Training on Value for Money (VfM) Audit

Ensuring that organizational resources are used effectively is critical for accountability, transparency, and sustainable performance. Value for Money (VfM) audits evaluate whether resources are deployed economically, efficiently, and effectively, helping organizations identify waste, improve processes, and enhance outcomes.

This 5-day course equips participants with practical knowledge and tools to conduct VfM audits in public institutions, NGOs, and donor-funded projects. Training covers auditing principles, evaluation frameworks, planning and executing VfM assessments, data collection and analysis, reporting, and applying findings to improve decision-making and organizational performance. Participants will also explore strategies for embedding VfM considerations into operational and financial management processes.

Through case studies, hands-on exercises, and applied simulations, participants will gain the skills to design, conduct, and report VfM audits, strengthening accountability and supporting evidence-based management decisions. By the end of the program, participants will be able to enhance resource utilization, reduce waste, and drive improved performance.

Duration
5 Days

Who Should Attend

• Internal and external auditors

• Financial managers and controllers

• Monitoring and evaluation (M&E) officers

• Public sector officers in audit institutions

• NGO and donor-funded project managers

Organizational Impact

• Enhanced accountability and transparency in resource use

• Identification of inefficiencies and cost-saving opportunities

• Improved decision-making through audit insights

• Strengthened compliance with donor and government requirements

Individual Impact

• Stronger auditing and evaluation skills

• Practical ability to conduct VfM audits

• Improved knowledge of audit standards and frameworks

• Enhanced career opportunities in audit and governance

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

• Understand the principles and frameworks of Value for Money audits

• Apply economy, efficiency, and effectiveness (3Es) concepts

• Conduct VfM assessments in public and private sector organizations

• Use audit findings to recommend improvements in resource utilization

• Prepare clear, actionable audit reports for stakeholders

Module 1: Introduction to Value for Money Auditing

• Concept, importance, and scope of VfM audits

• The 3Es framework: Economy, Efficiency, Effectiveness

• Case study: VfM in donor-funded projects

Module 2: VfM Audit Planning and Methodology

• Planning audit assignments and scoping exercises

• Risk assessment and audit criteria development

• Practical: Preparing a VfM audit plan

Module 3: Conducting the VfM Audit

• Data collection, analysis, and evidence gathering

• Assessing performance against set objectives

• Case study: Evaluating inefficiencies in public programs

Module 4: Reporting and Communicating Audit Findings

• Structure and content of VfM audit reports

• Communicating findings to stakeholders

• Practical: Drafting an audit report

Module 5: Applying VfM in Different Sectors

• VfM audits in government, NGOs, and corporate organizations

• Challenges in implementation and how to overcome them

• Case study: Improving resource use through VfM recommendations