Value for Money and Performance Auditing - UK-OAR290


This course focuses on the three ‘E’s of performance auditing - economy, efficiency and effectiveness of programs, projects, and processes. It equips students by providing ways to assess these themes within organizations.


Tuition cost


NASBA Certified CPE

24 Credits


Why you should attend

You should attend because value for money audits often reveal significant opportunities for organizational improvement in terms of economy, effectiveness, efficiency, among other dimensions.

Who should attend

Chief Internal Auditors, Internal Audit Managers, Lead Auditors, Experienced Audit Practitioners (private, public and not for-profit).

What You'll learn

You will learn how to prepare an audit program, conduct value for money audits effectively, ways to demonstrate the value-add provided to the organization, essential tools and the best practices for success.


  • Fundamentals for Internal Auditing

Session 1: Setting the "VFM" scene

  • The VFM agenda
  • VFM Audit bodies
  • Applicability of VFM to the private vs. public sector

Session 2: Context and Definitions

  • The link between VFM audit and other “value” methodologies
  • The link between VFM audit and other assurance roles
  • Exercise: Identify Links

Session 3: The three ‘E’s of VFM

  • An introduction to “economy, efficiency, effectiveness”
  • Some other common ‘E’s
  • Exercise: Cast your vote

Session 4: Developing a VFM Audit Programme

  • Corporate agenda and initiatives
  • Assessing overall arrangements for VFM
  • Cutting your cloth
  • The value objective
  • VFM risk assessments
  • Exercise: Risk assessment

Session 5: Readiness Check

  • Is your organization ready?
  • Is you audit team ready?
  • VFM audit objectives
  • What value does VFM audit provide?
  • VFM auditing standards
  • Skills and resources required
  • Managing stakeholders
  • Exercises: What is in your checklist?

Session 6: VFM Techniques

  • The range of techniques available and their usefulness / applicabiilty
  • Consideration of the “controls-based” approach vs. the “performance-based” approach

Session 7: Defining the “audit questions”

  • Is there a question worth answering?
  • Can it be answered?
  • Prioritising the questions
  • Case Study Part I: Issues Analysis

Session 8: Planning the VFM Audit

  • Research, research, research!
  • Case Study Part II: Initial Review
  • Managing the audit risks
  • Case Study Part III: Risk Assessment
  • Defining the scope
  • Determining resources
  • Case Study Part IV: Drafting the Audit Proposal Document

Session 9: Overview of the VFM Process

  • The VFM Decision Flowchart
  • Determining the Audit Criteria Case study part V: Audit Criteria
  • VFM Audit Evidence: What evidence is needed? and evidence collection methods - standard of evidence
  • Case study part VI: Evidence

Session 10: Collection Plan

  • VFM audit findings
  • Fieldwork
  • Case Studies

The morning of Day Three is given over to comprehensive case studies covering each of the three main ‘E’s. Delegates will be given the opportunity to work on topics relevant to their own organisations.

Session 12: Audit Completion

  • Documenting the audit
  • Supervision and review
  • Quality Control
  • The right of reply!

Session 13: VFM audit reporting

  • Planning the VFM audit report
  • Reporting objectives
  • Maximizing your impact
  • The reporting process
  • The follow up process
  • Exercise: Demonstrating the Value Added

Schedule your course

Use the table below to select the time and location that works best for you.

Timezone: Asia/Dubai

December 2021

Dec 13th, 2021-Dec 15th, 2021

ACI Learning is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: