Introduction

In the past decades, public audit institutions have increasingly focused not only on auditing public sector financial accounts, but also on scrutinizing whether public money has been used economically, efficiently and effectively. In other words, whether public spending is ‘Value for Money’(VFM). There is, however, no prescribed or one-size-fits-all approach to VFM audit, which makes it a challenging undertaking from a methodological and practical point of view. This course will provide participants with a ‘step by step’ approach that they could use in planning and delivering VFM, culminating in how to report findings and secure change most effectively.

Objectives

This training course provides a basic overview and in-depth look auditing Joint Interest, Accounting procedures and processes. This will provide accountants and other petroleum players with an understanding of the necessary functions and operations for Joint Interest Auditing.

Course Outcomes

At the end of this training course, you will be able to:

• Conduct a Value for Money (VFM) audit
• Identify key elements of a joint interest audit
• Develop a risk-based approach to audit
• Produce compelling Value for Money (VFM) audit reports
• Understand the best practice in investigate fraud

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 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

Who Should Attend?

This training course is open to:

This training course should be of particular interest to those supreme audit institutions involved in VFM auditing, or those planning to develop this stream of work. It should also be of interest to internal auditors/external auditors, policy makers and public officials in the public sector in African Countries.

Course Outline

Module 1

What is Value for Money (VFM) Audit?

• Organizational Drivers and Objectives
• Concept of Value for Money (VFM) Audit and its Roles in Achieving the Organizational Goals and Objectives
• Pillars of Value for Money (VFM) Audit
• The Challenges of Value for Money (VFM) Audit
• The Value for Money (VFM) Auditor

Module 2

The Audit Function 

• Purpose & Types of Audit
• The Roles & Procedures within the Internal Audit Department
• Audit Preparation and Planning to Ensure an Effective Audit
• Audit Testing / Sampling to Verify Accounts and Controls
• Communicating Audit Findings & Audit Reviews

Module 3

Initiating and Planning the VFM Audit

• The Procedures of Value for Money Audit
• A Risk-based Approach to Value for Money (VFM) Audit: A Model Framework
• The Key Steps in the Value for Money (VFM) Auditing Cycle
• Special Planning Considerations for Value for Money (VFM) Audit
• Value for Money (VFM) Audit and KPIs
• Obstacles to the Conduct of Value for Money Audit

Module 4

Executing the Value for Money (VFM) Audit

• Conducting the Value for Money (VFM) Audit
• Working with others during the Value for Money (VFM) Audit
• Setting and Assigning Value for Money (VFM) Audit Metrics
• Process of the Data Collection Process
• Analyzing Data and Extracting Conclusions
• Management Controls and Value for Money Audit

Module 5

Reporting the Value for Money (VFM) Audit

• Documenting the Value for Money (VFM) Audit
• Quality Assurance of the Results
• Producing Value for Money (VFM) Audit Reports
• Distributing a Value for Money (VFM) Audit Report and the Impact
• Case Study & Discussion