The British Academy for Training and Development offers a value for money audit training course. The programme is aimed at aiding the auditor to determine whether an organisation is run in an economically conscious, efficient, and effective manner so as to uplift the internal audit function of the organisation.

The internal audit assesses the management on their journey towards the attainment of strategic objectives. Value for Money audits are primarily carried out in the public sector, but the number of private firms conducting such audits is on the increase. Still, only a handful of auditors have any good practical experience in Value for-Money auditing.

This unique practice-based training course unifies the common VfM Audit review elements into one source for any reviewer. This practice-based training course is tailored to bridge that gap, giving those auditors a comprehensive understanding of the principles and practices of Value for-Money auditing. This course aims to offer attendees the internal audit function of organisations with further tools for auditors to carry out extensive Value for Money audits. Attendees will learn how to appraise organisations' performance, compliance with financial regulations, and savings and efficiency opportunities. Hence, at the end of this training, attendees will be able to conduct Value for Money audits, risk-based audit planning, and write persuasive audit reports that influence corporate policies and decision-making.

Objective:

Key objectives of value for money audit training course are:

Conduct comprehensive Value for Money (VFM) auditsIdentify key elements of a joint interest auditDevelop and apply a risk-based approach to auditingProduce detailed and impactful VFM audit reportsUnderstand the best practice in investigate fraudWho Should Attend?

This training course is beneficial for:

Auditors and Auditing ManagersAccounting Executives and ManagersFinancial Reporting ManagersFinancial Executives, Managers, Controllers and DirectorsBudgeting Officers, Executives and ManagersCost Controllers, Executives & ManagersTreasurers and ManagersTaxation & Reporting Executives and ManagersJV Executives, Managers and AdvisorsProduction Sharing Executives, Managers and AdvisorsBusiness Investment Analysts & ManagersRegulatory Compliance OfficersCommercial Analysts, Executives & ManagersHow will attendees benefit?

Attendees of a Value for Money (VFM) Audit Training Course for Auditors will gain numerous benefits:

Enhanced Analytical Capability: Attendees will have a broader perspective on the effectiveness, economy, and efficiency assessments of a project regardless of whether it is done in the public or private sector. This training ultimately allows auditors to analyze and report on the value acquired from money spent-critical to pointing towards areas that would benefit from improvement.Practical VFM Frameworks: The course will give practical knowledge on VFM auditing framework and methodology that participants can apply to every-day audits for high-quality, actionable insights. Improved Reporting Skills: Attendees will learn to prepare clear, constructive, and useful VFM audit reports that shall be well-received by stakeholders. Such reports will help decision-makers in identifying areas where funding is effectively put to use and areas for improvement. Risk Identification and Management: This will equip auditors with skills to identify risks that may arise due to the mismanagement or misuse of funds. With an appreciation of key principles in VFM auditing, they will be able to assure that risks are mitigated early for better allocation of resources.Career Advancement: Attendees will be more marketable in obtaining job opportunities in the public and private sectors with the specialised skills in VFM auditing. It could mean the difference between landing a senior audit position versus a junior one or breaking out into specialised areas of financial oversight and compliance.Cost Savings for Organisations: By learning how to assess what is really worth the money, auditors will enable their organisations to save costs by spotting expenditure that needs cutting and making suggestions on how money can be spent better.International Best Practices: The course will include, where appropriate, case studies and best practices from other countries or sectors, providing an international perspective on VFM auditing that can be applied across different organisational contexts.

On completion of the course, attendees will acquire a knowledge base that lays a foundation for auditing for value, ensuring that their audits do not place undue importance on mere financial compliance but also contribute to the better overall financial health and efficiency of the organisation served.

Module 1: What is Value for Money (VFM) Audit?

• Organizational Drivers and Objectives

• Concept and Role of VFM Audit in Achieving Organizational Goals

• Pillars of VFM Audit

• Challenges of VFM Audit

• The Role of the VFM Auditor

Module 2: The Audit Function

• Purpose & Types of Audit

• Roles & Procedures within the Internal Audit Department

• Audit Preparation and Planning

• Audit Testing / Sampling

• Communicating Audit Findings & Reviews

Module 3: Initiating and Planning the VFM Audit

• Procedures of VFM Audit

• Risk-based Approach to VFM Audit: A Model Framework

• Key Steps in the VFM Auditing Cycle

• Special Planning Considerations

• VFM Audit and KPIs

• Obstacles to Conducting VFM Audits

Module 4: Executing the Value for Money (VFM) Audit

• Conducting the VFM Audit

• Collaborating with Others during the Audit

• Setting and Assigning VFM Audit Metrics

• Data Collection Process

• Analyzing Data and Extracting Conclusions

• Management Controls in VFM Audit

Module 5: Reporting the Value for Money (VFM) Audit

• Documenting the VFM Audit

• Quality Assurance of Results

• Producing VFM Audit Reports

• Distributing VFM Audit Reports and Measuring Impact

• Case Study & Discussion