value for money audit

value for money audit

an assessment of whether a public agency or firm is providing ‘value for money’ in supplying goods or services. This usually involves an independent investigation of the way in which a public agency or firm organizes itself to supply products and the resulting costs of supply, and whether more COST-EFFECTIVE means of provision might be employed.

See COST-BENEFIT ANALYSIS.

References in periodicals archive ?
She then became State Auditor IV and Value for Money Audit Division chief until 2000.
Instead of making numbers up, which I believe the Liberal party did, they should have had a value for money audit or at least a divestiture audit done back then," Fedeli said.
Presented by Lonsdale (Director-General, Value for Money Audit at the National Audit Office, UK), Wilkins (Deputy Ombudsman for Western Australia), and Ling (Director for Evaluation and Performance Audit, Rand Europe, UK), 15 chapters explore the development of performance audit regimes for measuring public sector performance in countries where performance auditing has a significant and well-established tradition: Australia, Belgium, the Netherlands, Sweden, the United Kingdom, and the United States.
Let's be honest, if a value for money audit was conducted and a clear-out sanctioned of all those needlessly drawing healthy salaries from the SFA the place would quickly resemble a ghost town.
Karen Taylor, director of Health Value for Money Audit, at the NAO, said the NHS does not know the true numbers due to under-reporting of deaths and serious incidents.
Karen Taylor, director of Health Value for Money Audit, at the NAO, said in reality "the NHS simply does not know" the true numbers due to under-reporting of deaths and serious incidents.
Karen Taylor, director of Health Value for Money Audit, at the NAO, said "the NHS simply does not know" the true numbers due to under-reporting of deaths and serious incidents.
In the 2012 value for money audit report, the COA reminded DOLE that under the rules, payment should be released to student claimants within 11 days.
Consultants were appointed last May to carry out a comprehensive value for money audit of the health services.
He said that though financial audit was still very essential and important, value for money audits were the more comprehensive approach to conducting audit of public programmes, projects and activities and the reports thereon are more beneficial to the stakeholders.
It stressed: "It should be a priority of the Government to keep public spending, particularly the public sector pay element, under control and insist on value for money audits being carried out in every Government department.
From time to time the internal audit service provider may be required to undertake problem reactive audits, special fraud investigations and value for money audits as directed by the SPA.