Value For Money Audit Power

Course overview

How did the value for money audit turn out? An audit of value for money looks at the economy, efficiency, and effectiveness of public spending.

Everyone agrees that the risk-based emphasis being progressively applied is the new standard for internal audit. However, opportunity is risk’s opposite. Targeting important business prospects with precision as part of the audit process may have a big positive impact on the firm while also lowering the risks involved. This is primarily true if the business areas addressed are those that management typically ignores.

Participants in this Training Bee course will be able to identify the advantages of a focused VFM audit process and learn how to effectively quantify the value-added.

Thank you for visiting the Value for Money Audit Training website! Participants of this program will leave with the knowledge and abilities needed to carry out value for money audits successfully. Organizations are continuously looking for methods to maximize the value they get out of their activities and investments in today’s dynamic and resource-constrained world. Values for money audits are essential for evaluating these projects’ economy, efficiency, and effectiveness.

Introduction

We will examine the essential ideas, rules, and methods of value for money audits throughout this session. In order to ensure compliance and adherence to industry standards, we will examine the legal and regulatory structure that oversees these audits. You will gain knowledge of how to successfully design and scope audits, carry out risk analyses, and gather and analyses data to measure resource utilization and organizational results.

The examination of economy, efficiency, and effectiveness in many organizational areas, including the detection of cost-saving possibilities and process enhancements, will also be a key component of our training. We’ll go in-depth on the art of clear and succinct reporting so you can effectively share your audit findings, conclusions, and recommendations with stakeholders.

We will also discuss another key component called stakeholder management. You will learn how to manage disputes, establish positive rapport with audited and stakeholders, and resolve issues that could come up throughout the audit process.

Additionally, we will place a strong emphasis on quality assurance and continuous development in value for money audits, giving you the tools you need to increase the efficiency and impact of your subsequent audit engagements.

We are The Training Bee, a global training and education firm providing services in many countries. We are specialized in capacity building and talent development solutions for individuals and organizations, with our highly customized programs and training sessions.

Learning Objectives

Upon completing Value for Money Audit Power, participants will be able to:

• Utilize the VFM auditing theory and practice Pay attention to the major elements of the applicable professional standards
• an effective VFM assignment plan
• Create test strategies to verify optimal coverage.
• Confidently plan pre-meetings, audit interviews, and clearance meetings; provide general assurance on the VFM assignment.
• Decide on and implement performance metrics

Our Unique Training Methodology

This interactive course comprises the following training methods:

• Role-playing – Participants will take part in several role-plays and understand practical ways of solving issues.
• Journaling – This consists of setting a timer and letting your thoughts flow, unedited and unscripted recording events, ideas, and thoughts over a while, related to the topic.
• Social learning – Information and expertise exchanged amongst peers via computer-based technologies and interactive conversations including Blogging, instant messaging, and forums for debate in groups.
• Project-based learning
• Mind mapping and brainstorming – A session will be carried out between participants to uncover unique ideas, thoughts, and opinions having a quality discussion.
• Interactive sessions – The course will use informative lectures to introduce key concepts and theories related to the topic.

Training Medium

This Value for Money Audit Power training is designed in a way that it can be delivered face-to-face and virtually.

Course Duration

This training is versatile in its delivery. The training can be delivered as a full-fledged 40-hour training program or a 15- hours crash course covering 5 hours of content each day over 3 days

Pre-course Assessment

Before you enroll in this course all we wanted to know is your exact mindset and your way of thinking.
For that, we have designed this questionnaire attached below.

• Define value for money auditing and discuss the public and commercial sectors’ use of it.
• In the context of a value for money audit, what are the main distinctions between economy, efficiency, and effectiveness?
• Give the names of three pertinent laws, rules, or guidelines that control value for money audit procedures.
• How are a value for money audit and a financial audit different? Highlight the primary goals and target areas.
• Give a short description of the procedures involved in organizing a value for money audit engagement.
• What key techniques are used to gather data and information for a value for money audit? Give instances.

Course Modules

This Value for Money Audit Power covers the following topics for understanding the essentials of the Agile Workplace:

Module 1 – Value for Money (VFM) Audit Overview

• Value for Money (VFM) is defined as.
• Value for Money Defined The distinction between a VFM audit and a conventional audit
• The three “Is” of a VFM audit The purpose of a VFM audit
• Challenges in VFM Audits: The Auditor General’s Role and the Audit Staff

Module 2 – Planning & Control for Audits

• The audit process involves five steps.
• Establishing VFM Audit Design Matrix (ADM) Discussions with the Audited to Establish Audit Objectives and Criteria
• If needed, arrange for outside expertise.

Module 3 – Audit Procedures

• Getting information to fulfill the audit’s goal
• Data validation and analysis
• Internal Control Evaluation External Confirmations
• Giving VFM Audit Metrics a name
• A conversation with management

Module 4 – Reporting on audits

• Draught Audit Report, Preliminary
• Response from Audited
• Talks with the Audited

Module 5 – Framework for Legislation and Regulation

• Overview of the applicable laws, rules, and guidelines for value for money auditing
• Recognizing the auditing and accounting requirements for an audit of value for money
• Responsibilities for reporting and compliance

Module 6 – Case Studies and Exercises in Practicality

• Investigating actual value for money audit cases
• Carrying out dummy audits and role-playing exercises
• Putting auditing methods and practices to use in real-world situations

Module 7 – New Trends and Top Techniques

• Investigating recent developments and difficulties in value for money auditing
• Sharing the best practices and insights from effective audits
• Value for money auditing with technology and data analytics

Post-course Assessment

Participants need to complete an assessment post-course completion so our mentors will get to know their understanding of the course. A mentor will also have interrogative conversations with participants and provide valuable feedback.

• Describe what a value for money audit is and why it is important for enhancing organizational performance.
• List and briefly describe the three main elements of a value for money audit: affordability, effectiveness, and efficiency.
• Describe the planning processes, including risk assessment and scope, for a value for money audit engagement.
• How a value for money audit would gather and analyses data? Describe at least two approaches or procedures.
• How can auditors evaluate an organization’s actions and results for effectiveness during a value for money audit?
• Describe why succinct and unambiguous reporting is essential for value for money audits. What information has to be in an audit report?

Lessons Learned

Understanding the idea: The value for money audit idea and its relevance in determining the economy, efficiency, and effectiveness of organizational operations have been clearly understood by the participants. They are aware of the distinctions between these elements and how they affect organizational effectiveness.

Participants now have a thorough understanding of the applicable laws, rules, and standards that apply to value for money audits. They are aware of how crucial it is to follow these guidelines in order to protect the reliability and honesty of their auditing procedures.

Effective Planning and Risk Assessment: Participants have gained knowledge on how to create thorough audit plans and carry out risk analyses specifically for value for money audits. They can establish materiality levels, specify the audit scope, and identify critical risks.

“Value for Money Audits: Harnessing Their Power for Success”