Part 1: Value for Money (VFM) & Performance Auditing
“Value for Money… Operational Audit… Performance Audit…” Terms often confused but essentially referring to the audit of business performance in three key areas: Economy, Efficiency and Effectiveness. These three ‘E’s are the cornerstone of ‘Value for Money’ and provide a unique opportunity for auditors to carry out work that is of relevance, importance and value to the organisations in which they work. This course aims to bring some clarity to the subject (indeed what is the difference between “value for money” and “performance” audit?!) and to equip candidates to understand a range of techniques for assessing the economy, efficiency and effectiveness of their business areas, functions, services and projects. The course provides practical advice and significant hands-on participation to ensure that candidates leave with knowledge not only of the theory behind VFM, but also how to put that theory into practice. A range of scenarios will be covered, with candidates being given an opportunity to consider relevant topics of their choice. Participants will receive sample documents, diagrams and checklists that will support them in applying the concept within their day jobs.
Part 2: Procurement Audit & Investigation
With purchasing being the second largest spend for the majority of organisations (the first usually being labour costs), and with purchasing processes and methods becoming increasingly complex, and in some cases risky, the focusing of audit attention on procurement is to be expected. This highly practical course seeks to give auditors working in all types of organisation the necessary understanding of procurement processes, and the skills to provide robust assurance on those processes. Delegates will be taught how to assess the extent to which purchasing processes are both well-controlled and executed, but also designed in a manner which optimises economy, efficiency and effectiveness. This is essential in ensuring that organisations survive in an increasingly competitive and global market, and under increasing scrutiny. In the public sector, the need to demonstrate sound control of spending, and to maximise efficiency whilst ensuring exemplary conduct, is increasingly paramount. In the private sector, stakeholders also expect this. To this end, internal audit plays a crucial role. The course also examines the ways in which a leading edge internal audit function can add value by spotting opportunities for providing consultancy advice in the procurement field. In all cases, a risk-based approach is adopted to ensure that audit attention is directed to the areas with the highest potential to impact on the organisation’s success and reputation. Delegates will carry out numerous exercises and case studies to reinforce the learning they acquire during the course, to ensure that they return to their work fully equipped to tackle all aspects of purchase audit.
Why attend this course?
- Discover the significance of value for money (VFM) and performance auditing
- Maximize audit benefit and understand its applicability to your business
- Make use of best practice developed in the public sector to drive real benefit
- Know how to plan, deliver and report on VFM/performance audits
- Apply VFM auditing techniques to assess “economy, efficiency and effectiveness” in business
- Produce reports that maximize impact, drive improvement and add business value
- Deepen your knowledge of purchasing strategy, objectives and management
- Examine developments in purchasing processes and technology as well as risks involved
- Learn how to approach auditing procurement from a risk-based perspective
- Use the COSO Internal Control Model to audit a broad range of end-to-end procurement activities
- Spot opportunities for providing consultancy advice to improve procurement activities
- Add tangible benefit to the organization’s bottom line and to the sustainable success