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Home > QFINANCE Dictionary > Definition of value for money audit

Definition of

value for money audit


examination of firm's effectiveness in using resources an investigation into whether proper arrangements have been made for securing economy, efficiency, and effectiveness in the use of resources.

Related definitions of "value for money audit"

value for money audit - Related Articles
  • Incorporating Operational and Performance Auditing into Compliance and Financial Auditing

    Best Practice

    The differences between operational and performance auditing, and compliance and financial auditing, are shown in Table 1. The real difference is that operational and performance auditing will genuinely add value and seek to improve the bottom line of an organization. Compliance and financial
    By Andrew Cox

  • Money Managers

    Best Practice

    The classic mandate is that of the active fund manager. Their aim is to spot companies whose share price is low or high relative to what the money manager believes the ultimate value will prove to be. Active fund managers therefore have a great interest in gaining insight into a company in advance
    By David Pitt-Watson

  • An Auditor’s Approach to Risk-Based Auditing: What to Audit and When

    Best Practice

    The importance weights for each category must be allocated to subcategories. For example, based on the philosophy of the audit department and of the organization overall, the 20% for the “monetary values” category might be allocated as in Table 2.
    By Paul J. Sanchez

  • Internal Auditing for the Public Sector


    Governments and government departments in democratic societies are subject to internal audit. This is essential to assess whether the departments are run efficiently and provide good value for taxpayers’ money.


Definitions of ’value for money audit’ and meaning of ’value for money audit’ are from the book publication, QFINANCE – The Ultimate Resource, © 2009 Bloomsbury Information Ltd. Find definitions for ’value for money audit’ and other financial terms with our online QFINANCE Financial Dictionary.

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