Introduction
The Value for Money (VfM) Audit Training Course is a specialized program designed to equip auditors, evaluators, and public sector professionals with the knowledge and skills to assess the efficiency, effectiveness, and economy of government programs, projects, and services. As public expectations for accountability and transparency continue to rise, it has become essential for institutions to demonstrate that resources are being utilized to deliver the greatest possible value. This course provides a structured approach to evaluating performance beyond compliance, with an emphasis on maximizing outcomes and impact.
Participants will gain a clear understanding of the three core pillars of VfM economy, efficiency, and effectiveness and how they interrelate within organizational systems and performance frameworks. The course introduces methodologies for planning, conducting, and reporting value for money audits, incorporating best practices from international audit bodies, development partners, and supreme audit institutions. Participants will also explore how VfM audits support decision-making, strengthen governance, and contribute to better service delivery.
The training is highly practical, using real-life case studies, audit scenarios, and hands-on exercises to ensure participants can apply VfM principles in their own contexts. It emphasizes risk-based audit planning, performance measurement, cost analysis, data validation, stakeholder engagement, and the use of audit evidence to draw meaningful conclusions. Participants will also learn how to develop audit recommendations that lead to measurable improvements and positive organizational change.
In addition to audit techniques, the course explores the strategic and policy implications of VfM assessments, including links to national development plans, budgeting processes, and donor reporting requirements. It highlights the importance of collaboration among internal audit units, external auditors, program managers, and oversight bodies to ensure the findings of VfM audits translate into actionable insights.
This course is ideal for public sector auditors, internal audit professionals, monitoring and evaluation officers, finance managers, project administrators, and policy analysts involved in assessing or improving the use of public funds. Upon completion, participants will be well-prepared to conduct rigorous VfM audits and contribute to enhanced accountability, resource optimization, and impactful public service delivery.
Who Should Attend?
Professionals who will benefit from this course include:
- Auditors / Auditing Managers
- Accounting Executive / Managers
- Financial Reporting Managers
- Financial Executives / Managers / Controllers /Directors
- Budgeting Officers / Executives / Managers
- Cost Controllers, Executive & Managers
- Treasurers / Managers
- Taxation & Reporting Executives / Managers
- JV Executives / Managers / Advisors
- Production Sharing Executives / Managers / Advisors
- Business / Investment Analysts & Managers
- Regulatory Compliance Officers
- Commercial Analysts, Executives & Manager
Duration
5 days
Course Objectives
By the end of the course, the participant should be able to:
· Understand the core principles of Value for Money (economy, efficiency, and effectiveness) and their application in public sector auditing.
· Design and implement value for money audit frameworks aligned with international standards and best practices.
· Plan and execute VfM audits using a risk-based and evidence-driven approach.
· Evaluate the performance of programs, projects, and services in terms of their costs, processes, and achieved outcomes.
· Apply tools and techniques for data collection, cost analysis, performance measurement, and audit reporting.
· Develop actionable audit recommendations that support improved governance, accountability, and service delivery.
· Communicate audit findings clearly to stakeholders, including decision-makers, oversight bodies, and the public.
· Strengthen collaboration between auditors, managers, and evaluators to promote a culture of value for money and continuous improvement.
Course Outline
Module 1: Foundations of Value for Money (VfM) Audit
- Introduction to Value for Money (VfM) in the Public Sector Context
- Organizational Drivers and Strategic Objectives of VfM
- The Three Es: Economy, Efficiency, and Effectiveness
- Evolution and Relevance of VfM Audit in Governance and Oversight
- Roles and Responsibilities of the VfM Auditor
- Common Challenges in Implementing VfM Audits
- Ethical Considerations and Auditor Independence in VfM Assessments
Module 2: The Audit Function in Context
- Types of Audit: Financial, Compliance, Performance, and VfM
- Integrating VfM Audit within Internal and External Audit Functions
- Audit Standards and Frameworks: ISSAIs, INTOSAI, and OECD Guidelines
- Structure and Role of the Internal Audit Unit
- Planning and Preparing for an Effective Audit: Terms of Reference, Engagement Letter
- Audit Testing, Materiality, and Sampling Techniques
- Audit Documentation, Working Papers, and Evidence Collection
- Communicating Audit Findings with Clarity and Impact
Module 3: Initiating and Planning the VfM Audit
- The VfM Audit Cycle: From Scoping to Reporting
- Risk-Based Approach to VfM Audit: Principles and Practical Framework
- Setting Objectives, Scope, and Audit Criteria Based on KPIs and Results Frameworks
- Special Planning Considerations: Multi-Sector Projects, Donor-Funded Initiatives
- Identifying and Prioritizing Audit Risks and Stakeholders
- Tools for Planning: Logic Models, Theory of Change, and Results Chains
- Common Obstacles and Risk Mitigation Strategies in VfM Planning
Module 4: Executing the VfM Audit
- Step-by-Step Process for Conducting a VfM Audit
- Assigning Metrics and Developing Data Collection Instruments
- Collecting Quantitative and Qualitative Data: Surveys, Interviews, Document Review
- Using Benchmarking, Cost Analysis, and Comparative Metrics
- Working with Program Managers and Key Stakeholders
- Performance Indicators vs. VfM Indicators: Measuring What Matters
- Assessing Management Controls, Resource Allocation, and Service Delivery
Module 5: Reporting and Communicating VfM Audit Findings
- Structuring and Writing the VfM Audit Report: Clarity, Relevance, and Objectivity
- Visualization of Results Using Dashboards, Charts, and Infographics
- Ensuring Quality Assurance and Peer Review of VfM Reports
- Presenting Audit Results to Management, Boards, and Oversight Committees
- Strategic Use of Audit Recommendations to Drive Change
- Stakeholder Engagement and Dissemination of Findings
- Case Study: End-to-End Simulation of a VfM Audit
Module 6: Advanced Tools and Techniques in VfM Audit
- Use of Technology in VfM Audits: Excel, Power BI, and Audit Management Systems
- Applying Cost-Benefit and Cost-Effectiveness Analysis in VfM Audits
- Digital Tools for Field Data Collection and Analysis
- Integrating Environmental, Social, and Governance (ESG) Considerations into VfM
- Aligning VfM Audits with National Development Plans and SDG Targets
Module 7: Institutionalizing VfM Audit and Sustaining Impact
- Developing Organizational Capacity for Continuous VfM Auditing
- Embedding VfM Principles in Project Design, Budgeting, and Procurement
- Linking VfM Audit Results to Performance Improvement and Policy Reform
- Monitoring Implementation of Audit Recommendations
- Collaborating with Supreme Audit Institutions, Civil Society, and Development Partners
- Developing a VfM Audit Manual and Institutional Guidelines
- Building a Culture of Accountability and Evidence-Based Decision-Making
Module 8: Sector-Specific Applications of VfM Audit
- Applying VfM Audit in Key Sectors: Health, Education, Infrastructure, and Social Protection
- Unique VfM Considerations in Capital Projects and Public-Private Partnerships (PPPs)
- VfM in Emergency and Humanitarian Response Spending
- Sector-Specific KPIs and Results Indicators
- Integrating VfM into Sector Performance Monitoring and Evaluation Systems
Module 9: International Donor and Development Partner Requirements
- Understanding Donor Expectations for VfM in Funded Projects
- Integrating VfM in Project Design, Procurement, and Results Frameworks
- VfM in Grant Management and Donor Reporting
- Auditing Multilateral and Bilateral Funded Projects: Challenges and Opportunities
- Coordination Between National Audit Institutions and Donor Oversight Mechanisms
Module 10: VfM Audit in the Era of Sustainability and Climate Finance
- Auditing for Value in Climate Adaptation, Mitigation, and Green Investments
- Assessing Efficiency and Impact of Sustainability-Focused Programs
- VfM in Climate Finance, Carbon Offsetting, and Environmental Projects
- ESG (Environmental, Social, and Governance) Factors in VfM Audits
- Using VfM Audit as a Tool to Promote Sustainable Development Goals (SDGs)
Training Approach
This course will be delivered by our skilled trainers who have vast knowledge and experience as expert professionals in the fields. The course is taught in English and through a mix of theory, practical activities, group discussion and case studies. Course manuals and additional training materials will be provided to the participants upon completion of the training.
Tailor-Made Course
This course can also be tailor-made to meet organization requirement. For further inquiries, please contact us on: Email: training@upskilldevelopment.com Tel: +254 721 331 808
Training Venue
The training will be held at our Upskill Training Centre. We also offer training for a group at requested location all over the world. The course fee covers the course tuition, training materials, two break refreshments, and buffet lunch.
Visa application, travel expenses, airport transfers, dinners, accommodation, insurance, and other personal expenses are catered by the participant
Certification
Participants will be issued with Upskill certificate upon completion of this course.
Airport Pickup and Accommodation
Airport pickup and accommodation is arranged upon request. For booking contact our Training Coordinator through Email: training@upskilldevelopment.com, +254 721 331 808
Terms of Payment
Unless otherwise agreed between the two parties payment of the course fee should be done 3 working days before commencement of the training so as to enable us to prepare better.
