Value for money audit

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A value for money (VFM) audit is a systematic, purposeful, organized and objective examination of government activities. It provides Parliament with an assessment on the performance of these activities; with information, observations and recommendations designed to promote answerable, honest and productive government; and encourages accountability and best practices.

In Simple words, A VFM Audit or value audit is designed to check proper arrangements which have been made to secure economy, efficiency and effectiveness in the use of resources for desired quality.[1]

An independent evidence-based investigation which examines and reports on whether economy, effectiveness and efficiency has been achieved in the use of public funds.

VFM auditing, also called management auditing, examines the ability of government organizations to discharge their responsibilities and control their costs by ensuring that resources are managed at the lowest cost and that activities are organized efficiently. It also deals with accountability in these areas.

Its scope includes the examination of economy, efficiency, cost- effectiveness and environmental effects of government activities; procedures to measure effectiveness; accountability relationships; protection of public assets; and compliance with authorities. The subject of the audit can be a government entity or activity (business line), a sectoral activity, or a government-wide functional area.

Economy: refers to the terms and conditions under which the public sector organizations acquire both human and material resources.

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