Value for money audit

A famous example is in St. On his return, he asked each of these servants to account for the goods with which he had been entrusted. In the ancient ages, great land owners would not manage their own land, but would appoint stewards to manage their own land for them. The account of these land owners were checked by having them called out by those who gave them to those in authority land owners for hearing otherwise called stewardship accounting.

Value for money audit

The audit was performed on behalf of AGO. Designed to determine whether government agencies are meeting economic, efficiency and effectiveness criteria the "three Es" in carrying out their core missions and initiatives using public resources.

Value for money audit

Carried out a performance audit of the Boards and presented our findings to AGO in three phases: The main objective of the audits was to identify deficiencies in the agencies' use of public resources by evaluating the three Es of the agencies, including the examination of governance issues, such as risk management and other control structures, resource use, performance measures, performance reporting and performance monitoring system.

A systematic three phased project approach was developed to identify appropriate key VFM findings covering the programs and processes of the audited agencies.

Definition of Value for Money Audit

Our structured, project reporting at each phase, allowed AGO to track the progress and ensure the overall objectives are met.

The high degree of involvement by project partners and directors at critical stages to drive discussion of business risk and operational controls with management were well received by AGO and the boards. Designed a three phased approach to assist the Ministry and its statutory boards to embed a VFM framework in its statutory boards: Build and Develop Content - Phase 2: Deliver Content - Phase 3: Phase 2 comprised training workshops to educate key officers of the board on the proposed VFM framework and to operationalize the framework in their respective agencies across various processes.

Phase 3 assisted the statutory boards to embed the training contents in the SBs training portal for a wider outreach to the agency staff. Recommendations provided enabled the Ministry and statutory boards to agree on a working definition of VFM in which a performance measurement system can be put in place between the Ministry and the Statutory Boards.

Used selected processes in statutory boards as case studies, the project lever on the 'as-is' picture of the processes and took the participants through the proposed 'future state'. The transformation process required the implementation of both a guiding principles framework as VFM is in many instance a subjective matter as well as an effective communication program in the statutory boards to obtain consensus on how VFM is to be measured.This study,EVALUATION OF VALUE FOR MONEY AUDIT, AS A TOOL FOR FRAUD CONTROL IN THE PUBLIC SECTOR contains concise information that .

Value for Money (VFM) Audit.

Audit - Wikipedia

A Value for Money (VFM) Audit includes auditing all aspects of an organization, both human capital and financial resources and determining if there is consistent effectiveness in achieving its goals and efficiency in managing its resources. Criticisms of value for money auditing include its being drawn from a management consulting culture in audit (Free et al., , p.

) and as compromising the independence of auditors who strongly promote the performance-accountability framework (Gendron, Cooper, & Townley, , p. ). Provision for value for money audit as % of total government spending % Audited body — any bureau of the Government Secretariat, department, agency, other public body, public office, or .

Jan 26,  · Forum undertakes to have a Value for Money (VFM) audit conducted before the end of the present agreement in As identified in the Agreement with DFAIT, the Value for Money Audit must examine the Forum’s overall performance delivering its programs.

Overview of Value-for-Money Audit Process Process Outputs Key Communications with Department Determining Audit Focus • Letter to Deputy Minister with copies to the Knowledge of Business including issues and risks • Audit Objectives Treasury Board Secretary, the Deputy Minister of.

Value for money audit | EY Academy of Business