An Intensive 5-day Training Course
Value for Money Audit
Discovering Techniques in Assessing Effectiveness and Efficiency of Your Organisational Funds
Course Introduction
This Oxford Management Centre Value for Money Audit training course is designed to assist the auditor in assessing whether an organization operates in a cost conscious, efficient and effective manner and it will improve the organization’s internal audit function.
The role of internal audit is to assess the management in achieving the strategic objectives. Though generally Value for Money (VfM) audits are performed more frequently in the public sector, there are an increasing number of private companies carrying out VfM audits. However, few auditors have in-depth experience of Value for Money Auditing.
This unique practice-based Oxford Management Centre training course brings together the common elements of VfM Audit based reviewing into a single source for a reviewer.
Objectives
This Value for Money Audit training course provides a basic overview and in-depth look auditing Value for Money, Accounting procedures and processes. This training course will provide accountants and other parties with an understanding of the necessary functions and operations for Value for Money Auditing.
At the end of this Value for Money Audit training course, you will be able to:
- Conduct a Value for Money (VfM) audit
- Identify key elements of a Value for Money audit
- Develop a risk-based approach to audit
- Produce compelling Value for Money (VfM) audit reports
- Understand the best practice in investigate fraud
Training Methodology
Participants to this Value for Money (VfM) Audit training course will receive thorough training on the subjects a variety of proven adult learning teaching and facilitation techniques. The training course methodology includes:
- Case studies from the different industry sector
- Group discussion, group work and interactive exercises and videos
- Pre & Post course assessments to enhance learning outcomes for participants and to measure the effectiveness of this training
Organisational Impact
The organization will gain:
- More effective Audit support for all the staff
- Greater relevance and reliability of Audit information
- More strategic thinking and focus on performance
- More effective use of Value for Money (VfM) Auditing of the company
- Preparation of staff for increased responsibility
Personal Impact
This Value for Money Audit training course will be of personal benefit to delegates by providing you with:
- A better understanding of the context and importance of the work you do
- Improved knowledge and skills to improve your effectiveness
- Greater awareness of industry practices, problems and solutions
- Increased understanding and assurance to complete tasks successfully
- Increased self-confidence and motivation at work
- Greater job satisfaction in providing quality support to management
- Greater ability to supervise, develop and motivate colleagues
Who Should Attend?
This Value for Money Audit training course is open to all and will be useful to all accounting professionals and auditors working within or with joint ventures particularly internal auditors that need to execute Value for Money (VfM) or Performance reviews.
- Auditors / Auditing Managers
- Accounting Executive / Managers
- Financial Reporting Managers
- Financial Executives / Managers / Controllers /Directors
- Budgeting Officers / Executives / Managers
- Cost Controllers, Executive & Managers
- Treasurers / Managers
- Taxation & Reporting Executives / Managers
- Production Sharing Executives / Managers / Advisors
- Business / Investment Analysts & Managers
- Regulatory Compliance Officers
- Commercial Analysts, Executives & Manager
Course Outline
Day 1
What is Value for Money (VfM) Audit?
- Organizational Goals and Objectives in public and private sector
- Overview of value for money audit: Definition, purposes
- Value for Money (VfM) Audit and its Roles in Achieving the Organizational Goals and Objectives
- Pillars of Value for Money (VfM) Audit
- Importance and Benefits of VFM Audit
- The Challenges of Value for Money (VfFM) Audit
- VFM Audit Frameworks and Standards
- The Value for Money (VfM) Auditor
Day 2
The Audit Function
- Understanding the Audit Department
- Purpose & Types of Audit
- Internal Audit Charter and Audit Committee Oversight
- The Roles & Procedures within the Internal Audit Department
- Internal Control Framework .Risk assessment and governance
- Overview of the audit process and stages involved
- A Risk-based Audit Approach: A Model Framework
- Audit Preparation and Planning to Ensure an Effective Audit
- Audit Testing / Sampling to Verify Accounts and Controls
- Communicating Audit Findings & Audit Reviews
- Practical Exercise: Developing a VFM Audit Plan
Day 3
Initiating and Planning the VfM Audit
- Overview of the planning phase in value for money audit
- Setting audit objectives, scope, and criteria
- The Key Steps in the Value for Money (VfM) Auditing Cycle
- Risk assessment and identification of key areas for audit focus
- A Risk-based Approach to Value for Money (VfM) Audit: A Model Framework
- Setting and Assigning Value for Money (VfM) Audit Metrics
- Value for Money (VfM) Audit and KPIs
- Obstacles to the Conduct of Value for Money Audit
- Practical Exercise: Developing a VFM Audit Plan
Day 4
Executing the Value for Money (VfM) Audit
- Approve the audit plan and work programs.
- Fieldwork and Data Collection Methods and Techniques
- Sampling Methods and Sample Size Determination
- Analyzing financial and non-financial data for value for money assessment and Extracting Conclusions
- Working with others during the Value for Money (VfM) Audit
- Documenting the Value for Money (VfM) Audit
- Management Controls and Value for Money Audit
- Practical Exercise: Conducting a VFM Audit
Day 5
Reporting the Value for Money (VfM) Audit
- Overview of the reporting phase in value for money audit.
- Principles of effective communication in audit reporting.
- Developing key findings and recommendations
- Audit Reports: The 5 C's
- Structuring the value for money audit report
- Producing Value for Money (VfM) Audit Reports
- Distributing a Value for Money (VfM) Audit Report and the Impact
- Quality Assurance of the Results
Certificate
Oxford Management Centre Certificate will be provided to delegates who successfully completed the training course.
Accreditation
In association with
