Training Course on Value For Money Audit

Training Course on Value for Money Audit

Introduction 

Training Course on Value for Money Audit is a specialized program designed to empower professionals with the skills and knowledge to assess the efficiency, effectiveness, and economy of organizational operations. In a rapidly evolving business and regulatory environment, ensuring that resources are used optimally and delivering the intended outcomes is more critical than ever. This training focuses on the principles and practices of VFM audits, equipping participants to evaluate organizational performance and recommend actionable improvements. Value for Money audits are a cornerstone of accountability, particularly in organizations reliant on public funds, donor support, or stringent corporate governance requirements. This course provides a comprehensive framework for conducting VFM audits, from planning and execution to reporting and implementation of recommendations. Participants will gain insights into methodologies for evaluating financial and non-financial performance, ensuring organizations achieve their objectives without unnecessary expenditures.

Organizations that implement VFM audits can identify inefficiencies, improve service delivery, and foster stakeholder trust. This course explores how VFM auditing aligns with broader goals, such as sustainable development, transparent governance, and ethical practices. Through practical examples and real-world case studies, participants will learn how to apply VFM principles to drive impactful organizational transformation. Investing in VFM audit training is essential for organizations striving to demonstrate accountability and optimize resource utilization. This course prepares participants to conduct thorough and objective evaluations, ensuring their organizations meet both performance and compliance standards while delivering measurable value to stakeholders.

Course duration

5 Days

Course Objectives

1. Understand the principles and scope of Value for Money audits.
2. Learn to assess organizational efficiency, effectiveness, and economy.
3. Master techniques for planning and conducting VFM audits.
4. Develop skills for evaluating performance against objectives.
5. Identify areas for cost reduction without compromising quality.
6. Understand the role of VFM audits in accountability and transparency.
7. Enhance reporting skills to communicate findings and recommendations.
8. Explore tools and technologies for VFM auditing.
9. Gain insights into best practices for implementing audit recommendations.
10. Learn to use VFM audits to support strategic decision-making and stakeholder trust.

Organizational Benefits

1. Enhance resource utilization and cost management.
2. Improve operational efficiency and service delivery.
3. Build stronger accountability frameworks.
4. Foster transparency and trust among stakeholders.
5. Identify and mitigate risks associated with inefficiencies.
6. Support strategic planning through data-driven insights.
7. Strengthen compliance with regulatory and donor requirements.
8. Enhance performance measurement and evaluation processes.
9. Gain a competitive advantage through optimal resource management.
10. Drive long-term sustainability by aligning operations with VFM principles.

Target Participants

• Internal and external auditors.
• Financial managers and controllers.
• Compliance officers and risk managers.
• Public sector managers and accountants.
• Donor and NGO program managers.
• Corporate governance and accountability officers.
• Project managers responsible for resource allocation.
• Consultants in audit and evaluation.
• Academics and trainers in financial and operational performance.
• Anyone seeking to enhance their expertise in Value for Money auditing.

Course Outline

Module 1: Fundamentals of Value for Money Auditing

1. Introduction to VFM auditing principles.
2. The 3 Es: Economy, Efficiency, and Effectiveness.
3. The role of VFM audits in organizational performance.
4. Understanding audit frameworks and methodologies.
5. Case Study: VFM audit implementation in the public sector.

Module 2: Planning and Executing VFM Audits

1. Steps in planning a VFM audit.
2. Risk-based approaches to audit planning.
3. Gathering and analyzing relevant data.
4. Tools and techniques for effective audit execution.
5. Case Study: Strategic planning for a donor-funded project audit.

Module 3: Performance Evaluation and Measurement

1. Establishing performance indicators and benchmarks.
2. Techniques for assessing operational efficiency.
3. Evaluating outcomes against organizational objectives.
4. Identifying inefficiencies and areas for improvement.
5. Case Study: Performance evaluation in a healthcare organization.

Module 4: Reporting and Communicating Audit Findings

1. Structuring VFM audit reports for clarity and impact.
2. Communicating findings to stakeholders.
3. Recommending actionable solutions for identified gaps.
4. Addressing challenges in audit report acceptance.
5. Case Study: Communicating VFM audit outcomes in a multinational organization.

Module 5: Implementing and Monitoring Audit Recommendations

1. Developing actionable implementation plans.
2. Monitoring the progress of audit recommendations.
3. Integrating VFM audits into continuous improvement processes.
4. Overcoming barriers to implementation.
5. Case Study: Post-audit implementation success in an NGO project.

Module 6: Advanced Tools and Emerging Trends in VFM Audits

1. Leveraging technology for enhanced VFM audits.
2. Big data analytics and its role in performance evaluation.
3. Addressing challenges in auditing complex systems.
4. Trends in sustainable and ethical auditing practices.
5. Case Study: Digital tools in VFM audits for financial institutions.

Training Methodology

The instructor led trainings are delivered using a blended learning approach and comprises of presentations, guided sessions of practical exercise, web-based tutorials and group work. Our facilitators are seasoned industry experts with years of experience, working as professional and trainers in these fields.

Register as a group from 3 participants for a Discount

Send us an email: info@datastatresearch.org or call +254724527104 

Certification

Upon successful completion of this training, participants will be issued with a globally- recognized certificate.

Tailor-Made Course

 We also offer tailor-made courses based on your needs.

Key Notes

a. The participant must be conversant with English.

b. Upon completion of training the participant will be issued with an Authorized Training Certificate

c. Course duration is flexible and the contents can be modified to fit any number of days.

d. The course fee includes facilitation training materials, 2 coffee breaks, buffet lunch and A Certificate upon successful completion of Training.

e. One-year post-training support Consultation and Coaching provided after the course.

f. Payment should be done at least a week before commence of the training, to DATASTAT CONSULTANCY LTD account, as indicated in the invoice so as to enable us prepare better for you.