VALUE FOR MONEY AUDIT

Public sector auditing revision question (NBAA, B3,NOV 2018)



(a)  Although  both,  Controller  and  Auditor  General  (CAG)  and  Internal  Auditor General (IAG) are public officers and their offices have been established to save public interests, they have got different roles.

REQUIRED:

Differentiate the roles of the CAG from those of IAG.

(b)  The Controller and Auditor General (CAG) may be required to conduct Value … Read the rest

Objectives of conducting Value for Money audit.



The objectives of conducting value for money audit is to ascertain that reasonable efforts have been made by management of the entity to ensure the fund have been spent in provision of service in a way that maximizes the benefit to users of the services.

The Value For Money (VFM) audit focuses on ascertaining that … Read the rest