Value for Money Audit Training Course

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

Methodology
The training methodology integrates lectures, interactive discussions, collaborative group exercises, and illustrative examples. Participants will acquire a blend of theoretical insights and hands-on practical experience, emphasizing the application of learned techniques. This approach ensures that attendees return to their professional environments equipped with both the competence and self-assurance to effectively implement the acquired skills in their responsibilities.
DATE:

1ST BATCH: 13th – 16th May,  2025
2ND BATCH :25th- 28th Nov, 2025