reducing the associated risks. This is predominantly true if the areas of the business targeted are those which are frequently overlooked by management.

This Zoe course will enable participants to recognize the benefits of a focussed VFM audit process and how to effectually measure the value-added.

Course Objectives

On successful completion of Value for Money Audit Training Course, participants shall be able to:

• Use the theory and practice of VFM auditing
• Observe the key aspects of the relevant professional standards
• Plan VFM assignments successfully
• Develop testing plans to confirm optimum coverage
• Organise pre-meetings, audit interviews and clearance meetings with confidence
• Offer overall assurance on the VFM assignment
• Set and establish performance measures
• Prepare efficient and effective VFM audit reports

Training Methodology

This collaborative Value for Money Audit Training will comprise the following training methods:

• Lectures
• Seminars & Presentations
• Group Discussions
• Assignments
• Case Studies & Functional Exercises

Zoe Talent Solutions follows ‘Do-Review-Learn-Apply’ model.

Organisational Benefits

On successful completion of Value for Money Audit Training, participants shall be able to benefit their organization in the following ways:

• Provide effective Audit support for all the staff
• Better relevance and reliability of Audit information
• Enhanced strategic thinking and emphasis on performance
• Enriched effective use of Value for Money (VFM) Auditing of the company
• Preparation of staff for bigger responsibility

Personal Benefits

Successful completion of Value for Money Audit Training Course, shall benefit participants in the following ways:

• Conduct and Facilitate a Value for Money (VFM) audit
• Identify important elements of a joint interest audit
• Foster a risk-based approach to audit
• Produce persuasive Value for Money (VFM) audit reports
• Know the best practice in investigating fraud

Who Should Attend?

Value for Money Audit Training Course is open to everyone and will be particularly useful to all Accountants, Auditors, Business Managers, Tax Officers, HR Managers and others who perform related functions in public and private organizations. It will specifically benefit internal auditors that need to execute Value for Money (VFM) or Performance reviews.

• Accounting Executive / Managers
• Auditors / Auditing Managers
• JV Executives / Managers / Advisors
• Budgeting Officers / Executives / Managers
• Financial Reporting Managers
• Regulatory Compliance Officers
• Commercial Analysts, Executives & Manager
• Financial Executives / Managers / Controllers /Directors
• Cost Controllers, Executive & Managers
• Treasurers / Managers
• Taxation & Reporting Executives / Managers
• Business / Investment Analysts & Managers

Course Outline

Module 1: Introduction to Value for Money (VFM) Audit

• What is Value for Money (VFM)?
• Defining Value for Money Audit
• Difference between Conventional Audit and VFM Audit
• The three “Es.” of VFM Audit
• Objectives of VFM Audits
• Role of Auditor General & Audit Staff
• Challenges in VFM Audits

Module 2:  Audit Planning & Control

• The five phases of Audit Process
• Determine Audit Objectives and Criteria
• Discussions with the Auditees
• Establishing VFM Audit Design Matrix (ADM)
• Arrange external expertise, if required

Module 3: Audit Conduct

• Obtaining data to achieve audit objective
• Verification and analysis of data
• Assessment of Internal Control
• External Confirmations
• Assigning VFM Audit Metrics
• Discussions with management

Module 4:  Audit Reporting

• Draft Preliminary Audit Report
• Auditees’ Response
• Discussions with the Auditees
• Peer Review
• Final Report
• Post- Audit Review

Module 5: Conclusion

• Case Study
• Group Discussions