Training on Value for Money (VfM) Audit

Module 1: Introduction to Value for Money (VfM) Auditing

• Concept, importance, and scope of VfM audits
• The 3Es framework: Economy, Efficiency, and Effectiveness
• Role of VfM in accountability and performance improvement
• Case Study: Value for Money assessment in donor-funded projects
• Practical: Identifying Economy, Efficiency, and Effectiveness gaps

Module 2: VfM Audit Planning & Methodology

• Planning audit assignments and defining scope
• Risk assessment and development of audit criteria
• Designing audit approaches and tools
• Case Study: Poor audit planning leading to ineffective outcomes
• Practical: Preparing a Value for Money audit plan

Module 3: Conducting the VfM Audit

• Data collection, analysis, and evidence gathering
• Performance measurement against objectives
• Identifying inefficiencies and resource wastage
• Case Study: Evaluating inefficiencies in public sector programs
• Practical: Conducting a VfM audit assessment exercise

Module 4: Reporting & Communicating Audit Findings

• Structure and content of VfM audit reports
• Communicating findings and recommendations effectively
• Engaging stakeholders and decision-makers
• Case Study: Audit findings influencing policy and operational improvements
• Practical: Drafting and presenting a VfM audit report

Module 5: Applying VfM Across Sectors

• VfM audits in government, NGOs, and private sector organizations
• Implementation challenges and mitigation strategies
• Driving performance improvement through VfM recommendations
• Case Study: Successful resource optimization through VfM audits
• Practical: Developing sector-specific VfM improvement strategies