The Value for Money Audit Training Course for Finance Professionals, delivered by Oxford Training Centre, provides a comprehensive framework for evaluating the economy, efficiency, and effectiveness of financial operations across public and private sector entities. The course is focused on equipping finance professionals with the essential tools and methodologies required to assess whether financial resources are being used optimally to achieve intended outcomes. It offers structured learning in performance auditing and cost-effectiveness analysis, with real-world applications in auditing procedures, financial control, and policy implementation oversight.
This programme addresses critical challenges in financial accountability and public financial management, making it highly relevant to those engaged in financial audit and assessment roles. Participants will explore the full lifecycle of a value for money (VFM) audit, from planning and scoping to data analysis and reporting. Key attention is given to understanding VFM principles in financial management, conducting qualitative and quantitative assessments, and integrating findings into practical recommendations for organizational improvement.
As one of the advanced Accounting Finance and Budgeting Training Courses, this training enhances participants’ capabilities in public expenditure review, policy evaluation, and compliance auditing. It is particularly relevant to professionals working within governmental departments, non-profits, and large organisations where fiscal responsibility and performance accountability are key operational drivers.
Objectives
- Develop the skills required to conduct a comprehensive value for money audit training course for finance professionals, including scoping, planning, execution, and follow-up.
- Understand the three key pillars of VFM auditing—economy, efficiency, and effectiveness—and their application in finance.
- Gain expertise in performing audits to assess financial accountability and VFM auditing skills in various institutional settings.
- Apply recognized methodologies for evaluating cost-effectiveness and financial impact in expenditure and programme performance.
- Learn how to critically assess the use of financial resources and identify opportunities for improvement.
- Master the reporting techniques needed for communicating VFM findings to stakeholders and decision-makers.
- Strengthen knowledge of audit principles for value for money analysis through hands-on exercises and case-based learning.
- Integrate value for money principles in financial management into internal audit and financial control processes.
- Build the capability to provide evidence-based conclusions on the alignment between spending and outcomes.
Target Audience
- Internal and external auditors engaged in public sector and non-profit financial performance reviews.
- Financial controllers, accountants, and finance officers responsible for ensuring efficiency in resource utilization.
- Public sector finance staff undertaking value for money audit training for public sector finance initiatives.
- Program managers, compliance officers, and evaluation specialists involved in policy and programme implementation audits.
- Senior finance professionals interested in strengthening their financial audit and value for money assessment capacity.
- Consultants and advisors working with government agencies and donor-funded organizations.
- Mid-career accountants and budget analysts seeking training in value for money audits for accountants to support professional growth.
- Participants of Accounting Finance and Budgeting Training Courses aiming to expand their expertise in performance auditing.
- Individuals preparing for roles in oversight bodies, such as supreme audit institutions and inspectorates.
How Will Attendees Benefit?
- Gain the capability to apply structured methodologies for conducting auditing for cost-effectiveness and financial impact.
- Enhance professional capacity in evaluating policies and financial performance based on VFM audit principles.
- Strengthen internal control systems through the integration of value for money principles in financial management.
- Develop competency in identifying inefficiencies and suggesting corrective actions supported by financial evidence.
- Acquire tools and frameworks for training in value for money audits for accountants focused on budget execution and outcome analysis.
- Improve reporting skills, enabling clear presentation of findings, conclusions, and recommendations in audit reports.
- Understand the connection between public expenditure and VFM audit techniques, ensuring better governance and resource stewardship.
- Build cross-functional collaboration by connecting finance, operations, and audit departments around shared performance goals.
- Apply practical knowledge in conducting VFM audits for both operational and capital programmes across sectors.
- Establish professional credibility in delivering assessments that influence policy, budget decisions, and organizational reform.
- Contribute to institutional transparency and performance through improved finance professional training on VFM assessments.
Course Content
Module 1: Introduction to Value for Money in Auditing
- Core concepts of economy, efficiency, and effectiveness
- Relationship between financial auditing and VFM audit
- Scope and objectives of a value for money auditing course for finance staff
Module 2: VFM Audit Planning and Scoping
- Identifying audit subjects and setting audit objectives
- Defining VFM criteria and audit questions
- Developing audit plans aligned with performance and accountability standards
Module 3: Methodologies for VFM Assessments
- Qualitative and quantitative data collection approaches
- Benchmarking and comparative analysis
- Practical application of audit principles for value for money analysis
Module 4: Conducting Fieldwork and Gathering Evidence
- Data collection techniques for VFM auditing
- Interviewing stakeholders and reviewing financial documentation
- Tools for evaluating efficiency and economy auditing in finance
Module 5: Performance Measurement and Evaluation
- Linking input, output, and outcome indicators
- Assessing programme effectiveness and value outcomes
- Using KPIs to support performance audit and value for money training
Module 6: VFM Reporting and Communication
- Structuring audit reports for clarity and impact
- Presenting findings to stakeholders and governance bodies
- Recommending actions based on financial audit and value for money assessment
Module 7: Risk Management and Internal Controls
- Identifying systemic inefficiencies and weaknesses
- Integrating VFM audits with risk-based audit planning
- Strengthening internal controls to ensure financial accountability and VFM auditing skills
Module 8: Public Sector Financial Management and VFM Audits
- Budget cycle and VFM audits in public finance
- Public finance and value for money audit course frameworks and policy alignment
- Assessing compliance, transparency, and outcome effectiveness
Module 9: Case Studies in VFM Auditing
- Real-life examples of VFM audit execution and impact
- Lessons learned from international and national audit institutions
- Review of successful audits improving cost-effectiveness and audit training for finance staff
Module 10: Practical Workshop and Simulation
- Group work on audit planning and scoping
- Simulated VFM audit of a public project
- Final presentations and peer reviews using VFM audit training course for finance professionals guidelines