Value for Money Audit

In today’s dynamic operating environment, organizations focus not only on results but also in ensuring the achievement of value. The ‘value’ driven culture permeates all the spheres of the organization. This shift in focus is meant to ensure that organizations achieve results in a way that also ensures value for money. However, there are many performance driven challenges to achieving value for money (vfm). In order to establish whether an organization is achieving value, the auditor must be competent in assessing the economy, efficiency and effectiveness of the organization’s usage of resources. Auditors are faced with the challenges of undertaking value for money audit in all aspects of the audit.