Finance and Accounting TrainingManagement
Value for Money (VFM) Audit Training
This instructor-led training program is designed to equip professionals with the skills necessary to conduct comprehensive Value…
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This instructor-led training program is designed to equip professionals with the skills necessary to conduct comprehensive Value for Money (VFM) audits.
VFM audits assess the efficiency, economy, and effectiveness of organizational operations, ensuring optimal use of resources to achieve strategic objectives.
Participants will learn best practices for evaluating resource utilization, identifying areas for improvement, and fostering a culture of accountability and continuous improvement within their organizations.
What Will You Learn?
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VFM Audit Best Practices: Learn to evaluate resource use to ensure value for money in projects, enhancing efficiency and accountability.
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Effective Communication: Develop skills to communicate audit findings effectively to stakeholders, fostering transparency and informed decision-making.
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Continuous Improvement: Gain the ability to recommend actionable improvements based on audit outcomes, promoting a culture of continuous enhancement.
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Strategic Evaluation: Learn to assess the effectiveness of organizational activities and projects, aligning them with strategic goals.
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Resource Optimization: Develop strategies to enhance value creation and optimize resource utilization within the organization.
Course Curriculum
Introduction to Value for Money (VFM) Audit
Definition and significance of VFM audits in the corporate world.
Objectives, scope, and benefits of conducting VFM audits.
Distinctions between conventional audits and VFM audits.
Understanding the three "Es" of VFM audits: Economy, Efficiency, and Effectiveness.
Definition and significance of VFM audits in the corporate world.
Objectives, scope, and benefits of conducting VFM audits.
Distinctions between conventional audits and VFM audits.
Understanding the three "Es" of VFM audits: Economy, Efficiency, and Effectiveness.
Planning and Conducting VFM Audits
Developing audit objectives and scope.
Methodologies for data collection and analysis.
Evaluating operational processes and performance metrics.
Developing audit objectives and scope.
Methodologies for data collection and analysis.
Evaluating operational processes and performance metrics.
Reporting and Implementing Audit Findings
Structuring audit reports for clarity and impact.
Presenting findings and recommendations to stakeholders.
Developing action plans based on audit outcomes.
Structuring audit reports for clarity and impact.
Presenting findings and recommendations to stakeholders.
Developing action plans based on audit outcomes.
Fostering a Culture of Continuous Improvement
Strategies to implement audit recommendations effectively.
Monitoring and evaluating the impact of changes.
Promoting ongoing accountability and transparency within the organization.
Strategies to implement audit recommendations effectively.
Monitoring and evaluating the impact of changes.
Promoting ongoing accountability and transparency within the organization.
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