Value for Money and Performance Auditing - MIS Training

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Value for Money and Performance Auditing Course focus and features Value for money and performance audit are subjects that are often dismissed as being relevant only to the public sector. However, the techniques used can be of equal relevance, importance and value to the private sector model. This course aims to bring some clarity to the subject (indeed what is the difference between “value for money” and “performance” audit?!) and to equip candidates to understand a range of techniques for assessing the economy, efficiency and effectiveness of their business areas, functions, services and projects. How auditors can add value by assessing value for money The course provides practical advice and significant hands-on participation to ensure that candidates leave with knowledge not only of the theory behind VFM, but also how to put that theory into practice. A range of scenarios will be covered, with candidates being given an opportunity to consider relevant topics of their choice. Participants will receive sample documents, diagrams and checklists that will support them in applying the concept within their day jobs. The course is designed for internal auditors who are looking to expand their remit into VFM / performance reviews and, as such, a basic understanding and experience of internal audit procedures is ideally assumed. Course Director Jane Needham Jane Needham is an independent consultant and trainer specialising in corporate governance, risk management and business process improvement. Jane’s career started by training as a Chartered Accountant with Ernst & Young in Manchester, and then working for a number of years at ICI plc, both in the Group Internal Audit function and in a finance line-management role. Jane then returned to her home island of Guernsey in the Channel Islands, where she was appointed Director of Risk & Assurance for the island’s government. As part of this role, Jane was Chief Officer of the States of Guernsey Audit Commission, a pre-cursor to the recently established island Public Accounts Committee. During her time with the Audit Commission, a statutory value-for-money review body, Jane carried out and commissioned a number of VFM / performance reviews into various aspects of island life. Jane is a non-executive director of a custodian division of HSBC and a member of the Audit, Risk & Remuneration Committee for a regulatory authority. She recently sat as a member of the working party drafting the new National Occupational Standard for Risk Management in the Financial Services Sector. As well as a member of the ICAEW, Jane is also a member of the Institute of Risk Management and an associate member of the Institute of Internal Auditors. Who Should Attend Chief Internal Auditors, Internal Audit Managers, Lead Auditors and experienced Audit Practitioners (private, public and notfor-profit) Prerequisite: Internal Audit skills and experience (at least standard of “Fundamentals of Internal Auditing” course) Advanced Preparation: None Training Type: Group-Live Learning Level: Intermediate Price: GBP £1,795 CPEs: 22 Telephone: +44 (0)20 7779 8456 Email: training@mistieurope.com
Day One: VFM - the background and basics Wednesday 28th March Introduction and Course Objectives Session 1: Setting the “VFM” Scene • The public sector VFM agenda • VFM Audit bodies • Applicability of VFM to the private vs. public sector Session 2: Context and Definitions • The link between VFM audit and other "value" methodologiest • The link between VFM audit and other assurance roles Group work Session 3: The three ‘E’s of VFM • An introduction to “economy, efficiency, effectiveness” • Some other common 'E's Voting exercise Session 4: Developing a VFM Audit Programme • Corporate agenda and initatives • Assessing overall arrangements for VFM • Cutting your cloth • The value objective • VFM risk assessments Risk assessment exercise Session 5: Readiness Check • Is your organisation ready? • Is you audit team ready? • VFM audit objectives • What value does VFM audit provide? • VFM auditing standards • Skills and resources required • Managing stakeholders Group work exercises Day Two: VFM - audit planning and delivery Thursday 29th March Session 1: VFM Techniques • The range of techniques available and their usefulness / applicabiilty • Consideration of the "controls-based" approach vs. the "performance-based" approach Session 2: Defining the "audit questions" • Is there a question worth answering? • Can it be answered? • Prioritising the questions Case Study Part I: Issues Analysis Session 3: Planning the VFM Audit • Research, research, research! Case Study Part II: Initial Review • Managing the audit risks Case Study Part III: Risk Assessment • Defining the scope • Determining resources Case Study Part IV: Drafting the Audit Proposal Document Session 4: Overview of the VFM Process • The VFM Decision Flowchart • Determining the Audit Criteria Case study part V: Audit Criteria • VFM Audit Evidence: • What evidence is needed? • Evidence collection methods • Standard of evidence Case study part VI: Evidence Collection Plan • VFM audit findings Day Three: VFM - audit delivery, reporting and close Friday 30th March Case Studies The morning of Day Three is given over to comprehensive case studies covering each of the three main 'E's. Delegates will be given the opportunity to work on topics relevant to their own organisations. Session 2: Audit Completion • Documenting the audit • Supervision and review • Quality Control • The right of reply! Session 3: VFM Audit Reporting • Planning the VFM audit report • Reporting objectives • Maximising your impact • The reporting process • The follow up process Exercise: Demonstrating the Value Added Course review and closure A tailored and personalised In-house service Save up to 50% with In-House Training. Why choose our In-house training Savings - Running an in-house course in your offices will ensure you avoid the costs of travel and accommodation. Plus we charge per day not per delegate. You can train six or sixteen people for the same price! Convenience - We can arrange a course that fits your team’s schedule. Any dates, any location, simply tell us what works best for you. Avoid the hassle of coordinating travel arrangements and accommodation for your staff Tailored training - We have over 150 existing training courses you can mould to fit your exact requirements or if you prefer we can just create a new agenda. You will have complete control over the course content Confidentiality - You can focus on potentially thorny issues that may be specific to your organization which are best resolved in private with the expert guidance of your course director Some of the companies we have worked with PwC • International Labour Office • Barclays • Capital One • Legal and General • Deloitte • European Court of Auditors • Lukoil • Credit Suisse AG • Euroclear • AIB • U.S. Steel, Corp. • Novartis • National Commercial Bank • Qatar National Bank Email: Omar Khazen, Head of In-House Training at training@mistieurope.com or call: +44 (0) 20 7779 8456 Register Online at: www.mistieurope.com/training Quoting Code: IA120310-W
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