Conducting the Operational Audit on a "Value-for-Money" Basis Course
Corporate Finance, Banking and Auditing

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Conducting the Operational Audit on a "Value-for-Money" Basis Course
Course Overview:
The Performance/VFM Auditing Course is designed to help participants who wish to learn how to perform or oversee the effectiveness of Public Administration in terms of evaluating performance and Value for Money.
The course gives learners who are interested in practice as middle managers of public organizations the basic skills needed for understanding the processes of different types of performance audits as well as their significance within governance structures.
A wide variety of critical areas encompassing audit planning, management and implementation will be explored by the learners. The course includes the selection of programs to be audited and devising audit purposes from risks and the information available.
The learners will be also be introduced to the various ways of collecting and analyzing data but will concentrate on how performance, economy, efficiency and effectiveness are measured and evaluated in audits. The learners will also use these skills to prepare comprehensive audit plans and communicate their findings with the aim of social impact.
This course is best suited for members of the public sector intending to manage a functional audit department, practitioners, project managers and other stakeholders involved in audit programs.
Course Objectives:
Upon completion of this course, participants will be able to:
- Distinguish performance/VFM audits from financial audits;
- Identify the types of performance/VFM audits based on performance expectations or risks within
- government programs;
- Understand the role of auditing in public sector governance;
- Understand and consider the steps in planning a performance/VFM audit;
- Understand how programs are selected for audit and how performance/VFM audit objectives are
- developed based on identified risks/vulnerabilities;
- Describe different data collection and analysis methodologies, and their applicability to specific objectives;
- Review performance auditing approaches for economy, efficiency and effectiveness;
Who Should Attend?
- Heads of audit, audit managers and senior auditors
- Project managers and project program managers
- Auditors responsible for undertaking project audit assignments
- Other professionals who need to understand the risks impacting complex projects
- Managers and directors of business functions – to aid their knowledge of a risk based audit approach to projects
Course Outlines:
Concept and Purpose of Performance/VFM Audits
- Overview of performance auditing process
- Characteristics of performance audits
- Role of auditing in public sector governance
- Differences from financial audits
- Selected standards for performance/VFM audits
- Sources of audit guidelines
- Interdisciplinary knowledge requirements for government auditing
- Exercise – Challenges to performance auditing
Audit Plans
- Performance auditing planning process
- Audit selection
- Audit ability
- Estimating audit budgets
- Selection and prioritization under constraints
- Case study – Fleet Services Branch
Planning for Specific Audit Projects
- Audit standards
- Mapping programs
- Overview of Input-Process-Output-Outcome approach
- Definition of program
- Program design and components
- Government service delivery model
- Steps in mapping a program
- Exercise: Mapping a program within Fleet Services Branch
Establishing Audit Objectives and Scope
- Defining/refining the audit objective
- Develop audit scope
- Government performance expectations model
- Performance measurement
- Performance measures
- Well-developed audit objectives
- Exercise – Developing audit objectives for Fleet Services Branch
Audit Methodology Using a Measurement-Based Approach
- How to conduct a measurement-based performance audit
- Program definition and performance expectations
- Government expectations model
- Analyzing program performance through performance measures
- Sources of performance criteria
- Exercise: Performance criteria within Fleet Services Branch
Developing Audit Methodology
- Steps required to develop audit methodology
- Qualitative methods of gathering evidence
- Quantitative methods of gathering evidence
- Methodology considerations
- Exercise: Match objectives to methodologies
Selected Performance Audit Approaches
- Auditing input economy
- Auditing process efficiency
- Auditing outcome effectiveness
Audit Program and Fieldwork
- Developing the audit program
- Exercise: Capital equipment replacement program of Fleet Services Branch
- Conducting the fieldwork
- Exercise: Audit fieldwork for the Fleet Services Branch Audit
Audit Findings and Evidence
- Elements of audit findings
- Audit guidelines
- Audit criteria
- Types of findings
- Fieldwork standards
- Types of evidence
- Hierarchy of evidence
- Exercise: Distinguish elements of a finding from case studies; identify different types of evidence
Audit Reporting and Best Practices
- Reports and report writing
- Presenting audit findings
- Describing key relationships
- Exercises: Various exercises to encourage selected best practice writing/editing practices
- Report outline development
- Developing conclusions
- Developing recommendations
- Exercise: Write a high impact recommendation
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