Value for Money Audit

Knowledge Center

   

Description of Value for Money Audit. Explanation.

Contents

  1. Summary
  2. Forum
  3. Best Practices
  4. Expert Tips
  5. Resources
  6. Print
 

Definition Value for Money Audit. Description.


A Value for Money Audit is a financial analysis looking into whether resources are used in an economic, efficient and effective way..


There is no universally accepted definition of value for money audit. The Canadian Comprehensive Auditing Foundation defines Value for Money Auditing as:
“A comprehensive audit is an examination that provides an objective and constructive assessment of the extent to which:

  • Financial, human and physical resources are managed with due regard to economy, efficiency and effectiveness; and

  • Accountability relationships are served.”

The United States General Accounting Office Auditing Standard defines Value for Money Auditing as:

“Performance audits include economy and efficiency and program audits.

  • (a) Economy and efficiency audits include determining;
    i. whether the entity is acquiring, protecting and using its resources (such as personnel, property and space) economically and efficiently,
    ii. the causes of inefficiencies or uneconomical practices, and
    iii. Whether the entity has complied with laws and regulations concerning matters of economy and efficiency.

  • (b) Program audits include determining;
    i. The extent to which the desired results or benefits established by the legislature or other authorizing body are being achieved,
    ii. The effectiveness of the organization, programs, activities or function, and
    iii. Whether the entity has complied with laws and regulations applicable to the program.”

Also known as Comprehensive Auditing. Abbreviated as VFM auditing.


Value for Money Audit Forum

Value for Money Audit Special Interest Group


Special Interest Group

 

Best Practices - Value for Money Audit Premium

Expert Tips - Value for Money Audit Premium

Resources - Value for Money Audit Premium
 

News

Value For Money Audit
     
 

Videos

Value For Money Audit
     
 

Presentations

Value For Money Audit
     
 

More

Value For Money Audit
     

Compare with: X-Efficiency  |  Efficiency Wage  |  Impact/Value framework  |  Gross Profit Percentage

Special Interest Group Leader

You here


 

Return to Management Hub: Decision-making & Valuation  |  Finance & Investing  |  Human Resources


More on Management  |  Return to Management Dictionary  | 

 

This ends our Value for Money Audit summary and forum.

About 12manage | Advertising | Link to us | Privacy | Terms of Service
Copyright 2016 12manage - The Executive Fast Track. V14.1 - Last updated: 9-12-2016. All names tm by their owners.