This Value for Money Audit training course is designed to assist auditors in determining whether a company operates in a cost-conscious, practical, and efficient manner, as well as to develop the company's in-house audit function.
The role of internal audit is to evaluate the management in achieving the imperative objectives. Though Value for Money (VfM) audits are more common in the public sector, an increasing number of private businesses are conducting audits. However, few auditors have in-depth expertise in Value for Money Auditing.
This individual practice-based training course compiles the common components of VfM Audit-based interpreting into a single source for reviewers.
This Value for Money training course gives a basic sketch and in-depth look at auditing Joint Interest, Accounting procedures, and methods. This training course will provide accountants and other petroleum players with an understanding of the necessary functions and guidance for Joint Interest Auditing.
This training course is open to all and will be useful to all accounting specialists and auditors working within or with joint ventures, particularly interior auditors that need to execute Value for Money (VfM) or Performance reviews.
Introduction to Advanced Audit Techniques
Data Analytics in Value for Money (VfM) Auditing
Applying Data Mining in VfM Audit
Fraud Detection Techniques
Assessing Cybersecurity Risks in VfM Audit
Interactive Exercise: Data Analytics in VfM Audit
Understanding Industry-Specific VfM Audit Requirements
VfM Audit in the Oil & Gas Industry
VfM Audit in the Healthcare Industry
VfM Audit in the Manufacturing Industry
VfM Audit in the Technology Sector
Case Studies: Industry-Specific VfM Audits
Importance of Risk Management in VfM Audit
Identifying and Assessing Risks in an Organization
Internal Controls and their Impact on VfM Audit
Implementing Effective Control Systems
Risk-Based Decision Making in VfM Audit
Group Activity: Risk Assessment in a Simulated Scenario
Understanding Ethics and its Relevance in Auditing
Code of Ethics for VfM Auditors
Ethical Dilemmas in VfM Audit and How to Address Them
Maintaining Independence and Objectivity in VfM Audit
Case Studies: Ethical Challenges in VfM Audit
Review of Key Concepts and Learning Points
Workshop: Applying VfM Audit Techniques to Real-World Scenarios
Q&A Session and Closing Remarks
