Value for Money Audit for Auditors Training Course
5 DaysValue for Money Audit for Auditors Training Course
The British Academy for Training and Development offers a value for money audit training course. The programme is aimed at aiding the auditor to determine whether an organisation is run in an economically conscious, efficient, and effective manner so as to uplift the internal audit function of the organisation. The internal audit assesses the management on their journey towards the attainment of strategic objectives. Value for Money audits are primarily carried out in the public sector, but the number of private firms conducting such audits is on the increase. Still, only a handful of auditors have any good practical experience in Value for-Money auditing. This unique practice-based training course unifies the common VfM Audit review elements into one source for any reviewer. This practice-based training course is tailored to bridge that gap, giving those auditors a comprehensive understanding of the principles and practices of Value for-Money auditing. This course aims to offer attendees the internal audit function of organisations with further tools for auditors to carry out extensive Value for Money audits. Attendees will learn how to appraise organisations' performance, compliance with financial regulations, and savings and efficiency opportunities. Hence, at the end of this training, attendees will be able to conduct Value for Money audits, risk-based audit planning, and write persuasive audit reports that influence corporate policies and decision-making.
Overview
Course Objectives
Objective:
Key objectives of value for money audit training course are:
Conduct comprehensive Value for Money (VFM) auditsIdentify key elements of a joint interest auditDevelop and apply a risk-based approach to auditingProduce detailed and impactful VFM audit reportsUnderstand the best practice in investigate fraud
Target Audience
This training course is beneficial for:
Auditors and Auditing ManagersAccounting Executives and ManagersFinancial Reporting ManagersFinancial Executives, Managers, Controllers and DirectorsBudgeting Officers, Executives and ManagersCost Controllers, Executives & ManagersTreasurers and ManagersTaxation & Reporting Executives and ManagersJV Executives, Managers and AdvisorsProduction Sharing Executives, Managers and AdvisorsBusiness Investment Analysts & ManagersRegulatory Compliance OfficersCommercial Analysts, Executives & Managers
Course Outline
Module 1: What is Value for Money (VFM) Audit?
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Organizational Drivers and Objectives
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Concept and Role of VFM Audit in Achieving Organizational Goals
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Pillars of VFM Audit
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Challenges of VFM Audit
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The Role of the VFM Auditor
Module 2: The Audit Function
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Purpose & Types of Audit
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Roles & Procedures within the Internal Audit Department
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Audit Preparation and Planning
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Audit Testing / Sampling
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Communicating Audit Findings & Reviews
Module 3: Initiating and Planning the VFM Audit
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Procedures of VFM Audit
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Risk-based Approach to VFM Audit: A Model Framework
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Key Steps in the VFM Auditing Cycle
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Special Planning Considerations
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VFM Audit and KPIs
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Obstacles to Conducting VFM Audits
Module 4: Executing the Value for Money (VFM) Audit
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Conducting the VFM Audit
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Collaborating with Others during the Audit
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Setting and Assigning VFM Audit Metrics
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Data Collection Process
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Analyzing Data and Extracting Conclusions
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Management Controls in VFM Audit
Module 5: Reporting the Value for Money (VFM) Audit
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Documenting the VFM Audit
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Quality Assurance of Results
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Producing VFM Audit Reports
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Distributing VFM Audit Reports and Measuring Impact
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Case Study & Discussion
Schedule & Fees
No upcoming sessions at the moment. Contact us for custom scheduling.