value-for-money audit

value-for-money audit

an audit of a private sector organization which looks at the extent to which the organization achieves economy (reducing waste and cutting costs); efficiency (ensuring that scarce resources are fully utilized); and effectiveness (achieving targets and fulfilling the objectives laid down by management).
References in periodicals archive ?
In its value-for-money audit, the COA said only three of the 10 facilities, meant to help rice farmers store their produce in the rainy season and command better prices, were deemed 'operational.
The Standing Committee on Public Accounts tabled a report on the 2013 value-for-money audit conducted by the Auditor General on programs provided by the government with respect to services and supports to women and their children fleeing violence.
This value-for-money audit conducted by the Audit Commission focused on three areas of work of the Independent Commission Against Corruption (ICAC), i.
While people cannot pay their mortgages and while St Vincent de Paul is getting more requests for help than ever before, there are barristers who can claim whatever they like in fees without any value-for-money audit.
His value-for-money audit indicated a comparison of estimated costs of procurement between a P3 approach and a conventional one was not adequately done.
an independent auditor to conduct value-for-money audit
He called for a value-for-money audit of the boards by the Comptroller and Auditor General.
The project is to be funded through a concessional loan by the EXIMBANK of China following a value-for-money audit which provides the country with the right to decided the way the savings will be applied.
The HSE's payroll system is now the subject of a value-for-money audit by the Comptroller and Auditor General John Purcell.
When, in the 1970s and early 1980s, Supreme Audit Institutions shifted their focus away from financial audit to performance, or value-for-money audit (VFMA) (or comprehensive audit, as it is called in Canada), they began to assume duties of a much broader scope than their traditional work.
As guardians of the public purse--especially since the implementation of value-for-money audit (VFMA) in the 1970s--auditors general have consistently exposed cases of waste and inefficiency.
For those of you who are familiar with a value-for-money audit, it is probably the closest thing you can get, without calling it a value-for-money audit.