Value For Money Audit Training

INTRODUCTION

Operating cost-effectively while achieving strategic objectives should be 'top-of-mind' for an organization. Value for Money (VFM) audits are essential for assessing whether an organization is utilizing its resources efficiently and effectively. Although traditionally more common in the public sector, Value for Money audits are increasingly being adopted by private companies. However, many auditors lack comprehensive experience in conducting these audits. This practice-based training course is designed to bridge that gap by providing auditors with a thorough understanding of Value for Money auditing principles and practices. This course will enhance the internal audit function of organizations, equipping auditors with the skills to perform detailed Value for Money audits. Participants will learn how to evaluate organizational performance, ensure compliance with financial regulations, and identify areas for cost savings and efficiency improvements. By the end of this training, participants will be proficient in conducting Value for Money audits, developing risk-based audit approaches, and producing compelling audit reports that drive strategic decisions.

Course Objectives

By the end of this training course, participants will be able to:

• Conduct comprehensive Value for Money (VFM) audits
• Identify key elements of a joint interest audit
• Develop and apply a risk-based approach to auditing
• Produce detailed and impactful VFM audit reports

Training Methodology

Participants will receive thorough training using a variety of proven adult learning techniques, including:

• Case studies from different industry sectors
• Group discussions, interactive exercises, and videos
• Pre- and post-course assessments to measure learning outcomes and training effectiveness

Organizational Impact

By participating in this course, organizations will gain:

• Enhanced audit support for all staff
• Greater relevance and reliability of audit information
• Improved strategic thinking and performance focus
• More effective use of VFM auditing practices
• Preparedness of staff for increased responsibilities

Personal Impact

This training course will benefit participants by providing:

• A better understanding of the context and importance of their work
• Improved knowledge and skills for increased effectiveness
• Greater awareness of industry practices, problems, and solutions
• Enhanced confidence and motivation at work
• Increased job satisfaction and ability to support management effectively
• Enhanced ability to supervise, develop, and motivate colleagues

Duration

5 Days

Who Should Attend

This training course is open to all accounting professionals and auditors working within or with joint ventures, particularly internal auditors who need to execute VFM or performance reviews. It will be particularly beneficial for:

• Auditors / Auditing Managers
• Accounting Executives / Managers
• Financial Reporting Managers
• Financial Executives / Managers / Controllers / Directors
• Budgeting Officers / Executives / Managers
• Cost Controllers, Executives & Managers
• Treasurers / Managers
• Taxation & Reporting Executives / Managers
• JV Executives / Managers / Advisors
• Production Sharing Executives / Managers / Advisors
• Business / Investment Analysts & Managers
• Regulatory Compliance Officers
• Commercial Analysts, Executives & Managers

Course Content

Module 1: What is Value for Money (VFM) Audit?

• Organizational Drivers and Objectives
• Concept and Role of VFM Audit in Achieving Organizational Goals
• Pillars of VFM Audit
• Challenges of VFM Audit
• The Role of the VFM Auditor

Module 2: The Audit Function

• Purpose & Types of Audit
• Roles & Procedures within the Internal Audit Department
• Audit Preparation and Planning
• Audit Testing / Sampling
• Communicating Audit Findings & Reviews

Module 3: Initiating and Planning the VFM Audit

• Procedures of VFM Audit
• Risk-based Approach to VFM Audit: A Model Framework
• Key Steps in the VFM Auditing Cycle
• Special Planning Considerations
• VFM Audit and KPIs
• Obstacles to Conducting VFM Audits

Module 4: Executing the Value for Money (VFM) Audit

• Conducting the VFM Audit
• Collaborating with Others during the Audit
• Setting and Assigning VFM Audit Metrics
• Data Collection Process
• Analyzing Data and Extracting Conclusions
• Management Controls in VFM Audit

Module 5: Reporting the Value for Money (VFM) Audit

• Documenting the VFM Audit
• Quality Assurance of Results
• Producing VFM Audit Reports
• Distributing VFM Audit Reports and Measuring Impact
• Case Study & Discussion

General Notes

• This course is delivered by seasoned trainers with extensive professional experience.
• Training includes practical activities, theoretical knowledge, group work, and case studies.
• Participants receive comprehensive training manuals and additional reference materials.
• A certificate is awarded upon successful course completion.
• Custom-tailored courses to meet specific organizational needs are available. Contact us at training@skillsforafrica.org for more information.
• The training will be conducted at the Skills for Africa Training Institute in Nairobi, Kenya.
• The training fee covers tuition, materials, lunch, and the training venue. Accommodation and airport transfer can be arranged upon request.
• Payment should be made to our bank account before the training starts, and proof of payment sent to: training@skillsforafrica.org