In the past decades, public audit institutions have increasingly focused not only on auditing public sector financial accounts, but also on scrutinizing whether public money has been used economically, efficiently and effectively. In other words, whether public spending is ‘Value for Money’ (VFM).
There is, however, no prescribed or one-size-fits-all approach to VFM audit, which makes it a challenging undertaking from a methodological and practical point of view. This course will provide participants with a ‘step by step’ approach that they could use in planning and delivering VFM, culminating in how to report findings and secure change most effectively.
This training course provides a basic overview and in-depth look auditing Joint Interest, Accounting procedures and processes. This will provide accountants and other petroleum players with an understanding of the necessary functions and operations for Joint Interest Auditing.
At the end of this training course, you will be able to:
- Conduct a Value for Money (VFM) audit
- Identify key elements of a joint interest audit
- Develop a risk-based approach to audit
- Produce compelling Value for Money (VFM) audit reports
- Understand the best practice in investigate fraud
Who Should Attend?
This training course should be of particular interest to those supreme audit institutions involved in VFM auditing, or those planning to develop this stream of work. It should also be of interest to internal auditors/external auditors, policy makers and public officials in the Public Sector in African Countries.
Module I: What is Value for Money (VFM) Audit?
- Organizational Drivers and Objectives
- Concept of Value for Money (VFM) Audit and its Roles in Achieving the Organizational Goals and Objectives
- c. Pillars of Value for Money (VFM) Audit
- d. The Challenges of Value for Money (VFM) Audit
- e. The Value for Money (VFM) Auditor
Module II: The Audit Function
- Purpose and Types of Audit
- The Roles and Procedures within the Internal Audit Department
- Audit Preparation and Planning to Ensure an Effective Audit
- Audit Testing / Sampling to Verify Accounts and Controls
- Communicating Audit Findings and Audit Reviews
Module III: Initiating and Planning the VFM Audit
- The Procedures of Value for Money Audit
- A Risk-based Approach to Value for Money (VFM) Audit: A Model Framework
- The Key Steps in the Value for Money (VFM) Auditing Cycle
- Special Planning Considerations for Value for Money (VFM) Audit
- Value for Money (VFM) Audit and KPIs
- Obstacles to the Conduct of Value for Money Audit
Module IV: Executing the Value for Money (VFM) Audit
- Conducting the Value for Money (VFM) Audit
- Working with others during the Value for Money (VFM) Audit
- Setting and Assigning Value for Money (VFM) Audit Metrics
- Process of the Data Collection Process
- Analyzing Data and Extracting Conclusions
- Management Controls and Value for Money Audit
Module V: Reporting the Value for Money (VFM) Audit
- Documenting the Value for Money (VFM) Audit
- Quality Assurance of the Results
- Producing Value for Money (VFM) Audit Reports
- Distributing a Value for Money (VFM) Audit Report and the Impact
- Case Study and Discussion
The instructor led trainings are delivered using a blended learning approach and comprises of presentations, guided sessions of practical exercise, web-based tutorials and group work. Our facilitators are seasoned industry experts with years of experience, working as professional and trainers in these fields.
- The participant must be conversant with English.
- Upon completion of training the participant will be issued with an Authorized Training Certificate
- Course duration is flexible and the contents can be modified to fit any number of days.
- The course fee includes facilitation training materials, 2 coffee breaks, buffet lunch and A Certificate upon successful completion of Training.
- One-year post-training support Consultation and Coaching provided after the course.
- Payment should be done at least a week before commence of the training, to DATASTAT CONSULTANCY LTD account, as indicated in the invoice so as to enable us prepare better for you.