Value For Money (VFM) is about the way management organises and controls its resources to maximum effect. More narrowly this can be interpreted as initiatives designed to result in defined savings and/or a greater level of service output.
VFM audit is a systematic, purposeful, organised and objective examination of an organisation’s activities with a particular focus on the arrangements for securing economy, efficiency and effectiveness. It provides an assessment on the performance of activities with information, observations and recommendations designed to promote productive and accountable service delivery and best practice. Its scope includes the examination of economy, efficiency, cost effectiveness, accountability, protection of assets and compliance with regulatory authorities.
Our auditors are trained in ensuring that value for money is considered in each review. We will ensure that your working arrangements meet best practice, and recommend how improvements can be made to enhance VFM. Our clients are usually receptive to sharing ideas and we will endeavour to put you in contact with a client with best practice if we feel that you can learn from their experiences.
We are able to provide support to management in terms of VFM and always look to focus where possible on value enhancement. We can also undertake specific reviews where appropriate to identify areas where savings may be achievable or to confirm benefits have been realised. This can include specific cost recovery exercises where required.