Value for Money Audits (VfM)

Value for Money Audits (VfM)

Governments and businesses spend time and money to negotiate the best possible contract terms, but do they follow up to make sure that those provisions are upheld? Deviations from pricing, shipping, and fulfillment quotas can be very costly and disruptive to operations. Non-financial contract terms, such as limitations on entertainment and gifts to employees, should be reviewed to uncover potential abuse and prevent favoring vendors. Spending by each vendor and purchasing agent should be continually analyzed to ensure competitive pricing and terms are obtained.

We assist clients to answer this most basic question: Did we get good value in this transaction? Are we happy with our transaction in terms of the costs incurred or derived? Value for Money audits answer those most fundamental questions. Financial irregularities and malpractice can engulf the activities of the public and private sectors, and VfM is a strong tool to fight fraud, waste, and all forms of mismanagement.

We examine and report on whether economy, effectiveness, and efficiency have been achieved in the use of funds. We identify best practices and recommend ways in which performance can be improved. Our Value for Money audits:

• Protect assets
• Curtail waste and extravagance
• Provide greater insights into procurement practices and the resultant irregularities
• Ensure compliance with contract terms and regulations
• Identify non-performance and, where appropriate, recovery costs
• Facilitate and promote better strategic and operational decision-making
• Clarify management responsibility and accountability
• Assess goal achievement
• Promote better use of resources
• Highlight the importance of the customer or service user

Our team usually includes a diverse group of professionals, including:

• Chartered Accountants
• Certified Public Accounts
• Certified Professional Engineers
• Cost Recovery Auditors
• Certified Internal Auditors
• Fraud Examiners
• Master’s in Business Administration
• Other industry-specific subject matter experts